Exactly What Goes Into Making A Successful Forex Trader?

If you were to split foreign exchange traders into two groups � those who are successful and those who are less than successful � would it be possible to pick out the characteristics which separate one group from the other?

It is not really important what we do in life, which includes Forex trading, however, no matter what we do, one thing that will have a greater affect on our success than anything else will be goal setting.

It is a simple and proven fact that the human mind works best when it is given a roadmap to follow and, when setting yourself a goal, you start the process of building your roadmap by clearly defining the end point of your journey. But fixing a destination is not enough and you will also have to define the route which you are going to follow to reach your destination. Here is an example.

Imagine that you decide you want to build a fortune as a Forex trader, who doesn't want to after all! This in itself is not however very helpful as any goal which you set yourself needs to be measurable, otherwise you have no way to know whether you have reached it. So, at this stage, you have to define precisely what you mean by a 'fortune'.

Let us assume therefore that you decide to set yourself a goal of making $1,000,000 in the next twelve months. Now you have a clearly defined destination. The next problem however is that, since you are probably a newcomer to the world of Forex trading, are still trying to learn the ropes and may have limited money to invest at this stage, making $1,000,000 in the next twelve months is probably an unrealistic goal.

As well as being measurable, any goal also has to be realistic. It is immaterial what goal you set yourself in Forex trading, but it must be within your reach. There is no point in saying that you are going to win Wimbledon if you have never even held a tennis racket.

So, instead of aiming for $1,000,000 let us look at setting a more realistic target of say $120,000. Having done this, we next have to split this figure up into marker posts which we can put onto our roadmap and this can be achieved by viewing our target on a monthly rather than an annual basis. This will give us a dozen $10,000 markers. Now, if we continue along these lines we can next break our goal down further into weekly markers of $2,500.

At this stage we have something which we can view against our current and recent experience and it is a quite simple matter to see whether or not this figure is possible. Is it feasible, against the background of your current experience, to make $2,500 trading Forex in the coming week?

Your goals have to be measurable and realistic, but they also have to be attainable. It is one thing to set yourself a realistic goal, but you also need to have the right tools, in the right place at the right time to reach that goal. If you are currently getting $750 a week then you are probably not going to turn this into $2,500 overnight so, in this case, your goal is not attainable and you will have to go back to square one and start over again.

However, if $2,500 is attainable, then there is just one further step that you need to take before you are ready to set off on your journey. This last step is to paint a picture in your mind's eye of your destination.

Although you have set yourself a target of making $120,000 in the next twelve months, the money itself is not really what you are aiming for, but it is what you can spend that money on which is important. So, having got your $120,000 what are you going to do with it? If you plan to buy yourself a new sportscar then paint yourself a picture of driving into the sunset with the roof down and now you will truly have a goal.

If you want to achieve success in Forex trading then you need to set yourself a goal which is measurable, realistic and attainable and paint a picture of that goal in your mind's eye. Do this and you will be amazed at just how easy a matter it is to reach your destination.

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