In spite of this, they are very successful in their profession and life. This is due to the fact that they view it as nothing more than a way of making money, and are not able to compare what they do with this game, find out.

A number of doctors, lawyers and accountants who have failed in their respective fields also struggled on the forex market. Their belief was that they would be able to trade forex successfully because of their previous success. They end up giving up because they lose too much money.

It is due to the fact that they don’t possess traits associated with a successful investment.

Check out the eight traits of a successful trader.

1. This is something that they do not take lightly. They find forex trading just as hard, if not harder, than even the most specialized occupations. To ensure that they can trade successfully, the traders spend many hours.

2. The potential risks of forex trading are known to them. They are aware of the fact that traders in forex can make money, but also lose it. To preserve capital, they practice prudent financial management.

3. The forex market is a complex one, and traders need to understand the basics of trading before they can begin. Forex technicals, fundamentals, and principles are all important.

The rules of successful traders will be followed. Trading against the trend is risky.

4. Patient. As with any career, it takes time to be a successful Trader. Demo trading is a good way to start. The demo trading phase was followed by the live trading.

5. As in other professions, they understand the value of having an experienced mentor. Beginners understand their shortcomings and ask for advice from experienced traders.

6. The strategy they employ is well-proven and limits them to only trading in one currency. Never do they switch their strategies. They do not trade more than one foreign currency at any given time.

The focus of these firms is to maximize profits, minimise risk and understand their nature.

7. Because they can lose money without feeling pressure. Since they can lose money, they do not feel pressured to trade. The traders follow and implement their trading plans.

8. It is important to record your trading. To learn from your mistakes, it is essential to look back at both the successful and unsuccessful transactions.

Forex trading is simple to learn, since you can both buy and trade. The forex traders make up 95% of the people who lose money. The successful forex traders must possess some special qualities.