Most people interested in trading forex will have heard of London as being one of the biggest financial centres in the world. Along with New York, London is considered a significant player in the forex market. For this reason, many forex traders choose to base themselves in London to take advantage of the opportunities that the city offers. Suppose you’re considering becoming a forex trader or are already trading but not based in London. In that case, you might be wondering what it takes to be successful in this competitive market.

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Discipline

The first trait that successful forex traders in London tend to have is discipline. It means adhering to a trading plan regardless of the situation. Trading plans can be designed in many different ways, but the most crucial aspect is that they are followed strictly. A lack of discipline is often one of the reasons why traders lose money.

Intelligence

The second trait that successful forex traders in London tend to have is intelligence. It does not mean that you have to be a genius, but it does help to be able to think logically and rationally when making trading decisions. Many traders mistake relying on gut feelings, which can often lead to bad decisions.

Patience

The third trait that successful forex traders in London tend to have is patience. It means being able to stay in a trade for the long term, even if it means taking small losses along the way. Often, not patient traders will jump in and out of trades too quickly, leading to significant losses.

Risk management

The fourth trait that successful forex traders in London tend to have is risk management. It means controlling the amount of money that is risked on each trade. Many traders lose money because they bet too much on each trade and lose all their capital.

Emotion management

The fifth trait that successful forex traders in London tend to have is emotion management. It means staying calm and logical when making trading decisions, even in times of stress. Many traders lose money because they let their emotions get the best of them.

Trading experience

The sixth trait that successful forex traders in London tend to have is trading experience. It means having traded for an extended period and being familiar with all the different types of markets. Many traders make the mistake of jumping into the forex market without prior experience, which often leads to losses.

Trading psychology

The seventh trait that successful forex traders in London tend to have is trading psychology. It means understanding how your mind works when you are trading. For example, many traders have a hard time taking losses. It can often lead to them holding onto losing positions for too long, which can cause even more significant losses.

Money management

The eighth trait that successful forex traders in London tend to have is money management. It means controlling your finances and knowing when to cut your losses. Many traders lose money due to not managing their money correctly.

Market analysis

The ninth trait that successful forex traders in London tend to have is market analysis. Meaning you must be able to identify trends in the market and predict where the market is headed. Many traders make the mistake of blindly following the crowd, which often leads to losses.

Strategic thinking

The tenth and final trait that successful forex traders in London tend to have is strategic thinking. Meaning you must think ahead and make plans for the future. Many traders lose money because they do not have a clear strategy and make impulsive decisions.

Each of these traits is important for any forex trader, but they are crucial for London because the forex market is very fast-paced and can be pretty volatile. To succeed in this market, you need to have the right mindset and approach. These ten traits will help you develop the right mindset and approach to be a successful forex trader in London.