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5 Secret Qualities That Successful Forex Traders Have in Common

5 Secret Qualities That Successful Forex Traders Have in Common

According to research, the Forex market is the largest trading network in the entire world; it has about 1.8 trillion dollars being exchanged everyday. There are dozens of various currencies that are exchanged; however, the major currencies are the U.S. dollar, GBP (British pound), EUR (Euro), NZD (New Zealand dollar), CHF (Swiss franc), JPY (Japanese yen), AUD (Australian dollar), and the CAN (Canadian dollar). All these currencies are exchanged at diverse exchange rates that are always in a state of flux due to the fact that the market deals around the clock (from Sunday to Friday).

The instability and spread size of the market mean that there may be adequate fluctuation to generate massive profits as well as massive losses. The most difficult task for the trader is to forecast or predict the direction of the market. The Genesis of every investment is to strategize and decide the type of analysis that will be used; therefore, the key secret to becoming a successful Forex trader is to strategize and analyze.

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In order to make use of this analysis, you need to consider the countries’ interest rates as well as other financial and technical indicators. Most of the technical indicators that professionals use in this kind of analysis include:

  • The Moving Averages (M.A)
  • The Breakout Points
  • The Support & Resistance

For you to be a successful Forex trader, you need to have these secret qualities.

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Passion

We can never underestimate the power of passion because it is the only difference between having a job and having a career. So to be a successful Forex trader, you need to be passionate about what you do.

Many people come to the Forex market with the dream of being a successful trader, and if they don’t make it at first, they usually give up before achieving their goal. If you want to trade Forex, do it with passion — your passion is your strength

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Self Mastery

Self mastery is the act of being focused and disciplined to use the knowledge you have obtained. We all know that practice makes perfect, so in order to be a successful trader, you need to master what you have learned. The importance of self mastery can never and will never be over emphasized.

Discipline

Discipline is the bridge between goals and accomplishment, so when things get hard in the Forex market, and you are losing money, it is very easy to overreact and make outrageous mistakes. Forex trading requires a lot of discipline toward risk management because it is a virtue, and it means doing the things you need to do even if you don’t want to. You must also accept the fact that you are totally responsible for what you do even if you are being told to do it.

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Patience

Patience is not the ability to wait, but how you act while you are waiting. The key to everything in life is patience. Developing your currency-trading plan and also your skills in the Forex market will take a lot of time, so we have to wait for the right trade opportunities before making our trade. This same factor applies when exiting a trade. Note that a moment of patience will save you a thousand moment of regrets, so you truly need to be patience while trading to get the best result.

Stay Updated

Accurate information is the key to success. Therefore, in this age of information, ignorance is a choice. You should be able to have the time for your market analysis, and to read the Forex news as well as Forex articles. Make sure you know Forex as well as you know your wife at home or best friend before partaking in the business.

If you can follow the steps that are listed above, I assure you that you forex trading career will be a success.

Featured photo credit: pixabay.com via pixabay.com

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Tanvir Zafar

The founder of ISU Technologies, passionate in writing about entrepreneurship, work and technology.

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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