The forex market is one that quite literally never stops spinning.
Operating 24/7, the forex market is essentially one of the most important and popular markets in the world. And while for the majority of us, this is a market that often, if not always, flies under our radar, there are individuals around the world who build their professional careers around the forex market.
Forex traders are professionals who make their mark in the forex market through turning calculated trading opportunities into fruitful and ongoing careers. Forex traders are professionals who essentially understand that there are always several forex strategies in motion in the market at any given time. Further, they have mastered the art of self-motivation to consistently perform well in their chosen field. So, how do they learn these skills, and how can individuals learn from them?
Understanding the cons
As is the case in any market, there is always risk involved with dipping one’s toes into the forex market. This is especially true if you are just starting out and have yet to learn the intricate details of the market itself.
Successful forex traders are not only aware of the risks and other cons associated with the market, but they have made it their business to understand said cons and risks to their depths, giving them a distinct edge above their competitors. To be successful and consistently perform well in the forex market, this is paramount. Anything less and you might as well not even bother considering entering the forex market for yourself.
Understanding the pros
Of course, there are many pros understanding how forex trading works on a fundamental level, and nobody knows and understands the basics better than pro FX traders who have mastered their approach to the forex market (and survived to tell the tale). Given that the market is on 24 hours a day, 7 days a week, there is always opportunity at any given time.
This makes the forex market a power play for longevity and success – if you know how best to approach the market from the onset. Forex traders have mastered the art of self-motivation, and for this reason they have essentially fine-tuned their approach to the market in a way that has allowed them to perform consistently well in an exceedingly competitive market. This is an important contributing factor.
Utilising experience to their advantage
More than anything else, forex traders have learned the art of self-motivation because to make this a successful career, they must be willing and able to motivate themselves to always be present in the market, and to always have one foot in (at the very least).
Over time, experience becomes a distinct advantage, because this experience essentially comes from learning when the opportune times to make moves in the market are, when the best time to step back, when the best time to dive in is, and when it is best to stand your ground, even if it seems like everyone else is abandoning the ship.
Most importantly, the lesson to be learnt here from forex traders is becoming a master in your field, in every aspect.
Director of Accounting for Private Educational Institutions at Jefferson+Partners (Sydney) from 2007-2015. Founded and led Lebrau & Partners Pty. Ltd. from 2015 until now - a boutique accounting firm serving educational institutions across the Asia Pacific (both public and private, primary, secondary and tertiary institutions).