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[G510]Great Traders Make Millions

by Chris Jensen, Chr

In fact, a big bank failing once a week or so would suit them just fine. Why, because the Forex indicators where so easy to read and consistent once a currency made a trend line turn the traders had some of there best weeks ever. Where as, the stock traders for the most part suffered substantial losses.

The financial disaster reminded me of my brother and hurricanes. He is a painting contractor in the state of Florida and every time a hurricane comes through the state he makes millions. If you sit and observe him watching TV you will find him rooting for a hurricane just like somebody watching a football game. He will start yelling, "no don't go to Louisiana, they have already had enough this year, can't we just get one big one in Florida?" One mans tragedy is another mans blessing, as the saying goes. And thanks to the financial catastrophe in America there are many FX traders on the way to the Bahamas for a vacation or maybe permanently, who knows? But, we surely one happy bunch!

Now that you know the institutions and private investors participating in the Forex markets did real well due to the mess in the US, I am sure your wondering, exactly how did they do it? A Forex indicator can come from so many different sources; in fact you are bombarded with them every time you watch the news on television or read the newspaper. You just have to be aware of them and know how to use them. The dollar after the news coverage of a specific event was like a bouncing rubber ball offering huge profit potential if you knew how to take advantage of it. One of the most important Forex indicators actually come in the form of reports from governments world wide, interviews with public officials and leaks by those same officials when they don't want their name associated with a story.

After you receive a Forex indicator from reputable news source the next step in the process is fairly simple. Do exactly what the professionals do, which is look for a signal from their software that the currency relating to the news coverage has been received and you are ready to make a move. If you are a conservative trader you might want to check and determine if the trend line on that currency has also moved. If you receive all three of these indicators and they are all consistent with each other then this represents a HUGE buying opportunity and it is time to be in the market. Exactly how many of these do you need to make substantial sums of money, don't bother I will tell you, NOT TOO MANY! If you keep it simple and follow your Forex indicators and don't get greedy thinking you know everything you are on your way to financial freedom all of want.

Here are some traits the great traders have and you need them to make big profits from forex trading.

1.They Rely On Themselves

They have devised a method that suits their trading personality and they apply it for profits.

They know tat success comes from within and the only person that can give you success is you.

They don't give or seek opinions, don't sell their, methods and are generally very private about their trading

2.They have iron discipline and confidence.

They have constructed a method that suits them and this gives them confidence in their ability. From confidence comes one of the essential traits of all great traders.

Discipline.

This is simply the discipline to apply the method through losing periods without deviating from their system.

To trade successfully discipline is a must. If you don't have the discipline to apply your method you don't have a method in the first place.

3.Perseverance and the will to succeed

Many of the great traders got wiped out several times before they made money but had the perseverance to continue and the will to succeed and get it right.

Losing all your money is not pleasant, but a necessary experience for many to eventually succeed.

4.Patience

All the great traders have patience to wait for losing periods to end and for profits to emerge and to only take signals that are consistent with their methodology.

You can't force profits in timescales you need to be patient.

5.Money management

An essential trait of all great traders.

You will have losses and you need to ride them out ? Playing great defense is as important as playing great offense.

You need to preserve your capital and keep losses small and run profits.

Most traders fail because they don't know how to tale calculated risks when the odds are in their favor ? Poor money management is one of the major reasons novice traders lose.

6.Work smart not hard

Trading is essentially simple.

If you look or read about eh great traders you will be struck by how simple their trading methodologies are.

They know that working smart not working hard is what makes a great trader.

The basics of trading can be learned by anyone however acquiring the traits of confidence and discipline to make the method work can take a little while to acquire but if you persevere you can succeed.

MORE INFO

A couple of essential books any trader should read are Jack Shwagers excellent Market Wizards and The New Market Wizards.

These books interview some of the top traders of all time and these are essential books for any novice forex trader.

Anyone can become a successful trader as everything about trading can be learned. Apply yourself to learn the necessary skills and you will succeed.

Article Source : Pg. 11

About Author

Both Chris Jensen & Kelly Price are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Chris Jensen has sinced written about articles on various topics from Health, Food And Drink and Flirting Tips. Club brings together elite like minded currency traders. New members to. Chris Jensen's top article generates over 450000 views. to your Favourites.

Kelly Price has sinced written about articles on various topics from RSS, Learn Trading and Forex Trading Forex. FREE ESSENTIAL TRADER PDF'S AND MUCH MORE On all aspects of becoming a profitable trader including features, downloads and some great