5 Things Successful Forex Traders Won’t Say

The world of forex trading has pulled a whole lot of people out from dumps and into the fancy life, there are many people that started from little money and are now buying mansions worth millions of dollars and driving around in fancy cars all from their forex money. What it is that separates these ‘examples of success’ in the forex market from people that start forex trading and end up losing all money they invested and now whine about how the forex market is a black hole for your hard earned money. Well, what is it that really separates the two people? Is it the food they eat? Well, certainly not, success in the forex market largely depends on how well you understand the market, and whether or not you know the factors that will differ you from an average investor that will eventually lose his money while you will go on to win and increase those numbers on your bank. We will explain to you the five things that you will never hear from a successful forex investor.

The definition of success in the forex market

You might wonder, how do people measure the success of forex investors and what is it that makes them ‘successful’ well usually success is measured with the consistency of profits they have made and the money they have acclaimed in profits. Other than that a successful person is also someone that is happy with what he is doing and is passionate about it, because you can never really call someone successful if he is not happy with what he is doing and dreads going into work. 

•  ‘I never take a loss’

Loss is a part of life and in life we lose many things and people, that makes us feel sad but eventually you realize that it teaches you a whole lot of lessons and made you stronger. Well trading in forex market is just like that, many new people that step into the forex market face small losses in the start and then leave trading thinking it is not worth it. What you must know is that successful investors know that like in life, in forex trading you might not always win and take home the sweet profit and that sometimes you have got to taste that bitter loss. A successful investor never gets demotivated from a loss instead he views the loss as a lesson learned and uses the loss as a fuel to motivate him/herself.

2- ‘I Know Everything’

When stepping into the forex trading world you will meet a lot of people that will claim to be the ‘know-it-all’ and the unbeaten expert but, intelligent and successful is the person that understands that what we know is a drop and what we don’t know is an ocean. A successful forex trader knows that you should never stop learning because there is always something new that you can learn and become a better and more skilled person.

3- ‘You shouldn’t calculate risk’

While being in the forex market it is important to have good trading strategies, but something that is as much important is your risk calculation. A good forex trader always calculates his risk before he makes any move. You may think that ‘thinking in terms of your money risked’ is just a simple concept but it sure does have a great impact on your forex career, by calculating the risk percentage you subconsciously ask yourself if you are in a position to risk that much money and whether or not you should do it, and thus it helps you make better and well thought of decisions. This concept of calculating risk may look quite obvious but surprisingly a lot of forex traders don’t calculate their risk. 

4- ‘The price will not go any higher or lower’

Trader markets all around the world can become very irrational and prices can fluctuate in the blink of an eye, at times prices can touch the skies and at times it may come crashing down, a successful trader knows that the prices in the market can be unpredictable and does not make statements like these, a trader never knows how high or low the prices can possibly go.

5- ‘Be in the market everyday’

Whether you are a doctor, engineer or belong to any other profession, no matter how much we love our job but there are times when we feel exhausted, low on energy and have zero motivation to step into work. A trader also feels this way and no matter how much you love forex there will be days when you will get tired looking at those graphs and might need a break other than that there are times when the market is too unpredictable and prices are fluctuating so it is better not to trade on those days. What you should do instead is enjoy a day of with your family and friends because a day off can make you feel much better and is good for your body and peace of mind. Reports also suggest that people who take days off are much more efficient and productive in their work than those who don’t. 

There are many things that differs an unsuccessful forex trader from a successful one, you can scroll through endless list of articles and reports and find many such differences amongst the two, but the common factor in almost all the successful traders is something that differs them from the rest of the world. It is the burning passion inside their chest, it is their undying passion and unbeatable drive for forex trading, the idea of trading forex makes these people excited and that solely is the biggest reason that they are different from the people that give up. If you develop a passion for trading, you will surely not accept defeat and bounce back even stronger and will always be willing to learn and grow.