The 4 Key Ingredients you need to become a Successful Price Action Trader

 

 

Learn from the Successful Guys

To get into the 5% and become a successful Price Action Trader, Navin studied and learned from those already there, and now he's sharing his findings with you. 

Navin uncovered 4 key characteristics that the successful traders all possess. 

So what are they...

1. Knowledge

Sounds obvious right? So what does this mean?

As Forex traders we are here to make money. Simple.

But we are not the only players in the game.

  • Banks/Central Banks
  • Corporations
  • Funds
  • Forex Traders (That's us)

The basic knowledge that you should possess is to know and understand who these players are and what their purpose in the market is.

We, the Traders, are the only group that our sole purpose in the market is to make a profit. But the average trader is also the guy with the least amount of knowledge of the market.

Except for the 5%.

The 5% of successful traders have all the knowledge on the market, know who's involved and what their purpose is and understand where they fit and how to take advantage of it.

To get into the 5%, you need this knowledge too.

2. Discipline and Routine

Every successful price action trader possesses this tenfold. It is such an important element in becoming a successful Price Action Trader. Hence the Motivation and Daily Routines by Navin.

Everybody doesn't need to follow the same routine, but you need to find a routine that works and you need the discipline to keep it.

You might have heard Navin before in one of his pre-Webinar Facebook live hangouts giving an example of the discipline involved in getting to where he is. He was in Mauritius and was invited by the hotel manager to a VIP cocktail party. Most people would jump at the chance to go to the cocktail party, and believe me, Navin wanted to go. But he had the discipline to politely turn it down and stick to his routine which on this day was holding the Webinar.

Navin knows that these opportunities come to him because of his discipline and routine, and they will keep coming as long as he keeps this discipline and routine.

He calls this the "side-effects of doing well."

3. Clarity

Let's start with this question:

How much money do you want to make?

It is important to be clear and specific when deciding your answer to this question. 

This is an area I have struggled with myself. Choosing a specific goal and giving it a specific deadline wasn't easy as I had an internal conflict on whether I was being too pessimistic or too optimistic. I had to find the right balance, which I did, siding on the side of optimism and I set my goals, set the timeline and made a plan. Navin's Motivation and Daily Routines course helped me do this.

Saying things like "I want a lot of money", "I want enough to live comfortably" or "I want enough to buy a house or a car" are not clear enough. It is not something that you can make a plan for without more clarity.

Other professions, other jobs, they have clarity in that the workers know how much they make and they know how much they spend so they can make a plan much easier. 

But we are traders, so it's a little different for us, but its still important to have clarity, to know what you want and then go get it! 

4. Identity

Are you aware of your own identity? Do you know what traits you have?

There are a number of different types of trader.

  1. Aggressive
  2. Conservative
  3. Confirmation

Aggressive means you pull the trigger too fast. 

Conservative means you are too slow to make a decision, you take your time.

Confirmation is "Show me". You want to see it first.

While these can all look like negative characteristics, they aren't. Not when you know how to use them to your advantage. You just need to identify which of these you are and embrace it.

The confirmation trader is the most dangerous of these. They are not in control of the decision, they will always going to be too late to the market. 

"If you hear about an opportunity, you are too late" - Navin Prithyani

Conclusion

Becoming a Successful Price Action Trader is not easy, but it doesn't need to be hard. There are ways to streamline your journey, you just need to know what they are. 

That's what we are here for!

Navin and the Urban Forex team are here to help you.

Whether it's to provide you with more Knowledge of the market, help you to get Disciplined and into a Routine that suits you, advise you to set clear goals or to guide you to discover your Identity we can support you on your journey. 

Let us know how we can help you in the comments section below and don't forget to sign up for Navin's next powerful Webinar. I'll see you there!

With Pip Love,

Garry at Urban Forex

 

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