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, I can tell you that those figures aren’t far off.
So what is it that sets the 5-10% apart?
We’ve all heard the typical reasons such as experience, discipline, and strategy. While those may be factors, there are other less obvious differences.
What Does It Mean to Be Successful?
Before we get into the nine attributes, I want to clarify how we will define success in this article.
Any story about a successful Forex trader must include consistent profits. I think we can all agree that most traders use profits to benchmark the success of another.
However, success in any endeavor is about more than just money. It’s also about the joy and passion it adds to your life.
This is one thing I can’t teach. I can offer help in drawing key levels, determining trend strength and price action signals. However, I cannot teach passion.
You either love trading or you don’t. There is no in between. So the question is if you don’t have a passion for trading, can you really be successful?
Think about that for a moment. If you don’t absolutely love what you’re doing every day, can any amount of money make you content?
I would argue that it can’t.
So as you’re reading today’s post, remember that it isn’t just about the money. If your only reason for trading is making money, then you may want to have another look at your chosen career.
It’s your passion for trading, not money, that will push you through the tough times. Without passion and a love for trading, no amount of money can make you a successful Forex trader.