Things You Didn’t Know About Successful Forex Traders in 2021

A well-known figure in the Forex world is that 90% of Forex retail traders do not succeed. Some publications quote failure rates as high as 95%.

Regardless of the actual number, having interacted with thousands of traders over the years, I can tell you that those figures aren’t far off.

So what is it that sets the 5-10% apart?

We’ve all heard the typical reasons such as experience, discipline, and strategy. While those may be factors, there are other less obvious differences.

The bottom line is this…

Successful Forex traders think differently from the rest. They aren’t concerned with needing a high win rate or trying to trade every day regardless of market conditions.

In this post, I’m going to share with you nine of the top qualities that the best Forex traders in the world possess. What follows is a combination of lessons I’ve learned since I began trading in 2002.

They Don’t ‘Lose’

The successful Forex trader has the mindset that a loss is simply feedback.

It’s the market’s way of disproving a trade setup. That’s the only thing the Forex market has the ability to do because it doesn’t know anything about you or where you entered the market, nor does it care.

Before the emails start pouring in, let me explain…

No Forex trader is without losses. But there’s a distinct difference between how the beginning trader loses and how the best Forex traders lose.

What’s the difference?

Mindset.

Most starting out in the Forex market view a loss as a bad thing. It’s a way of signaling that they did something wrong.

And doing something wrong is bad. At least that’s what we’ve come to believe over the course of our lives.

However, the successful trader doesn’t view a loss as a “bad” thing.

It’s also not something the market did to you. The Forex market doesn’t know where you entered or where your stop-loss order is located.

Unlike you, the market is always neutral. So when you lose, it’s a matter of reflecting on what you could have done better.

Don’t get me wrong, nobody likes to see a trade go against them. I don’t care if you’ve been trading for one month or ten years, it’s always more enjoyable to make money than to lose it.

That being said, just because a trade doesn’t go your way doesn’t mean you should take it personally. Thinking this way will only dig you a deeper hole.