Successful and Unsuccessful Traders

Unsuccessful Traders:

Trade forex because it's exciting, cool, or sexy.

Leave their positions open when they start to lose money.

Don't want to learn the charts, the signals, and other intricacies of the forex market.

Never set limits for their trades.

Become prideful, believing that they deserve more profit, are therefore take unwise risks.

Trade out of fear, exiting a trade before it becomes profitable or entering no trades at all.

Become greedy and set higher limits and wider stops, leaving themselves exposed to the wild swings of the market.

Try to take revenge on the market when they lose money, attempting to get their money back.

Seek out trades for the sake of trading rather than for the sake of safely making money.

Do not trade for fun.

Trade forex because they know how to do it, and it makes them money.

Are unimpressed by their own success.

Take a methodical approach to forex trading.

Painstakingly build outwardly simple systems that have taken years to perfect.

Wait for predictable signals that are obeyed without question.

Want to learn as much about the market as humanly possible.

Want to know what signals are most predictive.

Want to know everything they can about spot trading.

Want to know everything about their broker and their broker's practices.

Want to know everything about the governments involved in currency movement.

Want to know everything about interest rate changes.

Have charting software that allows them to back-test their systems.

Are hungry and determined.

Learn from their mistakes.

Take notes.

Know their limits.

Back off when necessary.

Obey the true principles of the market.

Keep a trading journal.

Know when to get into a trade.

Know when to get out of a trade.

Never trade in the grip of fear, greed or anger.