new to trading currencies or a forex trader who has some experience, here are some
questions to ask yourself:
Do you really have a strong desire to succeed in forex trading?
Sure, every one wants to succeed in something, but do you have the desire to want
to succeed in forex trading? First of all, this field is not for every one, for you must
have the passion for it. If you just want to try your luck, or dabble, in trading, you
will just end up among the majority who lose their money. You must have the deep
desire to want to accomplish your goals, because without this desire, your thoughts
will not materialise into action, and it is action that could transform your goals to
reality. To be a successful trader, you must be highly self-motivated, have a
concrete plan of action, and not be afraid of failure.
Are you prepared to devote a lot of time and effort into picking up trading
skills and knowledge?
To be really good at anything, you need skills and knowledge in that field. A huge
amount of time, effort and money is required for a trader to attain consistent success
in forex trading. Despite the availability of forex trading-related resources on the
internet, and in the bookstores, traders can find it quite daunting to learn about
trading on their own as they do not know what there is to be known. If you do not
wish to pay large tuition fees to the market, or if you wish to shorten your learning
time, you may want to consider online trading courses or physical seminars on
forex trading. I recommend that you check out those which are offered by skilled
and practising instructors.
Note: Be wary of signing up for courses or seminars that are full of hype, for they
can be very misleading.Avoid those that give you the impression that you can attain
consistent profits after two days of intensive learning, or those that require you to
purchase expensive software.While there are some shortcuts to gaining knowledge
via courses or seminars, there is no substitute for honing your trading skills in the
market.
Are you willing to accept losses as part of trading?
Every one makes mistakes, and mistakes are inevitable. Got a trading loss? Then
whip out your trading log to record what your mistakes are and what you have
learnt from that losing trade. Always have something positive to take away from
your losses, and treat it as a learning experience. Don’t dwell on your losses. Know
that there will be other trades coming your way.
Are you willing to take sole responsibility for your trading decisions?
You read some market analysis, and then trade according to what the analyst is
saying. That trade turns out to be a loser, and you turn around to blame it on that
market report. It is too easy to shuffle blame on others, and say “It wasn’t me/my
fault.” It is fine to read about other people’s opinions about the market, but make
sure that you do your own analysis of the market, which you will gradually learn to
do so with confidence if you are still relatively new to forex trading. It is dangerous
to blame losses on other people, the forex market, or the stars, for you are the only
person responsible for pulling the trigger. And if you blame others you will never
be able to find out how you can improve.
Source: 7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets
