Key Attributes for Successful Forex Trading

Dear Forex Traders,

Everyone at Winners Edge Trading hopes that you had a great holiday week!

Today the Forex market is back online as Europe and Canada return back from their 2nd Christmas day celebrations. But next week the market will again close 1day due to New Years Eve, but the remainder of the week also has its slowdowns:

  • Japan has days off on December 30, 31, January 1 and 2.
  • Germany, New Zeeland, Australia, and China have days off on December 31 and January 1.
  • The rest of the world (U.S., Canada, France, Italy, Britain, Switzerland, etc) have off on January 1st.

THE PATH TOWARDS SUCCESS STARTS NOW

With the New Year now in sight, many people will be setting up their improvement ideas and 2014 goals for their businesses, jobs, investments, personal lives, and health. Planning is vital, although it is only half the story.

changes_ahead

Keeping one’s focus on follow through and continuous improvement of the process is the only path that truly leads to consistent results. It is in fact the only holy grail that exists. Nobody can expect to achieve (tremendous) success -no matter what field – without planning, executing the plan, training, practice, working on the process, improving, evaluating.

Of all the characteristics that a person could posses, persistence/ perseverance / determination is the key and common factor of all successful beings. And having a mentor helping along the way is vital to keep on track and retain focus.

That is why Nathan and Winners Edge Trading would like to offer you that fundamental support in achieving one’s financial and trading goals – read here more about this amazing initiative.

OTHER KEY ATTRIBUTES FOR SUCCESSFUL TRADING

As mentioned in the previous paragraph, the number 1 characteristic for successful trading is, in my opinion, determination.  This in fact relates to anything in life.

Other elements, that increase the likelihood of reaching success and also in which time frame these successes are obtained, vary widely but here is a list of the ones I wanted to highlight:

1)      Keep trading simple.
Making Forex trading similar to rocket science is certainly a step too far. Forex traders must make sure that their trading plan is as SMART as their goals (read next section). Overloading the chart will not help and can only cause paralysis of analysis. Overcomplicating the trading plan, risk plan, trade management plan will only lead to confusion during implementation.

2)      Achieve disciplined focus. Forex trading is about formulating and setting up a trading plan which has an edge, and then consistently and accurately implementing that Forex trading plan day in and day out.

3)      Manage trading psychology. Forex trading is a business and making emotional decisions in business usually does not lead to the best outcome available. Forex traders must understand, manage and control their emotions of fear, impatience, greed, and hope.

4)      Obtain specialization(s). Replacing strategies, tools, and/or indicators for new ones every other day or week will not help. The newer strategy might seem exciting and fresh at first, but usually it will lead to false hopes and disappointments. The success does not come from the strategy, tool, or indicator, but from a Forex trader’s ability to use and implement them correctly as per the trading plan. Deeper knowledge (specialization) and not only broader knowledge is needed.

5)      Be prepared. Physical and mental preparedness for every task of the day and optimizing one’s input and output of each and every day will ensure that your efforts as well spent. Working 12 hours a day has little benefit if the actual input is wasted by inefficiency.

6)      Love the process. Training, training, training… and then more training. Is there any other way? No! Here are examples of trainig: paper trading, demo trading, back testing, real life micro trading, evaluating, reading, listening, talking to a mentor, talking to peer Forex traders, talking to newer traders, talking to more experienced traders, observing price and market, setting up goals and plans, implementing goals and plans, strategy discussions, etc. They are all extremely vital elements of becoming a profitable Forex trader.

7)      Mentor & peer traders & mentoring. The process of finding a mentor and coach is extremely important. No sportsperson ever reached the highest level without professional guidance, and the same holds true for Forex trading. Also finding other likeminded Forex traders and cooperating with them in the field of strategies, research and development, actual trading, paper trading, evaluations, etc ensures that you are not working alone but in fact able to capitalize on syn-energies. In fact eventually one can also choice to become a mentor and pass on their wisdom. This process also provides growth for the mentor, not only the receiver. Winners Edge Trading offers their mentoring and simulates this process proficiently.

2014_image

ACHIEVING THESE CHARACTERISTICS

Improving the above mentioned elements, concepts and characteristics is not an easy task. But they can be obtainable if one follows a plan with goals.

1)      First of all, the basic premise is that you set goals which are motivating you. This is a very important as one must prioritize their goals and actions in order to achieve the goal. Without commitment to the goal, a Forex trader can postpone the required commitment and thereby fail in achieving the goal.

2)      The plan must have SMART goals. The goals must be:

  1. Specific: goals are clear and well defined
  2. Measureable: goals are precise amounts, precise dates and time frames
  3. Achievable: goals that are not impossible, yet not too easy to achieve
  4. Relevant: goals that fit within your overall plan
  5. Timely: goals must be reached within a time frame

3)      Set goals in writing. This ensures that you will not forget or change them along the way. Some other tips when formulating goals: use the word “will” instead of “would like” as its more powerful, use positive phrases, and post the goals in a visible place which you will see every day.

4)      Make an action plan and become a project manager. Usually a goal is achieved by working on numerous tasks of various sizes. Making an action plan which specifies the task, who is involved, what is the needed, which task is dependent on which task, and building an outline in a similar fashion as a project manager is vital.

5)      Determination and motivation. It is extremely important to keep committed to the process in order to achieve that goal. Having a mentor significantly increases the probability of staying on course. Check out Nathan’s article for more info or our Forex trading room access.

What are your goals for 2014? What is your main goal within Forex trading in the next year? Let us know down below!

Thank you for reading and for sharing this article!

Good Trading!

The following two tabs change content below.
Chris is the head of the mentoring program and trading room at Winner's Edge Trading. He has a passion for technical analysis and helping Forex traders achieve their goals in trading. Chris has been trading for almost 10 years and is most fond of the Double Trend Trap (as a strategy), moving averages (as an indicator) and Fibonacci (as a tool).

Latest posts by Chris Svorcik (see all)

Follow our social media:
1359774937_facebook 1359774984_linkedin 1359774949_twitter 1359774960_google 1359774973_rss 1360027635_youtube

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Chris Svorcik

    That is great! Thanks for the feedback!

  • Chris Svorcik

    Thank you Carl for you feedback! I am glad to read that you have goals and a plan ready for 2014, great job! Make sure to checkout Nathan’s article as well. Thanks!

  • CARL

    I READ THE ARTICLE ABOUT THE GOAL OF WINNER,S EDGE STRATEGIES IN 2014 AND FEEL THEY ARE MY GOALS AS WELL.

  • CARL

    MY GOAL FOR THE COMING YEAR IS TO PUT INTO ACTION THE THREE STRATEGIES IVE LEARNED TO USE WITH THE FOREX MARKET. ONE: TREND LINES, TWO: COUNTER TREND LINE BREAKS, THREE: CANDLESTICK FORMATIONS, FOUR : USE FIBBONACCI RATIOS, FIVE: USE ELLIOT WAVES ABCD’S