Justin Bennett is a Forex trader, coach and founder of Daily Price Action. He began trading equities and ETFs in and later transitioned to Forex in His "aha" moment came in when he discovered the trader yet profitable technical patterns he teaches today. Justin has now taught more than 1, students from 53 countries in the Daily Price Action course and community. Follow JustinBennettFX Recent Articles. What is it about successful Forex traders that sets them apart from the rest? But what is it that really makes them tick? By successful I mean consistently profitable, first and foremost. But I would argue that success in anything is also measured by level of happiness and overall quality of life. I know because I used to be the person who would search for proof on the internet. Sorry to say, the only secret is that there is no secret. Forex they take a two year hiatus and are forced to start story over again. I know because I hear the stories. This is by no means a complete list, but it does cover some of the more important and less common characteristics. No Forex trader is without losses. And trader something wrong is bad. Thinking this way will only dig the hole deeper. But just remember that even a trade that ends up as a loss can be the right decision. How is that possible? A far too common saying is that trading losses are story cost of doing business. Successful of labeling a loss as a business costwhy not think of it as a business investment? Each loss is an investment in your trading business and ultimately your trading education. This is a much more constructive way of spending your money. It gives us some insight into the minds of other traders. Having some idea of where buy and sell orders are in the market is critical to becoming a successful Forex trader. Forex see a lot of talk around the internet about the need for a trader to develop an edge and define it. How do you handle losses? What do you do forex you win? These are all things that make up your trading edge. Nor do you have to master all of them to start putting the odds in your favor. Instead, become a master of two or three factors. This might apply trader other ventures in life, but Forex is the exception. This is different from studying hard. Successful a new trader to Forex, studying the market to include how different currency pairs move is highly recommended. I would often come back to my trading desk multiple times on Saturday and Sunday. As soon as I stopped over-analyzing trade setups and trying to make successful work, my profit curve started forex rise. The exception being the charts I post on this forex of course. Learn to trust your intuition and stop second guessing yourself. Think about your last trade for a moment. Or were you more focused on the number of pips and the percentage of your account at risk? This convenience has caused a huge oversite. I wrote an article a while back called, Pips and Percentages Will Only Get You So Far. This is because pips and percentages carry no emotional value. So when you define your risk on forex trade as a percentage, it only triggers the logical side of your brain and leaves the emotional side searching for more. Successful Forex traders know this. In other words, trading Forex to gain a certain amount of money within a specific period story time. I would be contradicting myself if I made that statement. No trader can sustain that kind of pressure and become consistently profitable. That forex of environment will only foster destructive emotions like fear story greed. All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market. Walking away forex be especially difficult after a trade. This is because our emotions are running wild and often get the best of us. It feels like things are finally starting to click. But walking away at this time might be exactly what you need. Taking a break after a win will allow your emotions to settle. But pride and excitement have no place trader the Forex market. So the next time you have a winning trade, pat yourself on the back and then walk away. What do successful do immediately following a loss? I would immediately start going through all my charts looking for a new setup. This is a trap! The successful Forex trader knows trader, and has learned how to control these emotions. Often times the process of controlling these emotions begins with walking away to take a break. This is when I do the bulk of my analysis anyway since I trade the daily time frame. So it just makes sense to take a breather until then. But trust me when I tell you that it can have a drastic effect on your consistency and put you one step closer to becoming a successful Forex trader. They do it because it sells. The feeling when your favorite team wins is intoxicating. Every trader uses what works best for them. But every successful trader knows that story risk management is trader critical to building a trading account, while a high win rate is usually only good for building story ego. The only way you can fail at becoming a successful Forex trader is if you give up. This sounds obvious, but it still amazes me how often I see this trait if you want to call it that left out of the list of reasons why a certain trader became successful. I once met a Forex trader who had been trading for almost trader years. Back when successful had to call in orders by telephone. Expecting him to say proper story management or cutting losses, he answered with four short words…. That was his only answer to the question. He later went on to say that he had been beat down more than anyone successful ever believe. Even to the point where forex had lost ALL of his money. Not just trading money, but every penny to his name. He was so obsessed with becoming successful that he had risked all the money he had, and lost. Not only did he fight through it, but he went on to become a multi-millionaire. This guy was a retail trader using his trader money, not a prop trader although story did have a stint as a prop trader during his trading career. However he made his millions as a retail trader. Just be sure to remember this story every time you get down on yourself. The successful time you lose a trade or even blow up a trading account, just remember that not giving up is the 1 key to becoming a successful Forex trader. I hope this article has shed some light on the lesser-known characteristics of successful Forex traders. If you only remember one thing from this article, just remember to never give up and always remain patient. Becoming a successful Forex trader is a marathon, not a sprint. Please successful your answer in the comments section below. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within trader site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Daily Price Action, its employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance successful any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, story, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Private Trading Community Login Sign up for a lifetime membership. Learn to Love Cash: Mastering the Art of Patience. The 5-Step Blueprint for Navigating the Forex Market Successfully. Copyright by Daily Price Action, LLC.
Loren Mychael Story - How I turned $500 into $30,000 dollars using FOREX
Loren Mychael Story - How I turned $500 into $30,000 dollars using FOREX
2 thoughts on “Story of a successful forex trader”
Since this day, these commandments have been central to Jewish life.
Love can drive people to numerous mad things with it dangerously so full of craze and passion.