Day Trading Forex Currency - How to Become A GreatTrader Your parents probably told you somewhere along the way, "Anything worth doing is worth doing well." In day trading Forex currency, it makes all the difference. 

With day trading Forex currency, just being "a trader" doesn't cut it. Anyone can be a trader. All you need to do is open an account, deposit some money, then begin placing trades. Voila, you're a trader.

The problem is that the average trader is usually losing money or making very little for the time they put into it. The 90-95% failure rate in trading is no joke and these people are failing and losing their money. Six-figure incomes are definitely NOT being realized by the average trader.

Now you certainly didn't get into day trading Forex currency to lose your money, strain your relationships, add stress to your life, or grow more gray hair. Most likely you were intending for something quite different. Enjoying a respectable income stream, building a nice nest egg and having control of your time are probably more like it.

Trouble is encountered through a subtle distinction for the average trader. The focus is on making money with every trade and the secret hopes the each one will be a big winner that sets them for life, because the average trader is looking primarily at the leverage in day trading Forex currency. The 10% that are making money initially looked at day trading Forex currency and thought "Indeed! The potential is here with this for me to enjoy a very nice living, build wealth, have the life I want and the time freedom I seek. I am going to become great at this because I see that the possiblity of a six-figure income is very real here."

Average traders are usually chasing money, which is quite different from those making the six-figure income with becoming great traders as their focus. The 90% are focused on making money and the 10% focus on becoming great. As a result, they each become different people as time moves along.

An additional distinction is in how the whole activity of day trading Forex currency is approached. A business is any activity engaged for profit on a regular basis and this is the other realization. So when you started trading, you had opened your own business whether you realized it or not. Your business has been started in rather unique and highly competitive industry. By now you've surely heard the wisdom, "Treat your trading like a business." Because a business is a business, not just a hobby, it needs to be treated as such regardless of the industry. Trading is no different.

You've got nothing to fall back on and no prior experience to relate to for your trading business if you've never started and run your own business before. Trading is a unique business with different requirements and unique challenges, which you know if you have run your own business previously.

For the business to provide a respectable, reliable and consistent income stream for the owners, in addition to building wealth and providing financial freedom and security is the goal of owning any business including a trading business. Owning, managing and running any business involves quite a number of roles, each of which has its knowledge and skill requirements. A successful trading business entails much more than simply opening a trading account, getting a trading system and then following it.

The nice income and the freedom enjoyed by the 10% comes from the realization that you are in the business of day trading Forex currency and that you must choose to become a great trader as well as a smart business person. Average traders don't make those distinctions and subsequently lose money or have a lower hourly rate of pay lower than in their full time day jobs. 

The purpose of this article is not to offend anyone or to hurt anyone's feelings. The distinctions are most often not made simply because the business of trading is so new to most traders that they just don't know to make them.