9 Habits of Successful Forex Traders

Not everyone can be a successful Forex trader. It takes a lot more than hard work, years of trading, and professional discipline to trade professionally for a living. It also takes washing yourself of the bad habits and developing only the good ones. Here are 9 habits of successful Forex traders that can help anyone follow in their footsteps:

1) Think Differently

Successful Forex traders think differently, but what does that really mean? This is the habit that perhaps encompasses every other good habit they share. It means that successful Forex traders understand that trading is more than just something they do after work, or when they have time to spare.

To them, trading successfully on the Forex market requires a change of mindset and lifestyle which enables them to become the best traders they can be. They know they can’t think the same way they did before they were traders: instead, they teach themselves how to live and think like traders.

2) They Don’t Let Themselves Lose

Losing is a part of trading. However, while most people may view every loss as a negative event, successful Forex traders understand that you can’t let it affect you that way. To trade professionally, losses can’t be setbacks; rather, they have to be viewed as feedback. They learn from their losses and move on.

3) They Walk Away

Successful Forex traders have two points when they start a new trade: the low point at which they will leave and the high point at which they will leave. They don’t let other factors drive when they will walk away; greed or ambition take a back seat. Instead, they see the numbers and decide when it’s time to let it go.

4) They Keep a Journal

A trading journal is something many successful Forex traders keep, because it allows them to record their winning and losing positions and analyze these results. It gives traders an objective platform to better understand their choices and decisions, and where they can improve on their process.

5) They Are Consistent

Successful traders all follow the same trading strategy or philosophy throughout their entire trading career. Whether they are short-term or long-term traders, it is important for them to know what they are and what they are willing to experience. This allows them to make clearer decisions in the future with every trade, because they already have a set and determined path.

6) They Analyze

The biggest difference between a professional Forex trader and a hobbyist is where they get their information. Hobbyists and amateurs may find all their analyses and reports online, with other people telling them what to do; professional Forex traders analyze on their own, studying profit and loss scenarios and currency pairs and understanding everything they can.

7) They Wait

Many people give up after they experience a bad loss or a series of losses. They convince themselves that trading isn’t for them, that it’s for the professionals. But professionals only become professionals because they have learned to persevere. They know that the only permanent failure in Forex trading comes through giving up. The most successful Forex traders out there? They waited—they waited through their own storms, until they were experienced enough and knowledgeable enough to trade better.

8) They Stay Informed

The effects that global events and world news have on the Forex market is clearer than ever before. Successful Forex traders keep themselves up-to-date when it comes to economic announcements in certain countries, and do their best to weigh the possibilities of specific actions, both positives and negatives.

9) They Take Responsibility

Finally, the most important distinction between successful Forex traders and amateurs is the mentality: successful Forex traders take responsibility in every trade they make. They don’t blame their losses on others and they don’t thank anyone other than themselves for their gains. They stay calm, consistent, and mindful of every action they take, and they never bet anything more than they can handle.