The Key To High Performance In Forex Trading

Published: 08th April 2015
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Trading foreign exchange, as methodical activity, requires patience and determination to reach levels of high performance. Now approaching the notion of performance, intrinsically linked to the profession of trader.

The first thing to remember is that currency trading is an activity based on performance.The second is that personal and professional development is essential to improve our skills, not just fill our weaknesses. The third thing, is the fact that the markets have mood swings and repetitive patterns that are a reflection of human action. In this article we will focus on the aspects of performance itself.

Performance in Currency Trading

What does it mean to be successful in this profession? Is it to have developed computer systems that are more efficient than others? Is it the fact that you need to apply self-discipline of iron? Or must it be part of our personality or our innate talent?

There are several possible explanations for why people succeed in this business. The main idea, of discipline and performance, is that the exact same in the forex market as with all other fields where performance is vital, such as athletics or perhaps even the ability to speak in front of an audience. We will start with the possession of certain skills such as the ability to quickly think over and analyze large amounts of data, the ability to focus and our personality traits that allow us to maintain a relatively stable state of mind to face uncertainty.

Becoming Effective

Talents and interests that develop early in life, guide us towards activities that we find interesting and fulfilling. As we drifted towards these activities throughout our lives, we developed skills that are specific to our particular field of performance. The development of these skills is often facilitated by working with coaches and teachers that structure your development around appropriate exercises. It is this approach to structured and gradual learning that allows transforming raw talent into actual performance, while we go through the various stages of progress; we always move one step closer to a competent level and possibly the day where we can consider ourselves as experts.

Improve a Traders Performance

Our development is composed of steps and is usually a very long process involving many setbacks. What helps us in this development process is a very strong interest in what is actually a learning process that feeds a continuous motivation and a sense of perceptible progress. Talent and interest alone will never lead us anywhere, if they are not channeled through continuous learning and a constant review of our performance and efforts to continually improve.

This is why traders also need to continuously train - like a doctor or an Olympic athlete - not only by studying and learning. This is also why, simulation and practice are necessary before starting to trade with significant capital where our hard earned money is put at risk. It is only after a long and intensive exposure to the market and experience gained over time, which will give the possibility for traders to feel and anticipate market reactions, codify recurring patterns and develop a strong trading instinct.

Be Rigorous and Structured

Many traders fail in their attempt to earn huge profits fast and are not consistent in their approach. This way they leave no room for the evolution of a real professional and competent trader that will make the difference and in this way fulfill their goals.

Many traders are far from freeing their potential because their development has no structure, is comprised of vague goals and minimal effort of gaining the necessary experience. Put yourself in the place of a top athlete. How much work is required from him and how many hours he spends practicing, repeating the same movements from an early age until eventually he can compete in the Olympic Games? This is the same type of model a trader should apply to achieve high levels of performance. A strong and focused mindset is required to play and compete with the big boys in Forex and become successful.


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