Attributes of Successful Forex Traders
Most professionals nowadays undergo psychological profile employment tests in order for their prospective employers to assess their qualities as a person and whether or not it would match up to the traits they’re looking for in an employee. Different professionals, like policemen, firemen, and pilots all have their own different set of distinctive and desirable traits, so there’s no “one size fits all” set of characteristics to describe everyone.
From this perspective, the University of Minnesota also looked at the psychological profile of some of the most successful forex traders in order, and their results are as follows:
The top attributes of a successful forex trader are:
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Open-mindedness: A trader who’s open to possibilities is the one who is the most promising. Open-minded traders do not close off any door of opportunity that presents itself to them, but instead scrutinize it and build up on these little things to produce something new. They see the opportunity in every business venture they go into, work on it to produce just what they had envisioned. Open-minded traders are the ones who usually dare to discover new things and not just the norm in their society.
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Extroversion: While trading can be considered as a solitary activity, a lot of traders nowadays acknowledge the benefits of having a wide network of friends, acquaintances and workplace partners. Every network a trader makes means more information, and information is a vital part of the trading business. A trader can expand his own network by attending forums and conventions on trading and, needless to say, socializing with other people there.
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Conscientiousness: A successful forex trader is one who is meticulous in his/her work. Before going to a business venture he/she studies it from all sides and makes sure that he/she has understood everything before agreeing. While they may be considered as rigid, they strive to operate everything in an organized manner. After all, an organized and meticulous trader not only gets the job done, but he does the job well.
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Helpfulness: The trading industry is a tough one, so most traders would have a “survival of the fittest” attitude. However, it is important for them to learn that the most successful forex traders are the ones who actually slow down to help their colleagues (not competitors). Usually, successful traders become forex coaches to help others be successful by imparting their experiences and tricks of the trade. As a coach, he/she understands that he cannot make all of his students successful, but at least, he/she can make a difference in their careers.
What attribute will not help a forex trader become successful?
Neurotics: Neuroticism is a personality trait that manifests itself as anxiety, worry, moodiness, envy, jealousy and fear consequences. Having these undesirable traits and manifestations sends a bad signal to other traders and to potential business partners which can ruin an agreement.
Remember, these are not cookie-cutter traits that all forex traders need to have in order to succeed. Even if you don’t see yourself as any one of these things, as long as you are motivated enough to do your best in your craft, other people can see that determination in you which can outshine some of your negative qualities. You should therefore reflect upon yourself objectively. Knowing your strong and weak points will give you a sense of understanding of yourself and what you can do to improve. No one is perfect; you just have to be realistic in your observations and goals for yourself in order to improve and become the best trader you can be.
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