Currency Trading – Mindset of the Millionaire Traders

Currency Trading – Mindset of the Millionaire Traders

By: Kelly Price

95% of currency traders lose and yet there are some traders who are not more intelligent than these losers and they don’t work harder yet, they make money and lots of it. How do they do it? It’s mostly down to their mindset. Let’s look at why they succeed.

Desire and Responsibility

Most traders simply don’t have the hunger or desire to succeed and therefore won’t take responsibility for their actions.

The winning traders know that they are responsible for their success and take their destiny in their hands. Compare this to the huge number of traders who think currency trading is easy, or they can buy success from someone else.

The successful traders know its up to them and seek the right knowledge and they don’t necessarily work hard they work smart. They learn their own method (they may take others tools) but at the end of their homework they have something that most traders never get:

Rock solid confidence in themselves - and their forex trading system.

This is vital - as the following equation is vital for currency trading success.

Logical method = applied with discipline = currency trading success

If you don’t have confidence you will never have the discipline to apply your method and without it you have no method at all!

Discipline...

Is the one word most traders understand is vital to success but they can’t understand why they can’t achieve it without doing their homework in confidence.

The fact is unless you have confidence and understanding you won’t get discipline.

The millionaire traders also accept other facts that keep them on the right course

1. Forex trading is a game of odds not certainties.

You must accept this as you will lose for long periods of time and you need to accept it and be prepared to ride these periods out.

2. Simple is best

Any good currency trading system is essentially simple and they work best.

Try and be to clever and complicate your trading system and there will be to many elements to break and you will lose, as there are to many elements to break.

3. Play Great Defence

You need to defend what you have and make sure that you keep your losses under control most novice traders leverage up to much and get blown out.

Money management is all about taking calculated risks at the right time and taking meaningful risks when you do.

4. The Great Traders Love Risk

If you don’t like taking risks forget forex trading!

You need to up your bet size when the opportunities arise and if you don’t you will never win. The fact is most traders are so frightened of losing, they ensure they will never win.

To make money you need to take risks and love them.

5. Isolation

All the great traders trade in isolation – they don’t consult anyone for advice, they have inner confidence and rely on themselves.

Finally – they love what they do with all its ups and downs.

To learn currency trading is easy - to apply the knowledge in the right way is hard.

It requires a mindset that combines the right knowledge, confidence, conviction a cool head and discipline. These are traits most traders cannot and never will acquire – they could do so if they wanted to.

If you are prepared to adopt the right mindset maybe you could become a millionaire trading success to! Good luck.

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