What is Forex God?
Forex God describes someone who reached tremendous success as a Forex trader.
Successful Forex traders have a winning mentality, constantly looking for new opportunities. Let’s see what the Forex God concept entails and the main characteristics of a good Forex trader.
What is a Forex God?
Forex God is a term describing someone who reached tremendous success trading currencies. Forex Gods make consistent profits with a minimum loss over a long period.
They are professionals with a complete understanding of technical and fundamental analysis. Also, they use their skills to manage risks and make good trading decisions. Besides, they know how to stay disciplined and control emotions.
Most importantly, Forex Gods are highly respected in the trading community and can disclose proven track records of their successful trades. Successful Forex traders have a winning and optimistic mentality. They don’t dwell on lost trades but consider them an opportunity to improve their trading strategy and learn from their mistakes.
Characteristics of a successful Forex trader
The number of losing transactions on the foreign exchange market is considerable, and the figure has not changed since its creation. With a wide range of offline and online resources available today to improve your skills, how come the quality of transactions does not change? Even if many factors explain this, we will see in this article that it is mainly about the personality of the Forex trader.
To succeed in the foreign currency market, it is important to know yourself and to be ready to modify your personality traits a little to start reaping profits. Here are the fundamental qualities to develop to become a profitable Forex trader.
Fear is inherent in Forex trading activity. To reduce this feeling and have a serene activity, it is strongly advised to trade amounts that you can afford to lose. Indeed, if you start to lose the money you need to feed your household, you will quickly lose your lucidity and take risky positions for sure.
When you trade in forex, knowing how to control your emotions is essential. Even if you suffer setbacks, and you will, it is essential to continue to stick to your trading plan. Wanting to overcompensate for losses by deviating from the path initially traced often leads to even greater losses.
Really knowing yourself is one of the most important character traits for a trader. Before jumping into the trading, ask yourself what type of trader you are. Are you the type to take risks or, on the contrary, to be cautious? Are you able to let a position run overnight? The list is still long, but these are essentially the questions that will have to be answered to know in which direction to work.
This is probably the hardest quality to develop. Most experienced traders will tell you that the most profitable positions are not necessarily the ones you have worked on the most. Sometimes success just comes by waiting.
This is about personal integrity. Indeed, to become a profitable trader, you must set up a trading strategy and stick to it, even if the market conditions go against your predictions.
Now that we have identified the qualities required to become a perfect trader, all you have to do is question yourself to find out which areas need improvement.
How to Become Forex God
A mix of knowledge, skills, and experience is what you need to become a Forex God.
You can start by learning market mechanisms, risk management, and strategies in trading. Also, make sure you understand how candlestick patterns work since these are essential in technical trading.
Once you fully grasp theoretical knowledge, it’s time to start trading on a demo account. Every trading platform offers one. It enables you to simulate real trading conditions in real-time. Along with demo trading, you can find an experienced, professional Forex trader to guide you through all the market’s pitfalls and speed up your learning curve. As your mentor, he can also guide you through technical analysis ins and outs.