Mastering trading psychology is an important part of reaching success. Here we tell you how to become a successful forex trader by applying the seven virtues.

Do you know the seven heavenly virtues? Chastity, temperance, charity, diligence, patience, kindness, and humility are the desirable traits according to a certain religions. You may be not a follower of religion, but I don't think anyone can say that having those traits is a bad idea. Really, if everyone practices them, then this world would be a much peaceful place to live. And if you, as a forex trader, practice the seven virtues, it could be your key to success.

Success By Applying Seven Virtues In Forex Trading
What? we have to be chaste in order to success in forex? Yeah, sure, although not in the sense it originally is. We should adapt them in a way that they could be our attitude guidance while trading. This is how you do it:

 

1. Chastity

Chastity commonly being talked as being chaste in act, but actually it also means purity in thought. Be free from things and thoughts that will corrupt your trading. Avoid boozes, too much of it will skew your perspective. And if you are tempted to be greedy by the lust for profits, remember that greed could drag you down.

 

2. Temperance

Temperance refers to self-control and moderation. Be aware of the situation at all times, and decide accordingly on what are the correct actions you should take. Set the proper money management,  don't waste the money you could ill-afford to lose. Practice a strict self-control, so you won't be tempted to trade with volatile emotion. Volatility in prices are chances to harvest profits, but volatility in emotion will push you to bankruptcy.

 

3. Charity

Love the charts, love your fellow traders, and be generous with your advices when others need it. There are saying,knowledge will multiply when you share it, and so, do just that. I have suggested several times now, the benefit of joining a forex forum. Check them out, you'll see that there are many traders who shared their trading systems or their self-made Expert Advisors (EAs). What do they get in return? other traders give them feedbacks to enhance the system's workability and profitability. Don't be a hermit trader, join the forums.

 

4. Diligence

No surprise here. To succeed in our endeavors, we have to be diligent, including in forex trading. Don't be lazy to practice your trading system and expand your trading knowledge. On the way, if you crash into margin call, or suffer extreme drawdown, or got scammed, don't give up. There are rewards from persistence, as proven by many experienced traders before you. On the other hand, if you have been succesful so far, don't be lenient, move up your profitability and keep trading diligently.

 

5. Patience

Set a trading plan, and be patience in executing it. Don't resort to violence when you lose out on a golden chance. Accept the mistake as it is, a mistake, then forgive yourself and move on. Don't antagonize the trend. The trend is what drives the market, so befriend it and if once or twice it cheats you, so what!? apart from them, it will open again many opportunities for you as long as you are patient.

 

6. Kindness

Create a positive atmosphere around your environment while trading. Haven't you heard that happiness is contagious!? well, that is what will happen with your trading too. Trading under pressure will only distress you, envying other people will make you crazy. Although you gain some profit, you will not feel sufficiently happy. But if you lose some of the chip on your back, then gaining even a small profit is enough to motivate you, and a bit losses will not deter you.

 

7. Humility

Last but not least is humility. Don't be overly proud of yourself even though you have gained thousands percent profit. There are some successful traders who put themselves on the spotlight, but they don't glorify themselves at it. Instead, they teach others how to find the keys of being successful traders. There are many more successful traders who refrained from boasting their success and not known by public. They certainly sounds more elegant than people who were just in this business for a short time, got lucky, and brags about it. Bragging indirectly put pressure on yourself to sustain the success, when it is impossible to always profit in forex trading. The same could be said about traders who offered their services in PAMM, trading signal, or such. It is better to be modest and quietly powerful than the opposite.

Those are the seven virtues that may benefit traders who practice them. If superior performance could be attained through continuous hard work and good self management, then the seven traits could be your guide to be a successful forex trader.