I strongly believe that anyone can become a good trader with the right amount of practice, but just like in anything else, there are only a few people that have what it takes to become true masters. In this article I wanted to go over the three personality traits that I have noticed in every really successful trader I have ever met.
Trading takes a long time to learn. Unless you went to business school when you were younger, you probably don’t have a lot of previous knowledge about trading or the forex market, and this means you will be required to read a lot in order to achieve success in the trading game. Not everyone can manage to motivate themselves to taking on such a big project. A lot of people start out with great intentions and hopes, but they skip out halfway through when they realize that it’s actually hard work getting to know all the necessary stuff. The true master had the motivation and dedication to push through all the initial hassle in order to enjoy the fruits of his work later. You can learn more about why motivation is so key in the trading world in an article on forextrading.pm!
By this, I don’t mean that you have to be an Einstein or a Mozart in order to be a master of trading, but you definitely require some sharpness. Intelligence is needed when we learn new things, and more intelligent you are, the more likely you are to pick up things quickly to make progress in the trading world. By managing to learn quickly so that you start seeing results fast, you are much more likely to keep your interest in trading as well!
This one might sound a little goofy, but what I basically mean is that a good trader absolutely must be able to detach himself from his emotions. Your emotions are one of your biggest enemy in the trading game, and you need to always listen to your logical voice when trading, not to what your emotions tell you. Our emotions have this way of affecting our decision making, and that is something we can’t afford happening in online forex trading. One of the best ways to detach ourself from our emotions is by not trading on a level that is too high for us. Do you understand why?
If you are trading with money that you really don’t want to or can afford to lose, you are going to be emotionally attached to that money, meaning that you are absolutely not willing to lose them. This, in turn, means that your emotions will tell you to not take any risks whatsoever, and therefore you might sell your currency at a loss in order to not lose all your money – even though you are fairly sure that the currency will go up again. Find out more about why emotions are such a big part of trading by following this link!