I will admit that I really wanted to do an article about successful Forex traders and their stories but finding them online was virtually impossible. Even the currency traders that defined themselves as real millionaires could not back that up with any audited statement of their trading account. One prominent trader posts pictures of fancy cars richest forex traders vacation. The issue is that most of his money is made from selling courses, not trading.
Is that to say there are no success stories about trading Forex? There are claims but in the end it depends on what you define as successful. Do you need to make millions to be a successful FX trader or is being able to pay the bills and have money left over for the finer things in life enough for you? I can say this though, successful Forex traders or any trader for that matter that has success, has much in common with others who are successful.
There is probably a very good reason why you have not obtained any level of trading success that you can be proud of. It could be anything from not having an edge to simply being under-capitalized. Whatever the reason is for you, you can start by adopting the habits taken from the true stories of traders who are successful. Successful Trading Stories Start By Doing Things Differently We are all built the same. It’s what we do with what we have that will make your story one of success or one of failure.
The successful traders you emulate are in line with what I have written for you below. This is the probably the most defining factor of success. Is it because you love the challenge? Whatever your reason is for trading, be very clear on why you open the charts every day. Define Your Trading Edge What is it that makes you have a positive expectancy trading method?
Can you explain why your method of trading should produce positive returns? If you are unable to define what your edge is, then you do not have one. In most interviews of proven successful traders, they will tell you that they are independent thinkers. They understand they don’t know the motives or techniques of other traders so to follow blindly is simply a recipe for disaster. Be Confident In Your Trading Edge and Ability You will never see anybody that’s at the peak of their game being tentative when they do what they do. They understand what they DON’T know but act swiftly on the things they do know. They trust themselves and their ability to make the needed decisions in accordance with their trading plan.
They Understand Losing Traders Are A Part Of Doing Business Interesting enough, I had read an interview where the trader said he never takes a loss or a win. He simply takes the outcome of his trading edge and moves onto the next. What a great way to think! All we can do is apply our edge when the time is right and let the random distribution of wins and losses play out over time. They Don’t Trade With Scared Money This simply means that the money they have put up for the position is money that if the lose, will not prevent them from paying the bills. They don’t NEED to win because they know that is fruitless.
They don’t need to not NOT lose because that is fruitless as well. Any loss will not change their decrease their lifestyle as a win will not increase it either. Desperation will reward you with losing your account. Hard Times Is A Time For Growth Success is never a straight line. While there may be the outlier, most people will have a two steps forward one step back journey to success. During the times of struggle are the times the discipline to stick to your proven edge will become effort. Real Millionaire Trader Stories Now, I got to admit, this is not the classic rag-to-riches story but on the other hand, when you think about it, it is, when you compare how much each trader is now worth compared to when they were just starting out to build their wealth.
A few of them grew up in middle class families and some of them did not. Most of them did not start trading with a lot of money. It took some years of hard work and persistence. Some even considered giving up trading altogether after either wiping out their trading accounts or almost losing most of it. These traders definitely put in the hard work. Even if you don’t reach the level of these traders, do your best to make your own trading success story by hitting your goals. This is one man who would be very thankful to have had lovely grandmother.
Imagine spending 5 years of your life studying at university for a degree and then leaving the degree collecting dust on the shelf and now you are doing something entirely different from what you studied for? Well, not really according this this story. You see, if that man above had taken the path of his degree, he wouldn’t be a billionaire today. Well, Bill Lipschutz is your man!