Four Things You Need to Succeed in Forex Trading

[Sleeknixon]

There are four things we call the 4Ds that ultimately determine your success in forex trading. Many newbies don't know this and I will be share them with you today and other things that will turn around your trading.
The four Ds are:

1. Desire
2. Determination
3. Dedication
4. Discipline.

So how does this translate to your success?
D number one: Desire:
You must have a strong desire for this business. Honestly there are other kinds of business you can do, you can choose to be a lawyer, a doctor etc, but if you want to be successful in this industry your desire will determine how far you will go. Ask yourself, why do I want to be a forex trader? Is it because you watched an advertisement on youtube or television how easy to make money in forex trading? If that is your only reason, then you are bound to fail. Because forex trading is not as easy as its being portrayed. That is why a strong desire comes in. A desire to succeed, a desire to enjoy the free time that trading offers, a desire to be your own boss etc.

D number two: Determination
Have you ever used a motor bike either as a passenger or a rider? Its a great experience! However, when a motor bike is climbing a steep hill, its usually no fun. It takes determination for a motor bike to climb a hill. That is the kind of experience you will come face to face with when trading forex. How do you cope with the bitter pill of loses? what is the easiest thing to do? Quit! That's a human inclination, hence you need determination.

I will be talkin about the last two Ds in my next post
D number three: Dedication

D. Number four: Discipline

 

[Sleeknixon]

In my last post I talked about what can transform your trading career. I talked about the 4Ds and explained the first two.

In this post I will be sharing with you the last two Ds.
D number three: Dedication
I watched a documentary about wolfs. These animals stay together and raise their own packs. And when their mates die it takes long to find another mate. Hence they stick together. They are dedicated to each other. For success in Forex Trading, you need that kind of dedication. You need to dedicate time to learn the curves, to back test and learn from mentors. FX Trading is not a kind of business that you do as a side hustle. You need dedication to know when to trade and when to stay out. What happens when you experience loses? Dump that strategy and learn or adopt new one? This is one mistake many people make. Virtually any strategy work in FX Trading, you only need the dedication to study and master it. What works for me may not work for you, so be dedicated.
D. Number four: Discipline
Over trading, trading without rules for entry and exit! Sounds familiar? That is lack of discipline that plague most new traders. Some stay in front of the computer screen all day, the more you stay in front of your screen, the more you see 'trading opportunities', the more you see 'trends' that never exist! Hence you see the high number of failure. The brokers encourage you to keep trading, because the more you trade the better for them! They benefit from the spreads.
So be disciplined, have a time to trade, have rules you must follow for entry and exit.

No doubt these four Ds will help to transform your trading experience. My friend always tell me, Forex Trading is complicated yet simple! I agree. See you in my next post.

 

[Ahtisham Tahir]

The great content for us to get motivation. I really appreciate your hard work to write these golden words for us. These four D's are necessary to achieve goals in our life.

 

[Sotherefore]

Thank you for sharing , all these things you just shared with us is just a perfect characteristics of a good crypto traders , but to me I considered the most important thing to be determination and learning . A person or a forex trader that is really interested to succeed must be determined to learn and understand everything that is happening in the forex market because this is just the first and most important succeeding strategy for every traders.

I am a cryptocurrency trader and even though I have suspended trading of cryptocurrency I still have the zeel and the natural interest to learn more about cryptocurrency , all these things are things that will determine a person's success in trading of the volatile market.

At the other hand discipline is also a leading skill when you have learnt and understand everything about the volatile market because it is the one you need to apply during your day-to-day trading, a discipline forex trader or a cryptocurrency trader will always like to take profit on time and they do not wait and keep on believing that the market will continue in a continuous uptrend.. doing this might even expose you to a high risk of even losing your money and your profit because nobody is hundred percent sure of the movement of the forex market.

 

[Critomancy]

You have nicely summarised all that it takes to become a successful forex trader where I feel that being disciplined is the most important of all. It’s easy to start trading but it takes strong discipline to survive in the market- take losses and come back to trade again. Follow your entry and exit strategy strictly and don’t let any distractions take away your focus.