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7 Habits Of Highly Successful Forex Traders

Mar 21, 2008
Successful forex traders all have many of the same characteristics.

1 - As with any business, being successful requires a plan. Forex trading is no different in this respect. To trade profitably requires planning and then reviewing, possibly revising, and definitely following that plan .

2 - If you really are planning on making good money with Forex you will need to have sufficient working capital. Without adequate capital you won't be able to stay in the game during challenging market periods.

3 - Realistic profit expectations are very important. Successful Forex traders realize that they will not make 400% a month every month for the rest of their lives.

4 - You must have and exercise discipline. This is something that trips up more traders than you can imagine. I initially lacked discipline in my trading and I paid dearly for it. Plan your trades and trade you plan.

5 - Focus on the long-term big picture. Don't let yourself get caught up in the trap of immediate trading gratification. By thinking long-term you can avoid making impulsive, undisciplined decisions. These type of decisions can have a negative effect on long-term trading success.

6 - Study everything about your trading. By doing your homework you will be doing your trading account a big favor by being better prepared to make it grow.

7 - Ignore the urge to get rich quickly. Don't get greedy or you will get sloppy. It is better to be satisfied with consistent, modest returns. Trying to make a year's worth of profits in one huge trade is just a big financial mistake waiting to happen.
About the Author
Discover the greatest Forex Trading Price Action Support And Resistance tips, tools, and methods at Forex Examiner. Get the inside scoop with our complimentary Forex trading ebook. Get your complimentary copy at http://www.ForexExaminer.com today.
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