{"id":1983,"date":"2018-08-08T12:41:54","date_gmt":"2018-08-08T11:41:54","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=1983"},"modified":"2019-09-09T10:29:00","modified_gmt":"2019-09-09T09:29:00","slug":"successful-forex-traders","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/","title":{"rendered":"Successful Forex traders &#8211; What are the characteristics of them?"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1984 size-full\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/what-are-the-characteristics-of-successful-traders-e1533727550255.jpg\" alt=\"successful Forex traders\" width=\"700\" height=\"438\" \/><\/p>\n<p><span style=\"font-weight: 400;\">As we know almost 95% of Forex traders fails. But 5% have success. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So what is it that puts these traders in the top 5 percent?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typical reasons such as experience, discipline,\u00a0and fortitude? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We\u2019ve all heard about that. But what is it that really makes them spot? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, I\u2019m going to analyze lesser-known characteristics that successful Forex traders have in common. <\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#When_I_say_successful_Forex_traders_I_mean_consistently_profitable\" >When I say successful Forex traders I mean consistently profitable.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#And_what_did_I_find\" >And what did I find?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#Successful_traders_never_give_up\" >Successful traders never give up!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#They_dont_%E2%80%9Close%E2%80%9D\" >They don&#8217;t &#8220;lose&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#Yes_I_know_Making_money_is_much_more_enjoyable_than_losing_money\" >Yes, I know! Making money is much more enjoyable than losing money.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#They_use_price_action\" >They use price action<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#A_successful_Forex_trader_has_defined_edge\" >A successful Forex trader has defined edge.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#Successful_Forex_trader_never_tries_too_hard\" >Successful Forex trader never tries too hard.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#They_think_in_terms_of_money_risked\" >They think in terms of money risked.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/successful-forex-traders\/#And_successful_Forex_traders_know_when_to_walk_away\" >And successful Forex traders know when to walk away.<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"When_I_say_successful_Forex_traders_I_mean_consistently_profitable\"><\/span><span style=\"font-weight: 400;\"><strong>When I say successful Forex traders I mean consistently profitable<\/strong>.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Let me be crystal clear. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So many people talk about whether anyone can consistently profit from trading Forex. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I know because I made big research for finding proof on the internet. I found articles, testimonials, videos&#8230; And what I found is that is the truth. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/forex-trading-3\/\">Anyone can make consistent profit trading Forex<\/a> and don\u2019t ever let anyone tell you something different.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"And_what_did_I_find\"><\/span><b>And what did I find?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">What\u2019s the secret to success? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I have to say, the only secret is that there is no secret. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there is a piece of advice that will fully determine whether or not you are profitable. It\u2019s a kind of habit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Every single successful Forex trader has it in common, and it\u2019s not something you can negotiate.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Successful_traders_never_give_up\"><\/span><strong>Successful traders never give up!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">I know because I found the stories. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ones about how some man tried for 3 years to make this Forex thing work, but with poor result. And he thought he just wasn\u2019t for it. He failed because he didn&#8217;t recognize that his breakthrough moment was waiting for him just around the corner. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is the problem. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are so many traders who were fighting for years\u00a0and suddenly took a break just before they made progress. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I know, they were exhausted by a large number of failures. But if they had a couple of trades more, they would have succeeded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Never give up! This applies to all important things in life, but it\u2019s never been truer than it is when it comes to becoming a successful Forex trader.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_dont_%E2%80%9Close%E2%80%9D\"><\/span><strong>They don&#8217;t &#8220;lose&#8221;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Ok, every Forex trader has losses. That&#8217;s true. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, there is some\u00a0difference between how the novice trader loses and how the successful Forex trader loses. What makes this difference?\u00a0<\/span><\/p>\n<p>In one word &#8211; \u00a0mindset.<\/p>\n<p><span style=\"font-weight: 400;\">Most novices in the Forex market view a loss as a bad thing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oh, no! It\u2019s only one step on your way to winning. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The successful trader doesn\u2019t view it as bad or wrong. It\u2019s not a penalty because the Forex market isn\u2019t able to do such things. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Forex market doesn\u2019t know where you entered the market or where your stop loss was. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, where you find a possibility to be punished? Nowhere, it is completely impossible. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Yes_I_know_Making_money_is_much_more_enjoyable_than_losing_money\"><\/span><span style=\"font-weight: 400;\">Yes, I know! Making money is much more enjoyable than losing money. <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your trade doesn\u2019t go your way doesn\u2019t mean you should take it personally or emotionally. Stop to think like this and prevent this hole to be deeper! The successful Forex trader has the mindset that a loss is simply feedback.<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-1987 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/what-are-the-characteristics-of-successful-traders-3.jpg\" alt=\"successful Forex traders\" width=\"300\" height=\"168\" \/><br \/>\n<span style=\"font-weight: 400;\">Losses are useful, they are very good teachers, they can be a powerful way to learn. Even a trade that ends up as a loss can be the right decision. How is that possible? If you\u2019ve defined your edge, and the setup met all of your criteria to enter the market, then you did all you can do. The rest is up to the market. But some days the market just doesn\u2019t play along. It isn&#8217;t your fault.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/simple-forex-trading-strategy\/\">Instead of giving up<\/a>, you should ask yourself \u201cwould I take this same setup again next week if it presented itself?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> If your answer is <strong>YES<\/strong> you are on the right path. But every time your answer is <strong>NO<\/strong>, you need to take a step back, figure out where something went wrong and correct it for the next trade. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each loss is an investment in your trading education. This is a constructive way of spending your own money. It is an investment with the best Forex trainer in the world \u2013 the market.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_use_price_action\"><\/span><strong>They use price action<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Actually, they are using some form of price action as part of their trading strategy.\u00a0 Because price action plays a major role in any strategy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can develop and make stronger any trading strategy by providing areas to watch for potential <a href=\"http:\/\/traders-paradise.com\/magazine\/2018\/07\/entry-trading-strategies-that-make-it-easier-forex-trading\">entries<\/a> as well as profit targets.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_successful_Forex_trader_has_defined_edge\"><\/span><b>A successful Forex trader has defined edge.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Why the edge is so important? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">An edge is everything about the way you trade. An edge can help you to put the odds in your favor. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Edge is a combination of the time frame you trade, your risk to reward ratio, the key levels you\u2019ve identified, the price action strategies you use, etc. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is also important for your pre and post-trade routine. How do you handle losses or what do you do when you win? <\/span><span style=\"font-weight: 400;\">All of this,\u00a0make up your trading edge. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You don\u2019t have to master all of these factors that make up your edge at once or to start putting the odds in your favor. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is better to master one set of factors and then leisurely expand to others to further clarify your edge. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1988 alignleft\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/what-are-the-characteristics-of-successful-traders-4.jpg\" alt=\"What are the characteristics of successful traders? 3\" width=\"300\" height=\"168\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This should be the favorite way to learn. Become a master of two or three factors. You\u2019ll find much less stressful than trying to become good at twenty factors. When you\u2019ve mastered three or four things, expand the others to put together the odds in your favor.<\/span><\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Successful_Forex_trader_never_tries_too_hard\"><\/span><b>Successful Forex trader never tries too hard.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Because the successful forex traders know, trying hard is a sign that something isn&#8217;t right. <\/span><span style=\"font-weight: 400;\">Trying to force a trading strategy to work will only lead to destructive behavior, such as emotional trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> I remember the story of my friend when he first started trading Forex. He was spending countless hours studying setups. He spent hours and days and weeks doing so, ending up taking a completely different trade setup only to watch the original setup move in the intended direction without him. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He was trying too hard to make it work. As soon as he stopped over-analyzing trade setups and trying to make them work, his profit curve started to rise. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now he is spending 20 minutes per day looking at his charts.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"They_think_in_terms_of_money_risked\"><\/span><b>They think in terms of money risked.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You\u2019ve never met a successful Forex trader who didn\u2019t know how much money they were risking on any given trade. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Surprising, the small number of traders don\u2019t think about how much money is at risk before opening a trade. This is because they\u2019re using an arbitrary percentage to calculate risk, such as one or two percent of their trading account balance. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trader&#8217;s only interested in how much money is at risk \u2013 they could care less about the percentage. They always define their risk in terms of money. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">They may use a percentage as an entrance of how much they\u2019re allowed to risk, but when it comes to fully accept the risk before putting on the trade, they think only about money.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"And_successful_Forex_traders_know_when_to_walk_away\"><\/span><b>And successful Forex traders know when to walk away.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Walking away can be especially difficult after a trade. Our emotions are running wild and often take the best of us. Taking a break after a win will allow your emotions to settle. After the win, you may feel excited and proud of yourself. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yeah, you have every right to be. But pride and excitement are inadmissible in the Forex market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After a loss, you can go straight to the trap if try to go through the charts again looking for a new setup. Remember, your loss in some trade is just feedback. Take it as a signal to look at what you could have done differently. Successful Forex traders never do that.<\/span><\/p>\n<p><span style=\"font-size: 1rem;\">The key to becoming successful isn\u2019t about eliminating emotions after a loss, it\u2019s about channeling them in a way that will make you a better trader.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And let&#8217;s go to the top of this article. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The only way you can fail at becoming a successful Forex trader\\ is if you give up. The next time you lose a trade just remember that not giving up is the #1 key to becoming a successful Forex trader.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And you know what?<\/span><\/p>\n<p><b>Becoming a successful Forex trader is a marathon, not a sprint. So, keep it in your mind<\/b><span style=\"font-weight: 400;\">!<\/span><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read As we know almost 95% of Forex traders fails. But 5% have success. So what is it that puts these traders in the top 5 percent? Typical reasons such as experience, discipline,\u00a0and fortitude? We\u2019ve all heard about that. But what is it that really makes them spot? In this article, I\u2019m going [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1016,1012],"tags":[343,344,107,203,345,346,260,152,104],"class_list":["post-1983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-master-in-trading-advanced","category-traders-secrets","tag-give-up","tag-loss","tag-money","tag-profit","tag-progress","tag-successful-traders","tag-successful-trading","tag-trade","tag-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Successful Forex traders - What are the characteristics of them? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Successful Forex traders never eliminate emotions after a loss. 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