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4 Major Differences Between Successful And Unsuccessful Forex Traders - Business - Nairaland

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4 Major Differences Between Successful And Unsuccessful Forex Traders by Justforex123(f): 7:11pm On Dec 19, 2017
1. One major difference is knowledge.
As the popular saying goes "my people perish because of lack of knowledge"
Knowledge is power indeed. Especially when it comes to forex as lack of adequate knowledge means loss.
The successful trader has gained thorough knowledge about the market.
He has spent some time analysing the market, studying patterns and trends, studying the economic forces that cause prices to change and is well acquainted with the financial product or commodity he trades.

2. Another difference is trading plan.
Successful traders have a well written trade plan.
Most unsuccessful traders do not have a written trade plan.
While a trade plan do not guarantees success, lack of a trade plan certainly guarantees failure. Plan your trade and trade your plan.

3. Another major difference is their mindset and trading psychology.
The successful trader have studied himself and learnt to master his emotions.
He has learnt to recognize patterns and designed strategies that suit him.
He is continuously learning.
He learns from the experiences of others, learns from his mistakes, he knows exactly what happened when he loses money and knows how to put the losses into perspective.
He considers forex as a real business.
He may gain or lose sometimes, but never fail to learn from his mistakes and successes to become better.
He stays focused on what future trading opportunities exist.

The unsuccessful trader doesn’t know what he is doing most of the times, he just treats trading like a gamble, so he loses money, not knowing why and keeps losing more money in a frantic attempt to get it all back.
Desperately chasing the market, trying to make up for past losses.
He lacks discipline and patience.

4. Lastly, choice of broker.
The successful trader has also taken proper care to choose a reputable broker with good trading conditions, good trading platforms, good customer services and things like that.
While the unsuccessful traders is running around looking for brokers with outrageous bonuses and promises.
They don't really care much about the trading conditions and reputation of the broker.
And most time fall into the hands of scam brokers.

A broker that has been recommended by many traders all over the world as a very reputable broker is JustForex broker.
They have one of the best trading conditions in the forex market and they offer high commission to their affiliate partners.
You can learn more about JustForex here (https://justforex.com/?afm=bcbbf6)
And here is the link to their partnership program (https://justforex.com/partnership/introducing-broker?afm=bcbbf6)
Re: 4 Major Differences Between Successful And Unsuccessful Forex Traders by Justforex123(f): 5:05pm On Dec 22, 2017
What is the best trading strategy to make consistent profit.

There are millions of ways to develop a trading strategy.
Any strategy can become a profitable strategy or a losing strategy.
Whether using expert advisors, news trading, hedging, scalping and etc, can easily lead to profit or loss. It all depends on you.

Or better put, there is really only one trading strategy that could make you consistent profit, that strategy is you.
A good understanding of the Forex market, developing a good and positive mindset and designing a unique strategy that suits you is what leads to success.

However, not all brokers accept all trading strategies.
A reputable broker that accepts all trading strategy is JustForex broker.
At JustForex, all trading strategies are allowed; using expert advisors, news trading, hedging, scalping and etc.
And they have the best trading conditions in the forex market. (https://justforex.com/trading/account-types?afm=bcbbf6)
With spreads from 0 pips, leverage up to 1:3000, mobile versions of MT4, super fast order execution that takes fractions of a second, trading without requotes, and so on.

You can also earn extra cash from their Affiliate partnership program.

See a link to their website here (https://justforex.com/partnership/introducing-broker?afm=bcbbf6)

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