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    Thread: Tell me what are the characteristics of successful trader?

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      Default Tell me what are the characteristics of successful trader?

      Tell me what are the characteristics of successful trader?


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      for me the trait of a successful trader is:-

      1. be disciplined in managing capital using money management. where traders will always follow what has been planned and set
      2. Do not stop learning and seeking knowledge. Forex trading knowledge is vast. Learn from anyone to add knowledge. It's important to learn from the beginning of forex trading, if you continue to study to a higher level, it is feared that many are not able to follow that science and hinder the development of such traders
      3. Focus on the Trading plan used. Do not spend time criticizing and looking for someone else's trading style. The other person is wrong not necessarily we are right. we should share information in a proper and prudent way.
      4. Do not expect other people to give us their entry / exit signals or their analysis. We are a trader, we should try to do it ourselves and try to succeed in analyzing the market.
      5. Avoid easily disappointed and discouraged. In forex trading, there is a time we gain, there is a time-consuming loss. Bring calm and keep trading in a tranquil state even though profit or loss


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      Each successful Forex trader have a group of things or a set of things that they are always looking out for so that they can do them to both become successful and then remain successful in Forex for a long period of time (This is real success). A trader who is trading Forex as a Newbie keeps growing until they become successful traders and during their years of becoming successful, They simply develop many characteristics and add them to their trading and thus become successful.
      Things like :

      1). Patience and self discipline.
      2). Following rules and strategy to the letter.
      3). Using of dedicated stop loss settings for every trade.
      4). Strict Money management policy

      These are all what a trader develops so that they can become successful and also remain successful.


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      It is not easy to be a successful trader in forex trading overnight. It takes time & more & more practice to be experienced as well as successful trader. The characteristics of a successful trader is as follows.

      1. A successful trader always follow a strong money management. They target a fixed amount earning per trade. That's why they always follow perfect stop loss & take profit to control there greed.

      2. They don't trade every now & then. They take time to analyze the market from different point if view. Only when they get confident about the analysis, then they place a order.

      3. Generally they follow long term trading & analyze the market on the time frame: 4H & 1 Day.

      4. They always practice their strategy in demo account even they have a real account to update & modify their strategy.

      5. They don't quit learning. Even the most senior trader has to learn in forex market every day.


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      Tell me what are the characteristics of successful trader?
      There are a whole lot of characteristic a professional trader can posses in the Forex market, here are the characteristic of a professional trader
      1. discipline: we cannot call our-self a discipline trader in the market if we are not 100 percent discipline in the market all the time, being discipline is all about staying true to our trading plan, and always stick to the right rules and regulation, and sometimes its all about getting rid of emotional trading.
      2. a professional trader always commit to learning: a professional will always try as much as possible to always develop their trading knowledge and experience in the market, forex learning takes forever, in as much as we are still a trading we cannot stop learning for once.
      3. patience is a very important factor when it comes to the Forex trading market, once we are trading we should avoid taking decision in an hurry manner, we need to be patience even when we are loosing, in as much as our analysis is still intact, we still have to be patience


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      Based on my experience I see That the Characteristics Of A successful trader are :

      1- Keeping Learning : There's no limit for learning in Forex So the successful trader is the trader who always keep learning in Forex Even if he Finished his Learning on Demo account .
      2- The Control on Emotions : It is the important thing to the Successful trader because It lead him for trading without greed or fear or high Risk .
      3- The Trading with plan : The successful trader always trade with plan To make Defined Daily Percent without looking on any profits else after reaching his daily target .
      4- The Discipline with the strategy : The Discipline always lead the trader To the success because indiscipline always make us Open wrong trades from bad positions .
      5- The patience : we Can divide it Into Three Sections :
      - The first Section : The Patience on the profits and the impatience on The loses Because This always make us Close our losing trades at small loses Then we will be able To Compensate it with any other trades and this will help us in making profits More than our Loses .
      - The second Section : Is the patience on the Small Profits Because this lead us for Big profits by the time but if we want to make big profits in short time this always lead us to high risk and no survive in the market and always ends with big loss .
      - The Third section : The patient on the Price Until it come to us and to our entry point but unsuccessfully trader always go to the price and he doesn't wait on it until it reach his entry point and this always lead him for opening trades from bad places .
      6- Self Education : The successful trader also is the trader that always make every thing with himself and he always trade with his own strategy and he always test every thing on demo account by him self without any depends on the others in the trading or in the analysis .

      So i see that the above mentioned are the Characteristics of successful trader .
      Last edited by Aviz; 09-03-2018 at 10:27 AM. Reason: Remove Colors


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      Characteristics of a successful trader depends upon the following factors as per my trading experience :-

      1. Building the patience factor :- Such traders actually concentrate to make a perfect patience factor because they knows that in the Forex trading we should always show the patience to encash the opportunities .

      2. Utilizing proper trading plan and strategy :- To get real success in this field ,traders have to believe that they should have a proper trading plan and strategy so that they can cope with any market situation .

      3. Adopting Proper risk and money management :- Good traders always adopt the risk and money management perfectly so that they can safeguard their trading accounts perfectly and can get rid from the margin calls.

      Actually all the things mentioned above looks very easy but maintaining those are very very difficult indeed and for that we should always concentrate to do such to be on top like other successful traders .


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      A successful trader will normally exhibit the following characteristics;
      a. Thorough understanding of technical analysis, fundamental analysis and the psychology of trading. He must have developed a workable strategy that produces profits on consistent basis
      b. He must have developed the habit of keeping journal and discipline to stick to whatsoever had been written in it
      c. the readiness to tech other or mentor would be clearly seen on him
      d. he must be a very friendly person and always willing to be of help to a lot of people in his environment even in terms of philanthropy
      e. he must always be very precise in his approach to life and very well mannered


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      Default Re: Tell me what are the characteristics of successful trader?

      Quote Originally Posted by forexianz View Post
      Tell me what are the characteristics of successful trader?
      There are some common characteristics of a successful trader. These are mentioned below:

      1. A successful trader has an effective and unique trading strategy which is quite different than any others.

      2. Discipline in trading is their main strength.

      3. Risk management and money management both should be calculated strictly.

      4. Always focus on the future, never think so much what he did in the past.

      5. Never leave hope while trading in Forex market. Always have the learning mentality from the mistakes.

      6. Keep himself busy with learning new strategy in demo account. Never leave demo account after opening live trading account.

      These are the characteristics of a successful Forex trader.


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      Default Re: Tell me what are the characteristics of successful trader?

      Most successful traders in the forex market are normal people like you and I, so they are bound to have various character traits like all humans. However, there are similar character traits that are common to many successful traders which made them to succeed where others failed. Fortunately, many traders can also achieve success by following on the foot steps of other successful traders.

      The most prominent character traits of successful traders are as follows:
      Good knowledge of forex trading
      The successful traders knows their trade properly. They knows what works and what does not, and how to apply their knowledge prudently to earn profits from the live forex market. This is a major difference between most failed traders and the successful ones.
      Disciplined forex trading practice
      Some knowledgeable traders fall by the wayside in the forex market owning to their inability to apply strict discipline during trading. The importance of discipline to the success of a trader cannot be overemphasized.
      Proper tools and equipment
      Some traders are hampered by lack of access to good tools and equipment that are necessary to trade competently in the forex market. The successful traders do not spare any effort in getting the best tools and equipment that can enable them achieve their goal.
      Adequate trading capital
      Some traders vainly hopes to make a fortune from the forex market overnight out of little or no capital. This might happen under certain conditions, but the successful traders do not depend on luck. They know too well that their anticipated returns are proportional to their investments.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


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