Forex trading requires us to comply with a set of rules. These rules must be understood and applied in this business. In fundamental analysis there are many rules in the form of economic news. If demand increases, the currency will strengthen. You will also need to be able to identify candlestick patterns, fibonacci formulas, learn technical indicators and understand a trading plan.
It is important to be a good listener in forex trading, what I mean by a good listener is that the forex market always tells a story and in order for you to be successful in trading you will have to be able to identify the story the market is trying to tell. You must be able to focus solely on the market and read the psychology of the market.
Successful people in the business world have always had the ability to make decisions without including emotions. Believe it or not it is actually more successful to make these decisions with no emotions attached. If you can go into detail with how a business has ended up bankrupt or a trader has lost all his money, usually they will say they got to emotional and didn't go with their gut feeling.
Remember everyone makes mistakes, but the wise will learn from past mistakes. Without going through the errors we make for ourselves we won't be able to learn from them for the future when it really counts, nobody is perfect and bouncing back from mistakes shows signs of a powerful person with a good attitude ready to learn from it and become a better trader.
Another important factor of attitude in forex trading is the ability to erase losses from your mind and move on. Remember the successful traders have the ability to shrug off losses and move on to listen to the story the market is telling. Keep thinking ahead and don't let yourself sit on a recent loss that affected your balance just learn from the loss and move on.
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