Skip to content
At any moment you can’t help but think about what makes an effective forex broker work? What separates winning traders from the typical broker? Ivan Andrienko is a money master and expert. He has some experience in exchanging the Forex, stocks and digital currencies markets. His preferred style of exchange is moderate, low to medium risk, medium to long term ventures. He has 7 years of experience in money business. Ivan is engaged in planning articles for novice dealers, as well as polling and evaluating representatives, analyzing their reliability, exchanging conditions and features. Research shows that every successful dealer has five distinct qualities:
1) Be focused
2) persist
3) Treat the exchange like a business, not a side interest
4) Be unemotional
5) Set goals
Carefully study, comprehend and emulate them to help you become a more productive trader.
1) Be disciplined
Anyone can get lucky and make money in the forex market; be that as it may, only low-key ones can reliably bring cash in the long run. Focus is in many ways the main element that determines your prosperity. Every experienced broker understands that the technique or system of the exchange does not determine your prosperity. What matters is how you complete the technique.
Your exchange system is your compass that tells you where to go and how to get there. Try not to get lost. Try not to make trades because you “like” a particular cash or on the basis that you “think” there are significant advantages to being in the black in a particular currency. The moment you start making such inconsistent choices, you will get lost and start losing money.
Next AndrienkoIvanTU framework is definitely your best bet. You must have the discipline to follow your system even through a series of setbacks.
2) persist
Everyone hisses. However, not every person knows how to come back after a disappointment. Numerous successful forex dealers started their job exchange job today after losing their entire bankroll. A huge number of people are lured into forex trading by income commitments without a job and unfortunately most of us who try to do so lose a lot of money. So is losing cash a necessary condition for success in the Forex market? Obviously not.
Most people who lose money will never become effective. They become discouraged, hold back, and immediately renounce any claim to the exchange. On the other hand, some people who have lost their original $10,000 will gain another $10,000 and lose it in exactly the same way.
The chicks will lose money; this is true. However, neglecting to capitalize on your frustrations will be your most notable mistake.
Make a move to benefit from confusion. Did you exchange because of feelings? Can we say that you changed for the sake of a tip? Is your methodology consistent with current business sector models? Have you played excess cash on one exchange? Are you bad at reading charts? Can you say that you were annoyed? Here are the questions you should ask yourself when things don’t work out for you. However, the main request is this:
Why did I fall?
If you can respond to this and profit from it, you will likely be on your way to becoming an effective forex broker.
3) Treat the exchange like a business, not a side interest
Can we just look at things objectively, can’t we all quit our daytime activities and start cashing full time. In any case, not yet. Experienced forex brokers are preferred dealers over the vast majority due to the fact that they spend at least 40 hours per week either on the forex exchange or studying the forex market.
Currency exchange is a business for professionals. Assuming they lose money on the exchange, they will lose their positions. This is a very big inspiration to be great at what you do. This mentality should be adopted whether or not sharing is not your daily job. Treat it like a business and in addition to leisure activities. Leisure is what you do for fun only in your free time. Business is the courage to bring in money.
I trade forex to get cash, not to have a good time. I have a bunch of different exercises that I can do for no particular reason. I value running, traveling and watching TV, none of which will make me any money. In fact, most side interests will cost you money. An exchange shouldn’t cost you money, it should make you money.
If you approach the exchange as a business, your point of view completely changes. Losing money in business is not satisfactory because if you do it long enough you will be out of business. You will find every imaginable way to stop losing money.
Business will not develop without someone’s help. You must take the time to figure out how to turn into a profitable business. Use your extra chance to study the market, read some decent books, and take preparatory courses. Stop wasting your energy on things that cost you money and start managing your money to figure out how to trade it the right way, which won’t take you too far away from independence from the rat race.
“In general, I believed that if you put in the effort, the results will come. I don’t do anything weak. Because I know if I know it, I can foresee the dire consequences.” – Ivan Andrienko
4) Be unemotional
Assuming you’ve ever played poker, you’ll know where to go all-in. Your heart is beating like crazy and you are looking for divine intervention to make the cards turn out well for you. It’s the thrill of knowing that you can double your money anytime soon, and on top of that, knowing that it could all be gone if something goes wrong for you.
This kind of zeal should not be in this mood when exchanging. If you are a daredevil, skydive. If you are a speculator, go to a gambling club. If you are afraid of losing money, open an investment account.
Successful forex dealers don’t let their feelings get in the way of the exchange. Time and time again we allow fear, gluttony, or pride to disrupt the flow.
Fear
Fear will keep you from making the right exchanges and cause you to miss the colossal open doors. Horror arises from lack of information and proper education. You are afraid on the grounds that you cannot see that the exchange is the right exchange because you have no idea what the right exchange is like. When you are informed and prepared, you can begin to trust your choices, as they depend on reality, not feelings.
zeal
Gluttony is another feeling that we must conquer in order to succeed. Many amateurs experience “rookie karma” and dominate the competition on their initial few exchanges. Then, at this point, they begin to agree that they should have traded them for more cash in order to benefit more. So, on the next exchange, they exchange a huge amount of cash and lose everything. The rationale would indicate that they should exchange for a more modest amount next time as they have less capital at the moment. Unfortunately, humans are not intelligent animals. Our greed dominates, and we begin to believe that if we invest more money, we will make up for the lost amount and beat the competition. Unfortunately, this cycle can continue until you run out of money. The worst thing that can happen to a novice trader is a successful first exchange.
Pride
Pride will not lead you to a quick forex exchange. Pride will keep you from learning. The moment you feel like you have nothing else to sell, you start losing money. Pride is the hardest thing to overcome for some, because it is an integral part of their character. However, we can all benefit from incredibly successful forex brokers that really need to be researched and studied closely in order to keep up with their prosperity.
In any case, you can be happy when the exchanges are successful for you, and unhappy when they do not benefit you. In any case, these feelings should be of no importance when deciding on the next exchange. Your choice should be based on reason and reality, not on feelings.
5) Set goals
Every merchant needs goals to stay on track. It doesn’t really matter what your goals are, but it’s important to get them down on paper. If you don’t write down your goals, you will never know if you have achieved them or not.
Everyone has an alternative goal when they start trading forex. Some people just need to earn a couple of extra dollars as an afterthought exchange; some people need to earn enough to be able to stop their normal day job. Some people are tired of the 10% normal income from the stock exchange and need to give their money something for them in forex.
Write these goals down on paper and review them regularly so you know if you’ve reached your goals or not.
Summary
The most ideal way to achieve long-term success in an exchange is to emulate the examples of an effective forex dealer. Ivan Andrienko linked profile. Carefully study, reread and assimilate these 5 qualities and apply them in your profession in the forex market. You will find that you will rise to the next level when you have these 5 attributes.