For those interested in how to be a good Forex trader the very first thing we must do is to define what a good Forex trader is. Although many may believe that the phrase "good Forex trader" is subjective and subject to much interpretation, it's really much simpler than that. A good Forex trader makes money trading Forex. In other words this person trades profitably. Here are some of the characteristics of such a person:
Truthful to themselves -- when it comes to profit in the global financial markets being truthful to yourself is extremely important. As the saying goes, "to thine own self be true". Why is being truthful to yourself so important? It is important because to trade successfully you must have the ability to see things as they are and not necessarily as you believe they should be. Also, knowing your own limitations is extremely important. This might not sound like anything positive or motivational to some, but in the Forex market being realistic is key.
It is often said that the market gives us insight into ourselves that we may not have otherwise had. You've probably heard the term, "trading psychology". Some say you can learn as much about yourself from your involvement in the markets as you can from any type of psychoanalysis.
No paralysis by analysis -- good research is mandatory in the development of your profitable systems and strategies. The important thing to remember here is to not get caught up in the trap of paralysis by analysis. Researching the markets and thoroughly analyzing them is exciting and fun, but research alone does not mean profit. You must take action and use the results of your research to enter the market and place trades.
Is not afraid of hard work -- successful trading takes work. Those who view their entrance into the Forex markets as a get rich quick scheme are most likely to find out that it is a get poor quick scheme for those who enter the markets unprepared. You've probably heard the saying, "anything worth having is worth working for". The statement is very true when it comes to profiting in the Forex market.
If you're a beginner it is easy to fall into the trap of believing that someone is offering some free or inexpensive solution that will essentially allow you to print money in the Forex market. Don't believe the hype.
Hopefully seeing some of the characteristics of a good Forex trader did not discourage you. The objective here was to educate you and to illustrate that successfully trading Forex may not be the simple walk in the park that you may have thought. This does not mean, however, that you can't enter the markets and do well... Quite the contrary! If you apply yourself and exercise patience and discipline you can learn to trade Forex successfully.
Article Source: http://EzineArticles.com/5784711
Truthful to themselves -- when it comes to profit in the global financial markets being truthful to yourself is extremely important. As the saying goes, "to thine own self be true". Why is being truthful to yourself so important? It is important because to trade successfully you must have the ability to see things as they are and not necessarily as you believe they should be. Also, knowing your own limitations is extremely important. This might not sound like anything positive or motivational to some, but in the Forex market being realistic is key.
It is often said that the market gives us insight into ourselves that we may not have otherwise had. You've probably heard the term, "trading psychology". Some say you can learn as much about yourself from your involvement in the markets as you can from any type of psychoanalysis.
No paralysis by analysis -- good research is mandatory in the development of your profitable systems and strategies. The important thing to remember here is to not get caught up in the trap of paralysis by analysis. Researching the markets and thoroughly analyzing them is exciting and fun, but research alone does not mean profit. You must take action and use the results of your research to enter the market and place trades.
Is not afraid of hard work -- successful trading takes work. Those who view their entrance into the Forex markets as a get rich quick scheme are most likely to find out that it is a get poor quick scheme for those who enter the markets unprepared. You've probably heard the saying, "anything worth having is worth working for". The statement is very true when it comes to profiting in the Forex market.
If you're a beginner it is easy to fall into the trap of believing that someone is offering some free or inexpensive solution that will essentially allow you to print money in the Forex market. Don't believe the hype.
Hopefully seeing some of the characteristics of a good Forex trader did not discourage you. The objective here was to educate you and to illustrate that successfully trading Forex may not be the simple walk in the park that you may have thought. This does not mean, however, that you can't enter the markets and do well... Quite the contrary! If you apply yourself and exercise patience and discipline you can learn to trade Forex successfully.
Article Source: http://EzineArticles.com/5784711