Podcast:

What It Takes To Be A Good Forex Trader
In this weekly video:
00:30 – You must have a passion for trading
01:44 – Controlling your emotions
02:22 – A willingness to learn and change
03:33 – Be dedicated to trading
04:10 – Develop a strategy that works for you
05:02 – You have to give this some time to work
05:43 – How can I help you?
06:07 – A very high success rate for clients – here’s why
07:07 – Click on the link below to find out more
What makes a good Forex trader? Let's talk about that and more right now.
Hello Forex traders. It's Andrew Mitchem here, The Forex Trading Coach video and podcast number 232. In this video, I'd like to explain about some of the main points you need to have in order to be a good Forex trader, so let's get into it.
You must have a passion for trading
Number one, and I think this is so important, very often overlooked. You need to have a desire to want to trade. You have to have a dedication to trade, but you have to have a passion for trading. It has to be something that you really want to do. Don't just get into Forex training because you've heard somewhere or read online it's a really good way of making some easy money. It will not work for you if that's the reason you're in it. If you're in it for a get rich quick idea, don't do it. If you're in it because you're a gambler, don't do it.
If you would like to become a Forex trader and genuinely have an interest in the markets, an interest in understanding how they work, an interest in making money, of course, but investing and being a good investor, then the Forex market is perfect for you. You have to have that approach up front. You have to have that genuine desire to know what's happening in the market. I think it's really important, often completely overlooked because everybody always jumps into the strategy first. You've got to really sort of enjoy it. You have to sort of look forward to trading each day. When it gets to the weekends, I'm disappointed I can't trade. I look forward to Monday mornings. For most people, Monday morning is about the worst thing that can happen to them because they have to go back to their job again. It's all about having that enjoyment in what you do.
Controlling your emotions
You have to be able to control your emotions. It's really important. You are dealing with money. You are dealing with life. Price action moving, sometimes things can be very, very slow. Other times things could be happening very, very quickly. You have to be able to control yourself, control your mind, understand what you're doing, be very level-headed about what you are doing because ultimately when you're trading with money, emotions do come into it. Again, when you're trading with strategy and you're trading with the unknown and you're trading with probability, because that's ultimately what we're doing, you have to be able to control your emotions and not react in a bad way to the market or what's happening. That's the first two points.
A willingness to learn and change
The third thing that you need to do, you have to have a willingness to learn. You have to have a willingness to change and a willingness to adapt to the market because market conditions do change over time. You have to have a willingness to, not just be completely rigid. Yes you have to stick to rules and yes you have to have a plan, and you have to be able to stick to rules and stick to a plan, but at the same time, as the market changes, you have to be able to adapt. Give you a great example, just yesterday, I held a webinar with clients. We took some trades on the four hour chats. Now, more recently, the four hour chats haven't been showing that many good trades, but this last week, they‘ve been showing some excellent trades.