Tuesday, May 22, 2007

Successful FOREX Trading Is Based On 3 Character Traits - Do You Have Them?

There are three character traits you need to have, to become successful in FOREX trading and most people simply can’t 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.
Let’s 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 don’t 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.
Because if you don’t 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 won’t 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, it’s talked about a lot but most traders don’t 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 can’t 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 don’t 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 that’s why 90% of traders lose all their equity in Forex Trading.
On all aspects of becoming a profitable trader including features, downloads and some critical FREE Trader PDF's and more FREE Forex Education visit our website at http://www.net-planet.org/index.html
Article Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky

Free Forex Trading Tip - Forex Global Trading Tips For The Forex Currency Trading System

As the Forex global currency trading system has the highest volatility of any investment market today, it's absolutely vital that you get access to as many Forex global trading tips to fast track your Forex education and to lock in faster Forex profits. This article will reveal free Forex global trading tips for the volatile Forex currency trading market.
The beauty of the internet is that Forex global traders can now go online pretty much anywhere in the world at any time of day or night and get access to free Forex trading tips. With the right Forex currency trading system, Forex traders can reap large profits with Forex global trading.
There are some qualities that a Forex trader should have to become the best Forex trader he or she can be and to lock in faster Forex profits.
It is absolutely vital that you use proven strategies when buying or selling in the Forex global currency trading system. The best way of achieving this is by consulting reputable Forex charts and graphs that are known to be proven indicators and pivot points to follow when investing in Forex global trading.
Contrary to stock trading, as the global Forex market trades in every currency there is never a threat of insider trading. What separates a successful Forex trader and a consistent Forex loser is the level of their Forex trading education and the fundamentals that they follow in their individual Forex currency trading system.
The more that you can educate yourself about the currencies you are trading in the global Forex market the more accurately you will be able to predict the way these currencies will move and the more profits you will be able to reap.
The most savvy Forex traders understand that the best Forex currency trading system is the one that they have perfected and stuck to, with no exceptions. By creating your very own individual Forex currency trading system and sticking to it you will be virtually able to put your Forex global trades on autopilot as you simply follow the Forex currency trading system that you have already created and that has been proven to work.
Margin trading is a very easy way for Forex beginners to lose their money fast. Don't even venture into this Forex currency trading system until you have perfected your own strategies and know exactly what you are doing.
Forex currency trading is not risk free. It is critical that you bear in mind the volatility of the Forex global currency market in combination with what is going on politically and economically in many countries around the world.
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Article Source: http://EzineArticles.com/?expert=Karin_I_Manning