In our last article called \’Characteristics of Great Forex Traders Part 3\’ we looked at the importance of being patient, and fully accepting the realities of Forex trading. We established that to become consistently profitable, top traders must fully accept that they will lose sometimes, so they quantify their risk and manage their capital well enough that no single loss will wipe out previous gains. In this article we will look at how top Forex traders are able to make significant profits in this manner.

An essential trait which distinguishes consistent losers from winners is their ability to step on the ‘gas’ when they have a strong conviction about a trade. For instance, lets assume your entry criteria has been met and the fundamentals fully back your trade. It’s at times like these that successful Forex traders use their courage to invest more capital, instead of using perhaps their normal position size. Think about that for a second – if you had a good idea that the odds of you being successful were more in your favour than usual, it makes sense to put a little more into it. The idea however is that you fully accept if that trade goes against you, your account does not take a big hit. By simply being courageous and confident, great traders can produce well above average returns compared to novice traders. Once you have completed your Forex trading training, this is the level of confidence you should look into building for yourself.

Next on our list of essential qualities is a trait which is innate and has been instilled in every single one of us from our childhood. However, it hinders our progress as Forex traders. It is the belief that we need to be right on every single occasion and that losing equals failure. Most people in their profession; be it doctors, lawyers or pilots; need to do the right thing and be right every time. Conversely, in Forex trading it is that mentality that leads many traders to be consistent losers. In Forex trading, there is no such thing as being right or wrong. It is either the market and all its participants that believe in your opinion of where price should be or they don’t (in which case your stop loss must get you out at a point where you should have predetermined before getting into the trade). Once the Forex trading course is completed, traders should accept that success in trading does not come from how many times you win on a trade but instead it is how you maximise your gain that matters. In effect, new Forex traders need not to worry about how many times they win but instead learn to manage their trades so that they can maximise their wins instead of taking quick profits. Successful traders always use a stop loss, whereas consistent losers’ trade based on hope. They hope the Forex market will come back in their favour whereas successful traders allow their profits to get bigger.

After completing your own Forex trading course assess your trading and ask yourself if you make the same mistakes as the consistent losers we described in this article. If you are, then stop risking valuable capital and refer back to your Forex trading training. If not, then you have taken a giant leap towards becoming a successful Forex trader.

In our next article, we will examine some psychological issues and the mental state which top Forex traders have had to adopt in before being able to reach their current level of success.

Dragan Lukic is a trader and an expert on Forex Trading Training. Please visit the Forex Training Worldwide website for more details on our Forex Trading Course.

Dragan Lukic is a trader and an expert on http://www.forextrainingworldwide.com Forex Trading Training. Please visit the Forex Training Worldwide website for more details on our http://www.forextrainingworldwide.com Forex Trading Course.

Author Bio: Dragan Lukic is a trader and an expert on Forex Trading Training. Please visit the Forex Training Worldwide website for more details on our Forex Trading Course.

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Keywords: forex trading training,forex trading course,characteristics of great forex traders