So... Can I Really Be A Successful Forex Trader?

Well, this is a question I asked myself after several months of Trading Forex............. After many, many nights, and days too, of purchasing, learning and digesting Forex courses, purchasing various trading methods, and those 500 to 1000 pips a month Forex services, I still found myself with a huge hole in my initial capital.

And, as the days went by, slowly, and surely my dreams of financial and personal freedom began to fade. Was I a failure? Was I not intelligent enough to become a trader? After all, these city trader types all have top degree's, come from an affluent background, and drive around in Porche's and Aston Martin convertibles........ right? WRONG! I now regularly have the opportunity to talk with real successful traders, and believe me, they do not fit that stereotype! Except maybe the cars! So, the real truth is - Yes, you can become a successful Forex Trader! You just need to learn to trade!

First and foremost you absolutely have to remember, Forex is a business just like any other business, and from Day 1, you have to treat it as such. My first mistake was thinking I just had to log onto the internet in the morning, look at a few charts, open my Broker platform, log onto my recently subscribed Service, make a few trades, and by lunchtime I'd have money in the bank, and the rest of the day to do as I pleased! And the next day I'd go and do exactly the same - easy! After all, I had been sold promises and dreams, and I was chasing the dream of riches....................... not the dream of becoming a successful trader.

There lies a problem! Nearly all successful businessman, in whatever business they choose, started with dreams of owning and running a successful business or, if you look at the sporting world, dreams of becoming the best in their chosen sport - World Champion even! Sure, most of these people will have become very wealthy in the process, but that is a by-product of being very successful in their chosen field! So, what you have to do is look at the ingredients to their success in their chosen field? Well I can tell you that fundamentally, it is passion, committment, hunger and desire. If you are in Forex just to chase the incredible potential rewards available, and that is your sole focus, there is a high probability, you will not walk the path of success.

What happened to me in my early months of trading forex (as well as losing money of course!), was that I developed a passion for the Forex Markets. I cannot see myself ever not trading now - I absolutely love it! And because of that, my focus shifted from searching out the next Forex Service promising me 100's of pips every month, to developing my skills and achieving my new goal of being the best trader possible. And that will be an ever evolving process until the day I hang up my keyboard..... World Champions and Successful Business owners are always looking to improve their performance - its what makes them who they are!

So, first and foremost - have a passion for Forex. If you don't, learning to be a successful Forex trader will be disheartening. Can you imagine reading lots of material on a subject you have no desire in? Reading for 10 mins will seem like 10 hours, and then its no fun - and if its no fun, you won't serious about it for very long! Also, have a business plan! Its a business, and no successful business was built without a plan. When you have a business plan, create a Trading Plan. This will be your rule book. Kind of like Company Policy! And as we know, there are consequences for not following Company Policy..... and in Forex, that consequence is usually an unecessary loss on your trading account