Successful forex traders all have many of the same characteristics.

1 - Planning. This is a biggie. A trading plan serves as your roadmap to successful trading. It gives you guidelines to follow for the long term…guidelines that you can refer to again and again whenever you need to. A plan helps to keep you on track and to be successful in Forex trading you definitely need to stay on track.

2 - Having enough trading capital is a must. It has be stated that many small businesses get off to a great start but end up failing because of inadequate capitalization. Capital is the life blood of your trading business.

3 - Realistic profit expectations are very important. Successful Forex traders realize that they will not make 400% a month every month for the rest of their lives.

4 - All successful trades must have discipline. If you see a trader that has made a ton of money without having discipline then they were probably just lucky. Lucky traders who believe they are geniuses soon find out that being consistently profitable is what’s important.

5 - To trade profitably you must think in a big picture fashion with long-term wealth and prosperity in mind. You will have loses in all Forex trading. They are inevitable and part of doing business in Forex. You will profit as long as the sum total of your wins exceeds the sum total of your losses.

6 - Do you homework. Make sure you know what needs to be done each and every day. Once you have done your homework you will be better prepared for what the trading day will bring you.

7 - Resist the urge to get greedy. Getting greedy will erase your discipline and erasing your discipline will erase your profits. Keep the big picture of long-term capital growth in mind and plan to profit over the long haul.