Forex Trading - the 3 Keys to a Winning Traders Mindset

By: Sacha Tarkovsky

Forex trading is simple to learn, and anyone can acquire the skills - so, why is it that 95% of traders lose money? Many traders lose money because they have poor methods, though some have sound methods but still lose - because they lack the right mindset to succeed.

Here we'll look at the three keys for getting the mindset of the millionaire traders.

1. Desire and Passion

If you want success in anything - including forex trading, then you must desire success. If you have the desire, then you'll do what's required to succeed. If you look at any of the legendary traders, they all had desire - and they loved what they did with a passion.

You must also have desire and passion for what you do. However, that's not enough - you must also avoid worrying about risk and setbacks. Currency trading success doesn't come easily - so, if you can't build up the strong desire and passion required for successful trading, then you should find something else to do - as you'll lose your money trading in the currency markets.

If however, you accept that it's not any easy road - and you're prepared to put in the effort, then forex trading can earn you an income that most people can only dream of.

2. Confidence

You hear traders talk a lot about discipline when forex trading - but you don't hear them talk much about confidence. However, confidence is a vital component of your forex trading strategy - confidence in yourself - not in some mentor, or guru you're following.

If you want to succeed in currency trading, then you have to have rock solid confidence that your currency trading system - this will lead you to currency trading success. You must retain your confidence, even when you're losing money - and there'll be periods when you lose money, for weeks, or months on end.

If you don't have unshakeable confidence that you'll ultimately succeed, then currency trading will break you - and you'll throw in the towel before you become a winner.

To have confidence, you need to understand exactly how, and why your forex trading strategy works. This will give you a trading edge - and ultimately, success. If you don't know what your trading edge is, then you'll be joining the majority of traders - the ones who lose money!

3. Discipline

You've probably heard that discipline is vital to trading success - and if you think that following a system with discipline is easy - then, think again.

Lets look at an example of just how hard currency trading with discipline really is: In the eighties, legendary trader Richard Dennis taught a group of traders with no previous experience, how to trade - and he gave them a method they could all use. In 14 days, these traders were given trading accounts - and collectively, they quickly made over $100 million.

They were all successful traders - yet there was a huge variation between the results of the individual traders. In Curtis M. Faith's great book "The Way of the Turtle", he discusses this in depth - and the lesson is: Learning a successful trading system is not enough! You need the correct mindset to execute the system correctly - and nothing can prepare you for this. You simply have to experience it yourself - and it's tough trying to stick with a currency trading system, when the pressure is on - and you're losing money. Money is on the line and emotions are involved.

Many forex traders try to prepare for trading, with demo accounts - and making big percentage wins. However, there's no pressure - it's practice, and it's easy - try doing it for real, with real money - that's when if becomes difficult!

Now you have them - the three keys to adopting the right mindset, in order to achieve currency-trading success. It's not easy to achieve the winning traders mindset - but when the rewards are as great as they are in FX trading, you wouldn't expect them to be.

If you can adopt the right mindset, the world of currency trading will give you immense rewards for your effort. Good Luck!

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