What it takes.....

Nearly every day, I meet new people whether it’s through social media or out in public that are interested in making money through Forex! They are either interested in investing, supplementing their income, looking for job-replacing income, or want to prepare for retirement. One of the usual questions that always gets asked is what does it take to trade Forex successfully?

Well for those of you that are experienced, you know that the answer is just not simple. There are so many things that need to be done and furthermore, what is the definition of success? I can show you traders that have losing winning percentages but continually grow their accounts. I can show you traders that have high winning percentages but lose money. (Everyone knows why this happens)

However, you can set yourself up for success with some solid foundations.

1. First and foremost, you must have a solid trading strategy. You can create a trading strategy yourself but you will need to test it both backwards and forwards and continue to edit the strategy until it consistently makes you money. Or you can be like most people and buy a strategy, but please make sure it makes you money.

2. You must master the strategy. Mastering the strategy means knowing the rules for entries, exits, risk, plus so much more. You must learn all the nuances of it like when it turns from bullish to bearish or bearish to bullish. You want to ensure you are on the right side.

3. Hold yourself accountable. Don’t blame the market. The market is always right. Blame your strategy, your entry, your exit, etc. In my coaching calls, I stress more importance over the losers than the winners. Why? I want to know why I got that trade wrong. Was it my entry, did I put my stop-loss to close, etc. The more you can learn from your mistakes, the better trader you will become. So, keep a journal and track your trades but also review your trades, especially your losers!!!!!!!

At this point, people are like, sounds easy. Let’s do this. Well, not so fast. The foundations are key but you must have correct behaviors and the right mentality to trade. I for one, thought it was just this simple and in being honest, I blew several accounts in the beginning. I didn’t have good strategy nor did I master the strategies that I used. I jumped from one to another in hopes of finding the holy grail of trading….and lost and lost and lost. However, after I corrected and fixed my foundations, I had to look further to become successful and you will too!

There are several key behaviors and mentality you will need in order to become a successful forex trader. The main and most important behavior to have is DISCPLINE!!! Discipline applies to other behaviors you need to have.

1. Patience. You must learn to wait for the setups. That means to follow the rules of your strategy to a t. Don’t just randomly enter a trade. You should have not only a bias but more importantly, you should have a set of rules for pulling the trigger on the trade but having patience to wait for the setups and rules is extremely important!

2. You must stay disciplined to dedication. If you want to succeed at anything, you must be dedicated to learn everything about the processes of trading. You can just jump in and expect to succeed. It like going on a diet because you want to lose weight. Well it took you how many years to get where you are now…don’t expect the weight to fall off in 30 days. You stay dedicated to hitting the gym, cardio, and eating healthy to get down to your desired weight. Same thing goes for trading. You practice, learn the processes, and then steadily grow your account.

The last two behaviors which one of them is repeated from above are confidence and honesty/accountability. Confidence comes from having successes regardless of how many or how small but learning a repeatable process that has proven successes will yield confidence. Confidence is key to trading because without it, FEAR will set in and you will end up taking bad trades, not taking any trades at all, and/or missing beautiful setups. Learn a process, master everything about it, then practice and go live.

Lastly, you must be Honest with yourself and your capabilities. Understand that there is no perfect trader out there. I have a saying…there are two kinds of traders: those that will be humbled by the market, and those who have been humbled by the market. You must be honest and hold yourself accountable to achieve the success you want.

Professionals especially the really successful professionals, no matter what avenue, don’t become professional/successful because it is easy. They succeed because they had the drive and passion to put in the TIME and EFFORT to reach the top! Don’t underestimate the amount of all of the above that is needed to succeed.

If you find yourself searching for the next holy grail, flipping between strategies, or just figuring out where to start, then come over to Prosperity Forex and let me guide you. I’ve been just like you with blowing accounts and losing money but now I am on the other side a profitable trader. There is no perfect time to join but rather the perfect time is when YOU want to succeed so badly and want to see the results of your hard work come to Fruition. PFX has a simple, easy, and profitable system to learn and implement. If you want to learn more, then click here.