#335: What Makes a Good Forex Trader?

 Podcast: What Makes a Good Forex Trader? In this video: 00:24 – Characteristics of a good Forex trader 01:08 – Results from trading and travelling 01:56 – The Person, the Trader 02:31 – The amount of work behind the scenes 03:05 – What you need to become a good trader 05:15 – Don’t be scared to take a trade 05:58 – Forget the money, focus on the percentages 06:58 – Contact me if you have any questions So you want to become a forex trader, but what makes a really good forex trader? Let's discuss that and more right now. Hey traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 335. Characteristics of a good Forex trader And I want to give you some information about what makes not just an ordinary trader, but what makes a really, really good forex trader. What characteristics do they have that other traders don't have? Because everybody has the dream when they start trading of flashy, fast cars, or beaches, or travelling, and all those kind of things. And look, it can be done because it doesn't matter whether you want to be trading for the enjoyment of it, for the passive income, or for a full time career because you hate your job. It doesn't really matter, any of those, because there's characteristics that make good traders and bad traders. Results from trading and travelling And if you've been following me over the last few months, you would know that in July I had a family holiday, or vacation, if you're in the U.S., over to the U.K. and Europe, and in that time I traded for 10 to 20 minutes once a day, took the trades that I placed on my membership site, and we made over 6% in the three weeks I was away and made another 6% in the two weeks that I got back. If you watched my video and podcast from last week, you'd know that we made plus 7.4% in the week on the membership site, all with low risk, by the way. And this week, we're up by 1.7%. So it can be done, and the trades are there, the setting up; everything's all able to make your money. That's not the difficult part. Results from trading and travelling The difficult part really is about the person behind the scenes, the trader. You see, we all see sports people or musicians, people that we idolise, and we see them ... whether you watch tennis or soccer or cricket, whatever it might be, or whether you watch your favourite band, your guitar player, your drummer, and we will idolise them. We all think, "Wow, wouldn't it be awesome to be like them," or, "I can be like them. Wouldn't it be amazing to be up on stage playing guitar or be the lead singer and everybody just idolising you?" The amount of work behind the scenes The problem is, is that we fail to recognise all the work that goes into their lives, get them to have those skills to get to that stage where they are so good. And it's a big failing, I suppose, that we see the instant answer everywhere with modern technology and social media, et cetera. And if you're the sort of person that gets excited by the next shiny object, then trading really is not for you because it's likely that you're not going to end up having the right characteristics. What you need to become a good trader Now what you do need to be a good trader is a number of things, and I've made a list of them here, in no particular order. I put strict. You have to be strict. You have to be strict with your strategy and sticking to it. You have to be disciplined of trading sort of when your strategy suggests you need to be trading, and keep doing it. You can't go, "Oh, yesterday I had a terrible day, I'm not going to bother trading today." If the trades are there, you take the trades. You've got to be able to study. Like the sportsman,