July 30, 2008
Becoming A Successful Forex Trader Requires Money And Motivation
If you want to become a top forex trader then you will find that there is a lot to learn. Making consistent profits from forex trading is not easy by any means, but as with anything the more experience you have, the easier it becomes.
That is why two of the most important things you need if you want to become a successful forex trader is money and motivation.
Let's start with money first of all. You obviously need a little bit of capital to start off with but you also need to have some money in reserve if needed. This is because almost everybody blows their initial bankroll learning to trade the markets.
That's not necessarily a bad thing because it's a great learning experience. Losing money is not a nice feeling and so it motivates you not to lose any more money in the future. Therefore you start to use tight stop losses and adopt good money management techniques.
Also because few people start making profits straight away, you also need a lot of motivation and determination to succeed. You have to accept that the most successful traders probably spent hours on end testing out different strategies before they found one which made them profits, and probably lost a lot of money in the process. I know I certainly did.
So don't be put off if you initially lose money because as long as you can stay in the game long enough to refine your trading strategy, and have a willingness to succeed, then there's no reason why you can't become a top forex trader and make substantial profits.