Sometimes, I ask Myself – Am I Really A Successful Forex Trader?

For me, following are the 6 most essential elements of becoming the Successful Forex Traders and I’m still pursuing them:

  • Understand the power of compounding
  • Knows their goal is to compound their accounts over time
  • Are NOT big risk takers and are actually more risk averse than one might suspect
  • Have a detailed plan of exactly what they are supposed to be doing at all times
  • Follow that plan
  • Understand what challenges they likely will encounter, they are mentally prepared

Successful forex traders are ordinary people like you and I, and are not market “wizards” with exceptional skills and knowledge.

Loses happen and my greatest drawdowns are always ahead of me. Forex trading is not retirement in a box. I need to do my homework.

Paula Webb, in her book Success Without Fear – The ‘RACRS’ Edge for Traders, suggests there are three (3) steps we all owe ourselves as we strive to reach our goals:
1. Determine exactly what is needed to reach your goal
2. Assess your skills and expertise levels and determine what you need to learn to accomplish your goals
3. Do what needs to be done

Leave a Comment