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What Else Do You Need to Reach Success in Forex Trading?

July 7, 2014 (Last updated on April 23, 2021) by

If you are already practicing currency trading, you are probably aware of those things that prevent you from going full-time or at least reaching a sufficiently profitable level. Objectively, those factors are not necessarily the real cause of failures, but getting them fixed will definitely help, at least from the psychological point of view.

Many traders believe that their results can improve if they start trading with bigger account. Indeed, getting more trading capital will help them to exercise a better position sizing technique or trade some margin-heavy trading instruments. Among other objective factors that should improve any trader’s balance sheet are the following: lower spreads, higher leverage, and faster execution. Less strict dependence for profit can be noted for such factors a wider selection of trading instruments and functionally richer trading platform.

Instead of focusing on external factors, some traders prefer to focus on themselves and start to look for more educational materials, mentorship or some self-discipline techniques in order to improve their chances for success. At the same time, many traders prefer to continually rely on expertise of others. Such market participants will be looking for online services that supply trading signals and Forex analysis in its various forms.

For my own trading, I think that while getting better trading conditions would definitely be beneficial to my results, it is not a realistic factor as I already get pretty good conditions from my brokers. What would really help me to trade better and post yearly profits consistently is better self-organization and trading discipline. And how about you?

What do you need to succeed in Forex?

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