The high rate of failure for a new trader can be related to the six major obstacles that a trader faces, which are summarised as follows -
1.Poor Skills
2.Lack of adequate capital
3.Setting unrealistic targets and goals
4.Lack of Patience
5.Lack of discipline
6.High risk aversion.
If we look at the list, it becomes apparent that the failure is as a result of trading without having in place a proper Trading System and a Trading Plan– One that includes mind training, quality Forex education and strategies and sound money management rules.
So what are the Characteristics of a Successful Trader? All we have to do is to reframe the liabilities listed above;
Adequate trading knowledge and understanding. You should seek services of good quality mentors and a trading coach.
Adequate capitalisation – Don’t be fooled that you can earn thousands every week from a starting capital of $500
Realistic Goals – don’t expect 100% profit each month, it simply is not possible.
Have patience – don’t trade if you don’t have to. You should wait for a set-up according to your trading plan and system.
Have Discipline to follow your rules
Understanding and Managing Risk
And lastly the most important is having a Trading System and a Trading Plan. Virtually 90% of Traders that I have coached have never had one!
If you look at the advice from the world’s most successful people or traders today, you will notice that they follow the guidelines as identified above.
“Give me a stock clerk with a goal and I’ll give you a man who will make history. Give me a man with no goals and I’ll give you a stock clerk” – J.C. Penny
“ If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.” – Jim Rohn
1.Poor Skills
2.Lack of adequate capital
3.Setting unrealistic targets and goals
4.Lack of Patience
5.Lack of discipline
6.High risk aversion.
If we look at the list, it becomes apparent that the failure is as a result of trading without having in place a proper Trading System and a Trading Plan– One that includes mind training, quality Forex education and strategies and sound money management rules.
So what are the Characteristics of a Successful Trader? All we have to do is to reframe the liabilities listed above;
Adequate trading knowledge and understanding. You should seek services of good quality mentors and a trading coach.
Adequate capitalisation – Don’t be fooled that you can earn thousands every week from a starting capital of $500
Realistic Goals – don’t expect 100% profit each month, it simply is not possible.
Have patience – don’t trade if you don’t have to. You should wait for a set-up according to your trading plan and system.
Have Discipline to follow your rules
Understanding and Managing Risk
And lastly the most important is having a Trading System and a Trading Plan. Virtually 90% of Traders that I have coached have never had one!
If you look at the advice from the world’s most successful people or traders today, you will notice that they follow the guidelines as identified above.
“Give me a stock clerk with a goal and I’ll give you a man who will make history. Give me a man with no goals and I’ll give you a stock clerk” – J.C. Penny
“ If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.” – Jim Rohn
