Saturday, 22 December 2012

The Secrets of Famous Currency Traders

Many millions of traders engage in currency trading in the Forex market on a daily basis and yet only a few emerge as successful traders. Statistically, the level of failure in the Forex market is 95%. The currency market with its ever changing character is certainly a challenge even to veteran traders. Famous currency traders that have emerged from this milieu of success seekers have truly earned that place with hard work and dedication not only to Forex but also to intelligence and discipline.

One clear example of a present day Forex trading success story is that of George Soros, Forex expert, who became famous when he shorted the British pound for a gain in excess of one billion dollars within 24 hours. His wealth base was mainly due to his Forex trading. According to him "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." This just goes to confirm the old saying in the Forex market that it pays to be right.

To be a success in the Forex market you have to be able to deal with constant change and face unexpected situations with flexibility and intuition. Realizing that it is a non-stop learning process will help traders to understand the volatility of the market and this will give them the expertise in making profits rather than losses.

There are many opportunities for traders to learn about Forex trading both online and offline.

Another trait of famous currency traders or any successful trader for that matter is their respect for the tools of the trade. In the case of Forex this would be the technology based information gathering and analyzing that has to be done on a daily basis. In the same vein, exchange of views and listening to others also may help to a great degree.

Another great trading legend, Richard Dennis, conducted an experiment that showed the potential of the Forex market. This confirmed his belief that traders are made and not born. He taught a diverse group of people for two weeks all the intricacies of Forex trading and gave them live accounts to trade with. They proved him right by making $100 within 4 short days among the group. Trading and learning certainly seems like a never ending cycle.

The main ingredients required to be a successful currency trader is a disciplined mindset and an analytical approach to trading that is simple and straightforward. If you can learn to be calm, cool and collected in the face of trading pressure and know when to enter and exit the market at the right times you will definitely become a successful trader. A sound method combined with the discipline to execute it at the right time is all that a needs to have to start off in currency trading. Being able to hang on to trading despite long strings of losses and believing in your trading strategies will take a trader a long way to becoming a success.

1 comment:

  1. I would suggest that you pick the ultimate Forex broker: eToro.