BUY FXO Forum Shares
1316
Shares in the BANK:
We BuyWe Sell
$1.7804$1.8355
Results 1 to 10 of 10

Thread: Is Based On 3 Character Traits Do You Have Them?

  1. #1
    Bullish
    Join Date
    May 2007
    Posts
    86
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Is Based On 3 Character Traits Do You Have Them?

    There are three character traits you need to have, to become successful in FOREX trading and most people simply can't acquire them.

    When you consider that everything about FOREX Trading can be learned, yet 90% of traders lose, you will realize just how important these traits are.

    Let's start with a tale of a group of traders that had no experience and in just 14 days started trading careers that were to see them become some of the most successful traders of all time.

    A lesson from the turtles

    The turtles, was the nickname given to a group of traders who were taught by legendary trader Richard Dennis to trade in just 14 days.

    His contention was that traders were made not born and set out to prove his point to stunning affect.

    The key to their success was to instill in them 3 key character traits:

    1. Accepting Responsibility

    Dennis made them accept responsibility for their actions by giving them all the knowledge they needed - then all they had to do was learn it, understand why it would work and apply it in the market.

    Of course most traders don't do this.

    They think that by following news stories, chatting with their brokers or buying an e-book they can gain success - but this is a recipe for failure.

    Why?

    Because if you don't accept responsility for your actions and understand why your trading plan will work, you will lack the next key character trait.

    2. Confidence

    If you follow someone else you won't have the confidence to trade a method through the bad times.

    You must understand why your trading plan will work in the longer term to stay with it and this means understanding how it works and why it will be successful.

    If you lack confidence, you will simply lack the next key character trait which is:

    3. Discipline

    You will hear this word a lot and you need it to succeed, it's talked about a lot but most traders don't really understand what it is or how you acquire it...

    Even if you have a sound trading method, you need discipline because it can and will lose as do all systems.

    When losing streaks come you can't blame anyone - it serves no purpose, you need to stick with your forex trading system and be confident that it will turn around.

    Discipline flows from accepting there is no one to blame, that you alone are responsible and knowing your systems well enough, to understand that if you stick with it you will succeed.

    It sounds simple...

    However, today the bulk of traders (as we have said earlier) or want to rely on a so called expert to lead them to success or rely on seeking the opinions of others.

    They don't really understand that:

    They need to take responsibility and trade a method they know and understand and have total confident in to follow it with discipline.

    Finally remember this

    Richard Dennis taught the turtles however he did not tell them to follow him blindly - He gave them the tools and THEY made them work.

    They learned to trade and in 14 days were ready to take the test and they all passed - amassing countless millions of dollars quickly and many of them became legends.

    Trading looks simple but few traders realize the 3 key character traits outlined above are needed to succeed and that's why 90% of traders lose all their equity in Forex Trading.

  2. #2
    Bullish
    Join Date
    Apr 2008
    Posts
    78
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    Nice article but... 14 days, huh?

    I agree there are 3 main elements of succesful trading :

    * solid mental construction (Accepting Responsibility, Confidence, Discipline)
    * logic trading system
    * risk management

    This is my opinion on how things look like.

    P.S.

    It takes up to 2 years to perfectly understand theory and innerself

  3. #3
    In Profit forexdude's Avatar
    Join Date
    Feb 2009
    Posts
    104
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    i am not turte i like to trade 1 lots per trade

    forex for me is get rivh quickly

  4. #4
    Elder Analyst
    Join Date
    Mar 2012
    Posts
    669
    FXO Shares
    0
    FXO Bonus
    5.860
    Thanks
    0
    Thanked 3 Times in 3 Posts

    Default

    to the three grounds mentioned that such responsibility, confidence and discipline is needed by traders who conduct transactions in foreign exchange business to be able to do it well does require training and motivation in order to produce in accordance with the objectives to be achieved it.

  5. #5
    Market Maker
    Join Date
    Feb 2012
    Location
    Port harcourt, Nigeria
    Posts
    1,046
    FXO Shares
    0
    FXO Bonus
    1.136
    Thanks
    3
    Thanked 31 Times in 31 Posts

    Default

    I will add brave decision taking, though confidence should not be in the market, but within the trader

  6. #6
    Moderator cool user Resolve's Avatar
    Join Date
    Mar 2012
    Location
    India
    Posts
    23,392
    FXO Shares
    0
    FXO Bonus
    3.442
    Thanks
    5,164
    Thanked 2,261 Times in 1,305 Posts

    Default

    Quote Originally Posted by janknoah View Post
    I will add brave decision taking, though confidence should not be in the market, but within the trader
    If we have the required confidence then the ability to make good profits will also come up.

  7. #7
    Market Maker cool user kalex76's Avatar
    Join Date
    Mar 2012
    Location
    Asia
    Posts
    7,892
    FXO Shares
    0
    FXO Bonus
    6.846
    Thanks
    261
    Thanked 349 Times in 285 Posts

    Default

    If i would have those three things perfectly i would become a successful trader in no time .. as i feel its not easy to grab those three .

  8. #8
    Market Maker
    Join Date
    Feb 2012
    Location
    Port harcourt, Nigeria
    Posts
    1,046
    FXO Shares
    0
    FXO Bonus
    1.136
    Thanks
    3
    Thanked 31 Times in 31 Posts

    Default

    @NSAWORK, though we still required confidence, but over confidence is not needed. It is one factor that cost my account

  9. #9
    Elder Analyst
    Join Date
    Mar 2012
    Posts
    669
    FXO Shares
    0
    FXO Bonus
    5.860
    Thanks
    0
    Thanked 3 Times in 3 Posts

    Default

    it is true also if the trader too confident in the transaction is usually not earned a profit, but losses due to the typically overconfident traders often break the rules that have been determined.

  10. #10
    Market Maker enjoylife's Avatar
    Join Date
    Mar 2012
    Location
    India
    Posts
    3,140
    FXO Shares
    0
    FXO Bonus
    0.550
    Thanks
    133
    Thanked 70 Times in 67 Posts

    Default

    A trader should be confident and have good skills and abilities to perform his trades in this market and must be able to make his own decisions and take responsibility for outcome of all his trades .

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Disclaimer
2005-2016 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning:: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us