3 Essential Qualities that will Make You a Successful Forex Trader 71

4 Unusual Ways to Manage Time Better and Get Results Faster

Success isn’t a given. Some people are winners in life and some people are losers. There are millions of forex traders out there, playing the foreign exchange markets to the best of their abilities, and most of them are mediocre at best. The truth is it isn’t easy to make money trading using a forex trading account, but some people do manage it – with great aplomb.

George Soros is one of the most famous traders. The highlight of his career was netting a US$1 billion profit after short selling GBP10 million. This notorious trade broke the Bank of England and forced it to withdraw from the European Exchange Rate Mechanism.

Other notable individuals include Stanley Druckenmiller, Bill Lipschutz, and Andrew Krieger. So, what made them the cream of the crop?

1. An Appetite for Risk.

Because forex trading is a leveraged product, it is possible to lose far more than your original trade. Traders use leverage to increase the potential return on their investment. High stakes investment positions mean high returns, but when you borrow money to make money, you are dangerously exposed.

In 1987, Andrew Krieger had a capital limit of $700 million in his position at Solomon Brothers. He leveraged his trading limit by 400:1 to make a killing on NZD, but if the markets had gone against him, it could have been disastrous. Nick Leeson knows this only too well. His high-risk trading strategy made £10 million for Barings Bank in 1993, but it all went horribly wrong and by 1995, Leeson had gambled away £827 million.

The moral of this story is that successful forex traders need a strong stomach for risk. It’s impossible to make large profits without taking risks and leveraging your position.

However, there is a big difference between taking a calculated risk and gambling with impunity, so make sure you understand the difference.

2. Learn from Your Mistakes.

We all make mistakes. Nick Leeson would be the first to admit he made a few mistakes. However, the important thing is that you take responsibility for your mistakes and learn from them. People who fail in life fail on both counts. They often refuse to accept they did anything wrong or they dwell on what happened and let it drag them down.

Allowing emotions to cloud your judgment will be your downfall.

The forex market is free of emotion, so if you want to be successful as a day trader, you need to become a self-disciplined, unemotional, sociopath – at least while you are trading. If you make a mistake, look at where you went wrong, analyze what happened, make some adjustments to your trading strategy, and move on.

3. Attention to Detail.

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There is a degree of luck in successful forex trading, but for the most part, success is hinged on knowledge of the markets and paying attention to the news, both political and financial.

George Soros made a fortune when he successfully predicted the Black Friday crash following the UK referendum. He bet against GBP and made £1.5 billion. He also bet on the price of gold rising following Brexit, which was indeed the case.

This illustrates perfectly that following the news and paying attention to what’s happening in politics can help you find a winning position.

Success rarely happens overnight. The most successful traders work extremely hard at building their reputation and honing their trading strategies. Are you one of them?

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The Importance of Exercise to Your Professional Success 4

The Importance of Exercise to Your Professional Success

In today’s world, most jobs are demanding both physically and mentally. Competition is not always based on the best resume, education, or experience. Having the upper hand in your profession is most likely linked to your ability to think quickly, act appropriately, and carry out difficult duties with the utmost quality.

You need to be able to bring something new, different, and maybe even better to the table. So, how can you get the edge? How can you maximize your professional potential and output?

Believe it or not, the answer to that question might be found outside the workplace. It may be what you do when you are not at work that makes the difference in your work. What is it? EXERCISE, that’s what!

Replace Some Screen Time or Other Time Wasters.

Everyone needs to take a break from the workday. Television, gaming, social media, and video-viewing are what we often go to for this.

Try replacing some of your downtime with exercise, or trying exercising while you are in front of the screen. Exercising instead of sitting will not only help relieve some stress from your day but also help release some built up tension so you can actually rest better at night, helping you be better prepared for the next work day.

Exercising a few hours before bedtime elevates your body temperature. When your body temperature returns to normal, your brain and body are ready to sleep.

Exercise Sharpens Your Thinking.

It is a fact that as we age, our cognitive abilities decline.

While researchers may not have found the cure for dementia-related disorders, they do know that exercise helps delay onset or slow down its progression. Exercising during the years of 25 – 45 can boost the brain chemicals that prevent shrinking of the brain. It has also been shown to create new brain cells and increase proteins found in the brain that help keep thinking skills sharp.

Exercise Reduces Sick Time.

Exercise improves general health functioning and helps build your immunity to illnesses.

It has also been shown to increase our ability to think and work under stress, rather than giving in to the stress and being more susceptible to illness.

This keeps you reporting to work on a regular basis, and taking less sick days. The more you are at work, the more productive you are, and the more your employer values you.

Working Out Increases Your Stamina.

Long work days can leave you drained and listless. If you know you are facing long meetings, strenuous work sessions, or overtime for increased production demands, you can prepare to meet these challenges head-on.

As you exercise, over time your stamina will be able to withstand longer and more strenuous workouts. It also translates into helping you stay sharp during those long, arduous workdays.

Yes, How You Look Does Count.

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While it may never be mentioned, your appearance is noticed by employers, co-workers, interviewers, etc. You do not necessarily need to look like a buff bodybuilder, but having a svelte, strong appearance is a benefit.

Other’s first perception of you is of great importance. Think about interviewing prospective employees. Honestly consider the impact of their first impression on their employment outlook. Healthy looking is definitely a check in the “yes” column.

Energy levels are also higher when you are exercising regularly, and your energy is part of how you are perceived overall. When you start to feel better about yourself, you begin to present a more positive image to your coworkers.

It Boosts Your Confidence.

When you have conquered a goal in your exercise plan, like being able to run an entire mile instead of having to stop and walk some, you know you have accomplished something. You are on your way to bigger and better goals.

There may have been times along the way that you felt like that milestone would never come, but here it is. You feel proud and motivated to keep working toward your next goal. You see the fruits of your labor. You are energized and begin to feel better about yourself overall.

You begin to feel a sense of accomplishment that does not leave when you exit the gym doors. You carry that as a boost in your confidence as you go into work.

Bring the Habits of Exercise to Work.

What else do you learn through exercise? Goal setting, resilience, perseverance, learning new things, taking chances, organizing and managing your time, just to name a few. These are great skills to boost your performance at work, too.

You begin to realize that you can take what you have learned through setting up and sticking with an exercise plan to the workplace. You can use all these skills in your career. As you do, you will become more confident and thus, more effective in your daily tasks.

All of these are learned by starting, committing to, and following through with a fitness plan, and can become more of a life plan.

If you are looking for a job, being physically fit might not get you the job, but it will definitely help your chances. Your first impression is incredibly important, so do not brush off exercise and fitness lightly.

Exercise has so many benefits like sharpening thinking, building stamina, increasing energy, reducing negative effects of stress, building immunity, and boosting self-confidence. This can really help you in your professional success.

The benefits extend beyond your exercise time.

They stay with you day in and day out. If you are not currently exercising regularly, just start today, doing something small. Some sit-ups in front of the television, taking the stairs instead of the elevator, cleaning up your diet, or increasing your walking pace as you move around the office are good ways to get started. You will feel the benefits, even with these small steps.