What is it about successful Forex traders that sets them apart from the rest? A well-known figure in the Forex world is that 90% of Forex retail traders do not succeed. Some publications quote failure rates as high as 95%.
Regardless of the actual number, having interacted with thousands of traders over the years, you can tell that those figures aren’t far off. So what is it that sets the 5-10% apart? You must have heard the typical reasons such as experience, discipline, and strategy. While those may be factors, there are other less obvious differences.
The bottom line is this…
Successful Forex Traders think differently from the rest. They aren’t concerned with needing a high win rate or trying to trade every day regardless of market conditions.
Here I’m going to share with you the top qualities that the best Forex traders in the world possess and the reason behind these qualities.
1 THEY DON’T LOVE MONEY
No Forex trader is without losses. But there’s a distinct difference between how the beginning trader loses and how the successful Forex traders lose. The difference here is the mindset, the successful trader doesn’t view a loss as a “bad” thing. They have the mindset that a loss is simply feedback.
2 THEY USE PRICE ACTION
Every successful Forex trader uses price action in some way, shape or form. This doesn’t mean they’re using price action in the same way others use it, but they are using some form of price action as part of their trading strategy. Whether a trader is using raw price action or simply using it to identify key levels in the market, price action plays a major role in any strategy.
3 THEY DON’T TRY TOO HARD
Trying hard is what it takes, right? Not quite. This might apply to other ventures in life, but Forex is the exception. Successful Forex Traders knows that trying too hard is a sign that something isn’t right. This is different from studying hard. As a new trader to Forex, studying the market is highly recommended. However, trying to make a trading strategy work will only lead to destructive behaviour, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on subpar setups.
4 THEY THINK IN TERMS OF RISK
It’s often the smallest things in life that generate the greatest improvements. The concept of thinking in terms of money risked, as it applies to Forex trading, is no exception. It’s an extremely simple concept that can have a huge impact on your journey to becoming a top Forex trader. No successful Forex trader who doesn’t calculate their risk before putting on a position.
5 THEY DON’T NEED THE MONEY
There aren’t many guarantees in the Forex market. But one guarantee is that there’s no successful Forex trader who is trading today for money he needs tomorrow. In other words, trading Forex to gain a certain amount of money within a specific time period. It actually means that, no successful Forex trader need a win today to the electricity bill tomorrow. No trader can sustain that kind of pressure and become consistently profitable. That type of environment will only foster destructive emotions such as fear and greed.
6 THEY KNOW WHEN TO WALK AWAY
Referring to taking a brief hiatus, not walking away for good. All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market. Still, it’s necessary in order to become a successful trader. Walking away can be especially difficult following a trade. This is because our emotions are running high and often get the best of us. But that’s exactly what makes walking away at this time so beneficial.
7 THEY DON’T FOCUS ON WINS OR LOSSES BECAUSE A SUCCESSFUL FOREX TRADER ALWAYS HAVE 95% CHANCE OF WINNING THE TRADE
But what’s the secret behind their success? What trading method, strategy they use that makes them winners?
Let me introduce you to the trading strategy that successful Forex Traders use and never share. They may give you clues, show their results but they don’t actually tell you what they did, how they did and what they used.
Meet Magnum Scalper
You may be thinking what Magnum Scalper is, right? Well, Magnum Scalper is a revolutionary Forex indicator used by successful Forex traders. It provides extremely profitable BUY/SELL signals on M1, M5 and M15 timeframe. The trading algorithm is based on patented Neuro Smart technology. Why do successful Forex traders use this SUPER indicator and why you should consider yourself getting it as well?
If you’re interested and wanna become one of these WINNERS, leave your comment below