What Do You Need To Be A Successful Forex Trader?

Successful Forex Trader

Successful Forex Traders and their stories are quite tough to find these days, especially in the digital world.

Even the currency traders that define themselves as real millionaires could not back that up with any audited statement of their trading account.

Most prominent traders post pictures of fancy cars and vacation but the issue is that most of the money is made from selling courses, not trading.

Does that mean there are no success stories about trading Forex?

Of course NOT!

There are claims but in the end it depends on what you define as successful.

But one that has stood out for me in the recent past is a young man named Benjamin Gimson. He is merely 26 years old but his in-depth knowledge about Forex and Crypto Trading is very much appreciable. Being young, he is completely tech and digital savvy which means he knows how to make money online and devotes much of his time in doing so. He states that, over the time, he has developed and followed his own unique trading strategies that have been helping him to generate high returns.  He mentions a few things that all aspiring forex traders should adopt in order to have a good growth. The first is..

Successful Forex Trader

Why do you want to trade?

What is your motive?  Is it for the thrill?  Is it to be right?  Is it because you love the challenge?  Whatever your reason is for trading, be very clear on why you open the charts every day. Having a very in depth “why” behind your trading can keep you on track when the going gets tough (or so good you want to double your position size).  Make it your mission statement.

Tough times are for growth.

Success is never a straight line. During the times of struggle are the discipline to stick to your proven edge will become effort. In adversity, strength is born and if you can walk through the fire as many times as you must by not getting burnt (a blown out account), you have much better odds of reaching the success you seek.

Create a trading plan for yourself.

What is it that makes you have a positive expectancy trading method?  Can you explain why your method of trading should produce positive returns? If you are unable to define what your edge is, then you do not have one. The people who make money (sometimes a lot of money) know exactly what their edge is and why it should give them positive returns over time.

Having utmost confidence in your trading skills and knowledge.

You will never see anybody that’s at the peak of their game being tentative when they do what they do. They understand what they DON’T know but act swiftly on the things they do know. They trust themselves and their ability to make the needed decisions in accordance with their trading plan. If you lack confidence, you will lack the ability to execute either to enter a trade, stop out or take your profits when the market shows you the exit.

These are some very crucial and important points that all the beginners in Forex Trading should follow!