It's a different way to think about how to make money. Growing up, most of us were taught that you can earn an income only by getting a job and working. And that's exactly what most of us do.
: This might sound strange to you, but traders sometimes experience major fear and anxiety when opening up a new position. No one will tell you Forex trading is worry free, it is not, but there are a few ways to decrease the anxiety level when trading. One of the primary methods to increase your objectivity in trading is to trade money you can afford to lose. If you know you are trading money you will need tomorrow to feed your family, you will be overcome with fear, which will have a major effect on your trading skills. One of the first things to do when beginning to trade is set aside some capital that if lost, will not leave a long lasting impact on your life. Once you have done that, your fear and anxiety levels should be much lower. Now all you need to do is take that first leap and jump into the Forex market.
Self Control
: This is a very important factor when trading Forex. You need to ensure you are in total control of your emotions. Do not let a winning trade lead you down the path of greed, control yourself and follow the plan. On the other hand, when experiencing a painful loss, do not get caught in the trap of overcompensating with another trade. Follow your plan religiously, and do not be swayed by your emotion. Let the brain do the navigating, not the heart.
Self Awareness
: This characteristic might have been at the top of the list had it been in chronological order. One of the first and most important things you need to do as a trader is get to know your trading personality. Ask yourself what kind of trader you are. Are you the type of person who is willing to take huge risks, lose some big trades, with the hope that your most successful trades will have made it all worth it? Are you the type of person that can leave a trade open overnight? Will you be able to sleep with that on your head? These are just some examples of decisions you need to make before trading. The most important thing is that you know who you are and only then can you decide how to trade.
Patience
: This might be the hardest trait to acquire. Experienced traders can tell you that sometimes the most profitable trades are not trades at all. Sometimes the best move is to wait and not trade. Before jumping in, make sure this trade is right for you. Have you done your homework, read the news, analyzed the market, listened to the experts? Is this trade what your strategy is telling you to do or are you being impulsive? Sometimes, it is best to be patient; there will always be another trade, another possibility to profit.
