Forex trading is a relatively new concept in the world of financial investments. The high leverage offered and the 24-hour availability of this market is simply too irresistible to ignore.
However, many would-be Forex traders are afraid that Forex trading is only meant for the ‘smart’, or people with exceptionally high intelligence.
Although common sense is obviously required, you’d be surprised to find out that most profitable traders only have an average IQ! In fact, there are many university scholars who fail miserably at Forex trading.
You see, succeeding in the Forex market actually has very little to do with how intelligent you are. The keys to being a profitable trader are to simply have common sense, discipline, an open mind, and a willingness to learn. That’s really all you’ll need.
Now, don’t get me wrong - I don’t mean that Forex trading will be easy to learn. You’ll surely have to put in hard work, and have the persistence to carry on despite inevitable setbacks. Your tenacity to overcome obstacles will be a better predicator of your level of success as a trader, than your IQ score.
Many university scholars and ‘top students’ often think they’re smarter than everyone else, and they let complacency and arrogance take precedence over humility and a willingness to admit mistakes.
Learning From Mistakes
This is the one factor which causes many people to fail at Forex trading. They refuse to admit that their trading decisions are wrong, and stubbornly hang on to obviously bad trades.
Admitting that you’ve made a mistake is not easy. But the market doesn’t care about how you feel. If you go against the market, you’ll be the one who has to face the consequences.
So it’s really a matter of conquering your own mind.
Be willing to accept temporary defeat, if it makes you a better trader at the end of the day. You may lose a battle now, but in the long run you’ll be in a much better position to win the war.
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