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Profitable Currency Traders – What Motivates Them?
by
James Woolley
Many people dream of becoming a successful trader, but why is this? Well I have been trading the forex markets for several years now, so I think I am in a good position to be able to tell you three of the main factors that motivate people to become successful forex traders.
The first is obviously money. The great thing about currency trading is that you can potentially make unlimited amounts of money. If you are successful, your account balance is just going to grow and grow, and obviously if you are risking say 3% of your account per trade, then you will make more and more money as your account grows. The beauty of all this is that you can start off with a modest amount of capital behind you, maybe just a few hundred dollars, and grow this into a sizeable sum over time. Of course it takes a large amount of skill to come up with a trading system that is able to achieve this goal, but it is possible because plenty of people have done it in the past. The second motivating factor is the independent lifestyle that is available to you if you are successful. Most of us hate working for someone else, but with forex trading you can easily work from home (or anywhere in the world that has an internet connection) and choose the hours that suit you. Some people find that they need to be watching every tick for around 8 or 9 hours per day in order to make money, whilst other profitable traders are able to generate profits trading just a few of the most profitable hours of the day. The point is that you have the freedom to choose the hours that suit you, once you have an established trading system in place. The final thing that motivates people to become highly profitable forex traders is of course the challenge. For some people the money that they make is obviously greatly appreciated, but it is the challenge of beating the markets that gets them out of bed each morning and eager to get started. The fact is that not many people are able to generate consistent profits from their forex trading. This can be said about some of the traders that work in the city as well. So to keep coming out on top is immensely satisfying and gives you real job satisfaction when you are essentially just working from home. So hopefully you can see what drives people to become successful forex traders. It is not easy by any means. If it was, then we would all be sitting on a deserted beach somewhere sipping cocktails. However it is definitely possible and you don’t need a great deal of money to get started either. You just need skill, discipline, motivation and a decent trading system.
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Profitable Currency Traders – What Motivates Them?