Top 5 Characteristics of a Successful Forex Trader


Not anybody can be a Forex trader. Trading occasionally, as a side income or professionally requires certain skills and characteristics.

Are you up for it? Here are 5 critical traits that any trader needs.

  1. Seeing the big picture: Are you able to separate the small details from the bigger picture? This is critical in two aspects. First, separating the current movements from the bigger trend. The second aspect relates to money management: being able to separate your current trade from the situation in your account and the bigger plan.
  2. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity, as Andriy mentions. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
  3. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
  4. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
  5. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

What traits are important in your opinion? Can you identify your strengths and your weaknesses?

Further reading: 5 Most Predictable Currency Pairs – Q2 2012

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.


  1. Pingback: Forex Profitability - 4 Points Based on Real Data | Forex Crunch

  2. Pingback: 4 Patterns for Forex Profitability | Forex Information

  3. Pingback: Forex Profitability | Forex

  4. Tyler Evans on

    When I was searching for the best trading signals app, I found two or three signals applications to test. So first I read a few reviews with a specific end goal to ensure that those are quality applications.

    At last I settled on my decision to join forex signals and I never think twice about it. I trade with it for a month & I like the way they give you a decision which signals you need to get. So you can set up your forecast rate furthermore have a sound notice when your signals is there.

  5. Lee Watkins on

    Yes! It is true that not anyone can become a good professional trader. He/she must be experienced enough to take quick decisions including these 5 qualities.

    • …………………

      LIBERAL MAJORITIES on the overwhelming majority of federal appeal courts for many years to come. YOU LOSE. HAHAHAHAAH

      Of the 13 appeals courts, nine now have a majority of Democratic
      appointees, compared with one when Obama took office, according to
      research carried out by Russell Wheeler, a scholar at the Brookings
      Institution, a Washington think tank.

      And it means that Democratic appointed judges “have the ability to
      control every important case if they wish to” in those nine circuits, he

      reason that’s important is because those courts are often the courts of
      last resort, he said, since the Supreme Court rules only in about 75
      cases a year and has not weighed in many areas, including issues of
      import to business or the First Amendment rights of student internet
      expression. The appeals courts, in contrast, issue thousands of opinions
      a year.