We have outlined a number of traits for trading success on this site but without the character trait, we are going to discuss here its unlikely you will enter the elite number of traders who build significant wealth. Let's take a look at this trading tip and the character trait in more detail.
When I look around online I often see Forex sites on training course referring to themselves as Universities and this goes with the public perception that trading currencies successfully is all about having knowledge. The more knowledge you have the greater your chances of success and a degree goes with this perception of success but in the world of business and Forex trading, there are a huge amount of people who never got a college education but achieved outstanding success:
No Degree but Huge Success
Alan Sugar, Richard Branson, Bill Gates, Steve Jobs and Mark Zuckerberg, would all be household names and none of them finished college. The financial world also has a huge amount of people who made money with little or no formal education so what do they have which most people don't?
The Route of Success Comes From Burning Desire
Many people know that to make it in life all you need to have is a burning desire to succeed and you will succeed. If you have desire you will become motivated and be prepared to try to reach your goal, get used to taking risks and enjoying a challenge. Many of the world's top businessmen had setback after setback but eventually achieved success. If you read interviews with the top traders, you maybe surprised at how many of them wiped out their trading accounts, several times before achieving consistent profits.
Most People Want to Conform Winners Don't
In life we are taught to conform to the norm and most people get sucked into what the crowd believes is good – people who go to university and are smart are admired and there is of course the old saying “knowledge is power” but in when trading Forex this is not true and the saying Becomes - “the right knowledge is Power” and the RIGHT knowledge is very quick and easy to learn.
You Need to Be on Your Own
Learning Forex trading is very simple and anyone can manage to learn the basics and get a system or strategy together which can make money. The big problem for most people is it involves being on your own and making decisions under pressure and building a set of rules which you have to follow with discipline.
When trading Forex you are on your own and there is no hiding place if you lose. You got it wrong and you lost money. In Forex trading success is measured by your ability make money from your trading signals and nothing else matters. A bad salesman, can blame his product for not selling and a lawyer, can blame the weakness of his clients case. These are just two examples, where I other professions you can make excuses for failure and pass responsibility to others. When trading currencies no excuse is available to you, you lost end of story.
Passing the Buck to Someone Else
Most people want to succeed in life and come to Forex trading in the hope they can make money but they believe in either following the crowd which means finding gurus and using Forex robots, Expert Advisors or trying to find a secret short cut to profits or they believe in the norm which involves learning endless education about the markets which gets them no where.
The real trait of trading success you need is to see what you need to do and do it and not what other people tell you is the right way, because it normally isn't. You have to think outside the box and trust yourself. Winners do this by instinct and only trust themselves and are able to think outside of the norm to achieve success not just in Forex but in many other areas of life as well.
There is nothing wrong with being a member of the crowd and doing the normal things if that's what you want to do but for many people, this will never make them rich. Many people want to break free and do there own thing but the pressures of society, family or their own lack of confidence in their ability stops them from doing so.
Desire + Motivation + Success
When I was a child, Uganda expelled around a million Asians who came to work in the UK and they had nothing. Over the years they worked hard and many opened shops and not a decade later, over 1,000 of them had reached millionaire status and the number has grown to this day. They had nothing but a burning desire to succeed and this meant, they did succeed – so what's your excuse?
I think the majority of people, just don't want to have the feeling of trying and then failing, after all failing is wrong in many peoples eyes. I have opened numerous businesses, before I became a trader and many failed. Even my friends laughed but at the time, I thought of the old phrase better to have tried and failed then not to have tried at all and simply learned from my setbacks. Of course I got it right, eventually but there were disappointments and setbacks, along the way but for me that makes life worth living.
Final Words
Trading can be a route to financial freedom for anyone but what you need to do first is have a burning desire to succeed which will be transmitted into motivation to do what it takes to succeed. Once you are motivated and you look at what Forex trading actually entails to achieve success you will be struck by, how simple it is to learn and the real key to success is simply learning some very easy skills which make up your trading strategy and then, just controlling your emotions.
You simply need to have confidence, courage, a simple trading plan and the willingness to take calculated risks to build wealth. If you do this, you will find there is perhaps no better way of making profits than trading currencies for profit. So if you want to win in life or in Forex trading, just have a desire to achieve something, be motivated to try and see the Forex markets for what they really are, rather than what the media tells you they are and you will unlock the key to long term Forex trading success – it really is that simple.
