As described on Engine Forex, discipline is key if you want to be a successful trader. Many traders are guilty of being undisciplined, but the majority of these won’t last long. The main culprits are what those in the industry call ‘system jumpers’. This means that they create a system but the second it stops working, they switch to a new system. This is a bad idea as you need to try your system for a minimum of 30 days to see whether it is working for you or not. Bad trades are common, but you won’t know whether that’s down to the system or not if you only use it for a week.
Can you sit on your hands and force yourself not to act? Can you remain calm and collected even when your trades appear to be collapsing? If so, you have one of the most important traits traders need. Trading can be likened to a marathon; not a sprint. You need to be willing to research, assess the trades you’re considering, and trade without rushing. It is very unlikely that you will make millions of dollars on your first trade, so you need to be prepared to go into it for the long haul. The best traders are not those who are willing to place a high-risk stake, but those who are consistent over the long term.
While copy-trading is a good strategy for those starting out in trading, long term you need to have self-confidence in your own trades, and your knowledge. Self-confidence isn’t something that every trader has from the outset, but it is something that can be learned over time. Start out by learning the basics and sign up to some trading news outlets. Try to avoid traders and news outlets that like to speculate without any facts behind them and feel confident in your own analysis. Yes, sometimes you will get it wrong, but you’ll learn why and how to avoid your mistakes in the future. If you review your trades at the end of each day/week, do your own analysis, listen to news as it hits the market, and even perform some practice trades, you’ll find your self-confidence builds. Rely on this, not other people.
Trading is not a career that suits everyone, but if you have discipline, patience and self-confidence, you may find it is the perfect career choice for you.