The 7 Habits of Successful Forex Traders

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The first step to forex trading is to understand what it takes to become a successful trader. Yes, you need to know the technicals, the jargons, the charts, etc. But to achieve consistent long-term success, you first and foremost need to understand how to cultivate a positive mindset and establish successful trading habits.

A lot of people get into forex trading in order to make a quick buck. They may have some luck in the beginning, but almost always one or a few losing trades will wipe them out of the game. Over ninety percent of forex traders lose money in the long-run. Why, because they are not equipped with the proper mindset and skills to play the long-game. Remember, all it takes is one bad trade to kick you out.

The typical online forex gurus depict a picture of a fabulous trading lifestyle with fancy cars, beaches and a boatload of cash. I find the best trading opportunities are usually discovered on a clean market chart, without pictures of beaches, mountains, cocktails by the side.

When it comes to trading, I believe the top traders are not born but made. They are not necessarily smarter than the average, but definitely more thoughtful and committed. If we don't rise to our expectations, we default to our training. And our training is our good trading habits!

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