What Makes a Forex Trader Successful? Top 5 Traits

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#560: What Makes a Forex Trader Successful? Top 5 Traits

In this video:
00:32 – My Top 5 Traits I see in profitable Forex traders.
01:22 – #1 They know and understand their strategy.
02:24 – #2 They understand money management and risk.   
04:25 – #3 They are dedicated traders.
05:54 – #4 They remove emotion from their trading. 
07:17 – #5 Don’t reinvent the trading wheel but be adaptable. 
08:54 – My 17 minutes Masterclass and Book a Call.
09:21 – Blueberry Markets as a Forex Broker.

I’m going to give you my top five traits of what it takes to become a successful, profitable and independent forex trader. So if you’re not yet profitable, you need to listen to these five traits and adapt them and adopt them as part of your trading plan. Let’s get into that a more right now.

Hey there, Traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach. For video on podcast number 560.

My Top 5 Traits I see in profitable Forex traders.

So today I want to give you my top five traits of where I see, profitable forex traders what it takes to become a profitable trader but also independent profitable forex trader. you know, without copying and following other people all of the time.

Now of course, when people are new, it’s great to be able to do that. But over time, you want to be able to do this for yourself without the reliance on another website or another person. And that’s what I call a successful trader. Now, I’ve been trading the forex market for over 20 years full time, and I’ve been coaching for over 15 years.

We’ve got clients in 108 countries right now. So I’ve got a fair bit of experience and I’ve seen all sorts of different types of people come and go, and I know what it takes to become a successful trader.

#1 They know and understand their strategy.

So first thing is, number one trait of a successful and profitable trader is they know their strategy there now inside out, upside down.

Now they may have created it. like I did. They may have purchased it like you can do for us at The Forex Trading Coach. a proven strategy, however it happens. They know and understand that strategy. They know it completely. They know the ups and downs of it. They know all the details, but it allows them to trade with confidence, knowing that that strategy has been proven over time.

And so having that complete confidence and faith in what they’re doing is absolutely crucial. You wouldn’t believe how many people I get come to me that have got these strategies. And I asked him a question and they don’t know the answer about it because they don’t really know what it is they’re looking for. And so the number one trait, you have to have a strategy that suits you as a person and as a trader and your available times, etc.. That’s been proven over, you know, a long period of time to work across multiple market conditions and changing conditions. So number one, confidence and ability to trade your strategy is absolutely crucial.

#2 They understand money management and risk.   

Number two, you have to understand money management risk management. You have to trade with low risk per trade. Forget about pips like people that make x number of pips or risk x number of pips per trade.

It’s never going to work. You have to understand the market and you have to, trade with a stop loss. That’s, correct. For that time frame of the chart, the movement in the market right now, the pair that you’re trading, etc.. So when you have a trade. For me, every trade I take has a very low equal.

It’s a predefined risk level as a percentage of my account. And so whether my account $1,000, $100,000 or I’m trading our prop firm with half of million, it does not matter. I trade the trade. Its risk is always x percent of my account. And so as your account starts growing, you’re risking more money per trade. But it’s still the same percentage.

Likewise, if you end up having some losing trades and let’s face it, everybody does. As your account starts going down, you’re risking a smaller amount per trade, but it’s still the same percentage of your account balance. So understanding that and also it extra things like you know not doubling up on trades and people potentially using martingale systems and all these type of things or no stop loss at all, or different stop losses depending on the time frame of the chart.

All these small things, to me, all of that doesn’t work. You have to have low control, equal risk on every single trade. High reward to risk. So when you have profitable trades, they’re making like 2, 3, 4 or 5 times your risk. So that’s really important.

#3 They are dedicated traders.

The third point I see the dedicated traders as being the successful ones. You’ve got to be dedicated. You’ve got to stick to your plan. Except there are ups and downs and be consistent in what you do. Now, the market is never consistent. There will be times where you have, profitable days, losing days, profitable weeks or even months and losing weeks and months is just happens. It’s part of trading, you know, it’s not a straight line.

So you have to be accepting of that. But you have to be consistent in showing up. You cannot be one of these people who goes.

#4 They remove emotion from their trading. 

And this brings into point number four, which is, successful traders are not emotional when they’re trading either. So three and four kind of combined as in, you can’t have let’s say, run a winning trades and then you do something stupid and you just think the market’s just going to be wonderful, and and then you’ll fail all the time and then you go and blow it.

Likewise, if you have a few losing trades, you can’t get, I’m just not going to trade. The market’s not in my favor. It’s all against me. And you don’t stick to your plan and you miss out on good trades. So having that consistency of showing up, doing the same thing all the time, when you see the pattern that you’re trading or whatever it is that you’re looking for, you take the trade.

You see the trade, you take the trade. And when it comes to the emotion and I’m point number four, I like the phrase of I like because I’m a technical trader. I like to trade what I see and not so much what I think as in you can read the news, you can hear news events, you can listen to, you know, TV, radio, internet commentary, whatever it might be.

And you sometimes run into that danger of thinking this is going to happen. Now. Classic example might be cryptos or metals. Everybody says our gold is going to go up or Bitcoin’s going to go up. And so everybody’s just thinking, oh, I’m just going to buy those. And they may have according to the plan in their strategy, the perfect sell trade.

And they’re not taking it because or they’re risking, you know, they’re taking a smaller position size or something like that. So trade what you see. the market’s going to do what the market wants to do, regardless of what you think I think or anybody else thinks. So trade what you see that’s really important that you do that and keep your emotions out of it.

You know good trades will happen. Losing trades will happen. So keep your emotions low. Trade like the patterns. Play the game. It’s probabilities. You know, there’s nothing absolute 100% certain in any form of trading strategy at all. Even an A plus set up will sometimes lose just the way it is.

#5 Don’t reinvent the trading wheel but be adaptable. 

Point number five don’t reinvent the wheel. But also a good trader is adaptable to change as well. Now, what I mean by that is don’t reinvent the wheel. That when you have a strategy that works, if you have a few days or a week or so that it loses. Don’t go reinventing the wheel. Don’t go out there searching for the next system or adding the next indicator, or adding the next expert advisor.

And all these things don’t do that. If you’ve got a strategy and a system at work, stick to it. But also what I mean by being adaptable or the classic example is this over the last number of years and you have heard me talking about this, we have added, more currency pairs to what we have available to trade.

And that’s thanks to the brokers. on MT5 there’s more time frame charts. There’s more markets, like a lot more metals. That used to be just gold and silver. And now it’s like XAU/JPY, XAU/GPB, XAG/AUD, etc. like that. You can have like the coppers, you can have the indices, you can have the metals, you can have, you know, like I mentioned a few weeks ago, sugars and coffees and things like that.

So you’ve got Hungarian Franc, you’ve got Norwegian Krona, you’ve got Swedish Krona. So you’ve got all these other, forex pairs, and other markets and more time frames like, 4 hour charts and 6 hour charts and 12 hour charts. You know, to adapt to the market of what we have available. Yes, is good, but don’t go reinventing the wheel and trying to create something just because you’ve had a few losing trades. So you put those five points together, you’re going to give yourself a really great chance of success.

My 17 minutes Masterclass and Book a Call.

Now, if you’d like to find out more about how we trade and how we teach and how we can help you, have a look at my masterclass. It’s a 17 minute On-Demand free masterclass. I’ll put the link to it so you can jump on board and watch that when it works for you.

If you’d like to book a call with me or one of the team, I’ll put a link to that. And you can, have a 30 40 minute, chat with us to decide if we’re the right fit for each other.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a really good broker, I can strongly recommend you have a look at Blueberry Markets.

I’ll put a link to them as well. They do offer MT4, but also more importantly now MT5. they’ve actually got a new prop them running as well, which has been running for the last few months. And with their MT5 platform, you do have access to so many of those extra markets, plus time frame charts that I talked about.

So I hope that helps. If you’re not profitable right now and you want help, please do ask and seek help. And, we have, as I said, a strategy that I’ve been, trading myself for about 17 years now, trading myself for 20, getting close on 21 took me close on four years of making nothing before I developed what I have now, teaching for more than 15 years.

So it’s well and truly proven. If you if you’re lacking the strategy and the confidence in your strategy, we can certainly help you there when it comes to risk management and emotion and things like that. All of that combines, by the way, if your risk is low and controlled, your emotions are under control. The whole thing all blends in together.

But you put those five points together, you’re going to give yourself a very high chance of being a successful and independent forex trader.

So this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.

Episode Title: #560: What Makes a Forex Trader Successful? Top 5 Traits

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

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