What is the most difficult part of forex trading?

[Paul Beck]

[Steve Walters]

There’s a single thing that is the most difficult part of forex trading for every trader. No, it isn’t your strategy or indicators or money management. The most difficult part of forex trading is mastering yourself. Each trader needs to understand their own personality. They need to know their own strengths and weaknesses so they can choose the proper trading strategy and their approach to the market. Otherwise they’ll be fighting themselves on every trade and decision. The trader is always the weak link in the trading equation, so it makes sense to understand and support this weak link as much as possible.

A personal assessment

Take the time to sit down and make a list of all your strengths. Then list all your weaknesses. Once that’s complete go over each characteristic and determine how they might affect your trading decisions and actions. Once you’ve completed the assessment show it to someone who knows you well and ask them if they believe it is accurate and if there’s anything you may have missed. Others can be very perceptive in noticing subtle personality traits we may miss ourselves.

Develop patience

Most individuals aren’t as patient as they believe they are, but even if you’re the most patient person, forex trading will mean you need even more. For new traders it is almost impossible to distinguish between setups that are perfect and those that are almost perfect, but slightly flawed. As soon as they see most of their trade criteria met, they jump right into the trade without waiting for meeting all the criteria, which can often lead to failed trades. Finally, every successful forex trader either came to the market with, or quickly developed, discipline. To remain true to your strategy and trade rules you will be constantly testing and building your discipline. If you have any doubts about a trade stay on the sidelines. Making money in forex is far harder than losing it. Remember, there will always be more trading opportunities and trade setups if you have the patience to wait for them.

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