Successful Characteristics of an FX Trader

The ability to be trained is a great asset to have when wanting to become an FX trader, and knowing how to setup your own account is even better; however, recently people have been experiencing a paradigm shift into assets that a trader possesses that are not tangible. Having certain unique traits can greatly benefit someone wanting to become an FX trader. Recent studies have discovered certain characteristics that will affect the way in which a day trader performs, such as their love of trading, discipline, and patience.

The really great FX traders love what they do; they love to trade. These individuals are highly passionate about their craft. The people understand that when they are on the trading floor that is exactly where they should be. When you meet a great trader, they do not have to come right out and tell you that they love trading; they will exude this persona without saying a word. These are the ones that are successful. These are the ones that, even if they already know all there is to know about trading, continue to learn more and try to perfect their trading game. In fact, the greatest point of success for this type of FX trader is the execution of a perfect trade, or a day’s worth of them with no mistakes. It has nothing to do with the money for a lot of them.

Of course, to be this successful, you must have discipline. Really great traders will never deviate from a plan. These individuals have learned from years of trading what methods work and which do not, so once they are on track, they do not veer off to something else that catches their eye; they are extremely focused and driven to succeed on the path they are on. Some traders can become easily distracted and this can amount to major losses. Discipline is really the stuff of greatness in a professional FX trader.

Finally, patience is master. A great FX trader is never rushed into making any kinds of decisions. The moods in a trading room can reach feverish pitches and mellow lows, and it is the ability to wait through each that sets the good traders apart from the great. For instance, great traders do not trade because of rumors, innuendos, or gut feelings; they make their trades when the time is right. If a trader is in a state of euphoria because of a great day, he or she will not trade simply because they are feeling so high at the moment. Great traders do not ever rush into any decision without careful thought and planning. Great FX traders know that opportunities will come and go, and not one will risk their capital on low percentages. They understand that some days may be slower than others, such as fewer trades. It is not the amount of trades completed that pushes these individuals ahead, it is the amount of trades completed successfully.

These three traits will exist in all traders in some degree or another; but, not all traders are able to master each successfully. Everyone has their weaknesses, and compensation for lack of passion, self-discipline, and the occasional bout with impatience are all works in progress. Progress is what you should seek if you want to become an FX trader; not perfection.