The Secret of Forex Trading Success
You may have often heard that the successful forex trader is an experienced trader, has a high level of discipline and tenacity. Any forex broker in the world must know them. But what really makes them successful? What do they have so they can succeed?
What I mean by “success” here is the ability to print profits consistently;that’s the main one. But if referring to lay opinions, success is usually also measured by the level of success and improvement of one’s standard of living. That is why we will first agree on the definition of “successful forex trader”.
I would argue that the definition of “successful forex traders” is ” those who do forex trading correctly and are able to achieve financial targets through profits that are consistently obtained through forex trading” .
Is there really a successful Forex Trader?
We are equally aware that there are many questions out there whether someone can make a profit consistently through forex trading ? I myself once had doubts and from that doubt led me to look for evidence. I did the search even since I first met this business in 2005.
The verification process lasts for a year. In the end, towards 2006, my search resulted in an answer: yes, people can profit consistently in forex trading . I might be a few of the people who answered “yes”.
Out there – I’m sure – very many people are skeptical of this business.Naturally, because they might not prove it. It is a reasonable choice to not believe what cannot be verified. Those who can prove it and answer “yes” are indeed a minority.
Why can they answer “yes”?
Because they don’t expect too grand. Remember the initial definition of “success” in forex trading: generate consistent profits. We do not speak of “giant” percentage gains, such as 100% per month. We are talking about CONSISTENCY.
Those who failed to prove it actually departed from a different definition of “success”: that is to produce “giant” profits. If that’s the definition, it’s obviously difficult. Forex trading is a form of business, not a “get rich quick scheme”. It is wrong to consider forex trading as one of the ways to get rich quick.
The assumption of “get rich quick” is also what then makes most people do forex trading without being planned properly. Even if it is planned, usually the plan will not run properly. Yes, we are talking about trading plans.
Very many people are “trading” without trading plans. There are also many people who had made a trading plan, but did not run it well. If that’s the case, it is impossible to get a consistent profit
So, what’s the secret?
Sorry. Actually there is NO SECRET at all. Actually everyone has realized that to be a successful forex trader the first thing to do is learn to trade properly, then run the trade correctly too.
Already dozens of articles published on this website discuss the importance of gaining knowledge in the right way and running the trading plan well. So, it can’t be called a secret anymore, isn’t it?
Okay, there is one thing that distinguishes a successful forex trader with a trader who is not successful. What is that?
NEVER GIVE UP!
The problem is, there are so many traders who start trading vigorously, pass two or three years, then stop when they face a constant loss. The mistake is that they don’t want to do an evaluation: what causes that big loss?
Unyielding attitude must be applied in all types of businesses, if you want to succeed in the business. Especially in high-risk businesses called “forex trading”.
So, be excited. Do not give up easily. That’s the biggest secret of success.