What Is Successful Forex Trading?

What Is Successful Forex Trading? In every aspect of life, mankind sets out to overcome one challenge after another on the way to ultimate victory. This ultimate victory is referred to as success. One way to measure success is by looking retrospectively over the road already traveled to see whether, or how many of, your challenges have been overcome or, alternatively, goals reached. This article suggests guidelines for personalizing your journey to success in the foreign exchange (FOREX) market. Setting the Goals The goals for every FOREX trader are different. Despite the variances, it is imperative that goals are set for achieving anything worthwhile, including success in FOREX. Along the way, goals may require modification based on a more realistic view and as a result of your broadened experience. As a first step, try visualizing your dream. If you have no idea of where you want to go, then you most likely will not arrive at the destination. As a FOREX trader, decide where you see yourself within several time intervals, starting with one year, then three to five years, and ultimately ten to fifteen years from now. If you are trading in the FOREX market, financial achievement and education are two of your main goals. If not, then you will not be in the market very long. Financial goals may be expressed in terms of capital growth according to the specified time periods. Education must be sought as one of the first steps toward your financial freedom. Without it, you may gently kiss the rest of the goals goodbye in this quest for success as a FOREX trader. Executing the Goals Just as great goal-setting requires realistic approaches, executing the steps necessary for attainment must also be done in a reasonable fashion. A careful plan must be laid. The FOREX market, by its very nature, demands reasonableness on the part of the trader as a means of survival and excelling. Take one step at a time, even crawling where necessary in order to enjoy the best of the experience. Focus on being around long enough to allow your entire vision to come to fruition. Of course, this means that taking unreasonable risks is out of the question. Along the way, network with other traders and your mentor or teacher to stay motivated and encouraged. Measuring the Success Success comes when you have made significant progress toward fulfillment of your dream and you are satisfied that your efforts are paying off. There is no time limit on this process, except that which you have set for yourself. If it takes longer than you anticipated, then know that persistent patience can help you to hold it together until you do arrive. In fact, you may surprise yourself and beat your own timetable. It is extremely important that you do not let the financial performance (or lack thereof) of other traders define who you are or what you are capable of achieving. Acknowledge and celebrate their successes as well as learn from and, to the extent possible, avoid their missteps. In the end, your success should be both a true reflection of what you set out to do and the reality of your satisfaction with the outcome. Sandy Robinson, J.D., Copyright 2007 If you are ready to change your future by stepping into the exciting world of trading FOREX, go to winningtradersassociation.com for more information. Author Sandy Robinson, J.D. is part of the Winning Traders Association, an educational organization founded by John Beiler, President. The organization consists of a network of committed trainers and motivated traders willing to provide support to those interested in trading foreign exchange. Many of the members work from home.