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Win Forex Trading - 10 Skills Winning Forex Traders Have and You Must Too!

If you want to win at forex trading there is a list enclosed of 10 Skills winning forex traders acquire and you must to some are method and some are mindset so let's look at them.

They are in no particular order of importance, they're all important!

1. Acceptance of Responsibility

Any winner accepts that they are responsible for their destiny and they get the right forex education and develop their own system. Forget all the junk systems you see online sold for 100 or so with simulated track records they don't work.

You are responsible for your destiny in forex markets just as you are in life and that means working smart and getting the right forex education.

2. Simple Odds Based System

Any forex trading system used (even by the best traders) tends to be simple and robust and NOT complicated and will be based around playing the odds. Forex is an odds on market and you need to trade high odds set ups and simple systems work best and always have.

3. Confidence and Discipline

You will never apply your system with discipline, unless you have confidence in it. You as a trader, in fact any trader are going to have to trade through losing periods when the market wrong foots you and hands you losses.

If you can't execute your trading system with discipline, you may as well not have a system!

4. They have Patience

You don't get paid for trading often - you get paid for being right.

Winners are not in the game of trading all the time; they wait for the right opportunities and hit them hard.

5. They Have Courage

When they have high odds trades they have the courage to hit these trades hard, hold and milk them for all their worth. Being a successful forex trader is all about having courage at the right time, this is not being rash, it's what separates the super traders from the mediocre ones.

6. They isolate themselves

They focus on their trading and never listen to others in terms of advice. They know if they listen to others emotions get involved so they stay away from the crowd.

THE BEGINNER’S ULTIMATE STEP-BY-STEP GUIDE TO FOREX TRADING

Learn to Trade Forex Around Your Day Job

Learn to Trade the higher timeframes.

If you're going to fit trading into your lifestyle you have 2 options. Firstly trade really small timeframes such as 30 second and 1 minute charts, which funnily enough is what most amateurs start doing. They feel they have to make money in those 30 minutes in front of the screen in a state of heightened tension. This is certainly one way to do it, however it seems a stressful, difficult, not to mention scary way of trading! Trading small timeframes like the 1 minute chart is incredibly difficult, as you may have a 3 pip stop loss with a 1 pip spread. This means that 33% of your trade is just the transaction cost. This means making money rather difficult. Not to mention the spread could be 2 or 3, and you land yourself in a whole world of pain.

Why not take the sensible and practical approach of trading higher timeframes like Daily charts. This way you only need to be at the charts once a day when the New York market closes, which you can quite easily fit into your lifestyle. Trading for 20-30 minutes at the end of the trading day allows you to trade multiple currency pairs, and benefit from their movement over the course of the trading day.

Trading less, to make more.

Lots of new traders believe that the more that you trade, the more profit you stand to make. Stands to reason, right? With almost everything else, the more time and effort you put in, the more you get out. Learn how to trade less, to make more.

Trading is slightly different. While you're learning to trade, the more time and effort you put in, the quicker it is likely that you'll see improvements in your learning, understanding and results. However when it comes to trading itself, it is knowing when not to trade that is as equally important as when to trade. The market will produce a certain number of high probability opportunities every month, and no matter how hard you try, you can't force any more. Instead focus on trading those high probability price action signals when they present themselves and stand by to reap the rewards.