There are three character traits you need to have, to become successful in FOREX trading and most people simply cant acquire them.
When you consider that everything about FOREX Trading can be learned, yet 90% of traders lose, you will realize just how important these traits are.
Lets start with a tale of a group of traders that had no experience and in just 14 days started trading careers that were to see them become some of the most successful traders of all time.
A lesson from the turtles
The turtles, was the nickname given to a group of traders who were taught by legendary trader Richard Dennis to trade in just 14 days.
His contention was that traders were made not born and set out to prove his point to stunning affect.
The key to their success was to instill in them 3 key character traits:
1.Accepting Responsibility
Dennis made them accept responsibility for their actions by giving them all the knowledge they needed - then all they had to do was learn it, understand why it would work and apply it in the market.
Of course most traders dont do this.
They think that by following news stories, chatting with their brokers or buying an e-book they can gain success but this is a recipe for failure.
Why?
Because if you dont accept responsility for your actions and understand why your trading plan will work, you will lack the next key character trait.
2.Confidence
If you follow someone else you wont have the confidence to trade a method through the bad times.
You must understand why your trading plan will work in the longer term to stay with it and this means understanding how it works and why it will be successful.
If you lack confidence, you will simply lack the next key character trait which is:
3.Discipline
You will hear this word a lot and you need it to succeed, its talked about a lot but most traders dont really understand what it is or how you acquire it...
Even if you have a sound trading method, you need discipline because it can and will lose as do all systems.
When losing streaks come you cant blame anyone it serves no purpose, you need to stick with your forex trading system and be confident that it will turn around.
Discipline flows from accepting there is no one to blame, that you alone are responsible and knowing your systems well enough, to understand that if you stick with it you will succeed.
It sounds simple...
However, today the bulk of traders (as we have said earlier) or want to rely on a so called expert to lead them to success or rely on seeking the opinions of others.
They dont really understand that:
They need to take responsibility and trade a method they know and understand and have total confident in to follow it with discipline.
Finally remember this
Richard Dennis taught the turtles however he did not tell them to follow him blindly He gave them the tools and THEY made them work.
They learned to trade and in 14 days were ready to take the test and they all passed - amassing countless millions of dollars quickly and many of them became legends.
Trading looks simple but few traders realize the 3 key character traits outlined above are needed to succeed and thats why 90% of traders lose all their equity in Forex Trading.
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