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January 7, 2022

How to Be in The 5% of Profitable Forex Traders

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Being in the 5% club means making consistent gains on your forex account. This is done by building an account through small and steady gains and building it at a rate in which you can control it. In this article, we will share a few attributes of profitable forex traders which we believe are critical to their success.

Unfortunately, 90-95% of forex traders fail to ever make it to a point where their winning trades outweigh their losing ones. Often times, the traders who fail to make it to the 5% club are those who expect to quickly make money through trading or attempt to flip accounts in a short period of time. Traders with this mindset will usually lose money quickly and burn out fast.

5 Reasons why Traders Fail: Tips from an Experienced Trader!

Profitable Forex Traders are Consistent

Plan your trade, trade your plan.

The first step to being successful in trading is creating a profitable strategy. This is achieved by spending significant time backtesting and researching forex trading strategies. The next step, which is often harder for traders, is to actually follow through with that plan. In stressful times traders have a tendency to change their approach to avoid losing a trade. This usually leaves traders in a worse situation than they would be in if they had stuck with their original plan. Make sure you've backtest your strategy and have the confidence to stick with it!

Download our FREE trading plan template here.

Profitable Forex Traders

Trading Success Has To Be Earned

Becoming a profitable trader won't happen overnight. Trading successfully requires patience, consistency, and grit. There is no fast pass to success in trading. Trading requires lots of backtesting and strategizing to develop a plan which works for you. Your success in trading is a personal journey that only you can earn. Trading mentors can guide you on the path to success but in the end you are responsible for doing the work.

Profitable Forex Traders Love What They Do

If your only interest in trading forex is to make money, you probably won't make it too long before you burn out. As we mentioned previously, becoming a successful trader takes grit. You will likely lose many trades before you'll win some. For some traders, it takes years before they're consistently making more than they are losing. To be able to make it through these harder times you have to be motivated by something other than monetary success, because it won't always be there. You have to truly love trading and love the process.

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DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
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