Let’s face facts; we live in a world where access to online trading and the financial markets is more commonplace than ever before. Despite this, the percentage of individuals who have achieved proven success as investment traders has remained largely unchanged over the course of the last decade, which suggests that while many of the barriers to entry previously surrounding the financial markets have been removed, the skills required for success remain as refined as ever.
The Truth About Investment Trading and the Attributes Required for success
Make no mistake, a career as an investment trader is extremely challenging, while it demands a myriad of skills and attributes if you are to be successful. This has remained true even in the age of online trading and technological advancement, as the harsh realities of volatile markets such as the foreign exchange are underpinned by determinism and underlying forces.
With this in mind, let’s take a look at some of the core character traits and attributes that all successful investment traders should boast: –
A Strong Work-Ethic
Contrary to the perception of providing easy money, entities such as the forex market are harsh, changeable and often subject to considerable volatility. This means that investment traders must have a strong and unrelenting work-ethic, even if they have begun trading forex with FxPro or a similar online brokerage firm.
After all, the forex market is open for 24 hours each day, during which times trades are executed globally and across three, eight-hour sessions. To be successful, you must therefore be prepared to work long hours (particularly if you initially combine trading with a full-time job), while it is also a given that you are willing to forego free-time in order to execute successful and informed trades.
A Burning Desire for self-improvement
Not only must you showcase a continuous drive for self-learning as an investment trader, but it is also imperative that you embark on a never-ending journey of self-improvement. This can make all the difference in a constantly changing marketplace, as it enables you consistently hone your skills and apply these practically regardless of the real-time market conditions.
As you continue to learn and develop as an investment trader, however, it is also important that you do not lose sight of the fundamental, daily activities that drive success. In this respect, you must look to mirror the market itself; as while the underlying laws that govern change remain ever-present the prevailing conditions will fluctuate on a daily basis.
An Appetite for Risk
While it is fair to say that successful investment traders can be either adventurous or conservative (depending on their outlook), it is imperative that everyone who enters the financial market has at least a basic appetite for risk. After all, investing your capital in any asset or derivative carries some form of risk, and you must be comfortable with this if you are to be successful.
On a similar note, you must also have an innate understanding of your appetite for risk and tailor your strategies accordingly, as otherwise you find it difficult with the daily demands of investment trading.