You may have met or at least heard of the successful Forex traders who earn a whopping six or seven figure income working on currency trading full-time or part-time. You may have also wondered what could the secrets behind their seemingly impossible success and what contributes to their consistent winning trades they have made during the years of active involvement in the Forex world. It is good to realize that there is no one magic formula which can turn someone into an overnight success.

Forex trading just like any other industry requires skill, careful planning and calculated execution in order to raise the probability of profitable trades. Even though there is no one magic pill or formula that can turn you into an instant success, there are certain habits and actions that these successful Forex traders take which differentiates the results they get from those that the average Forex trader experiences. There is always a big risk in making these investments and it is important to ensure that you take the necessary steps to minimize the risk and maximize the chances of making money trading foreign currencies.

It is a sad fact and definitely a scary one to realize that most investors lose a large sum of their money while participating in active Forex trading. In fact, statistics shows that 95% of all traders will lose money instead of making some when partaking in these high risk trading. But there is a very small amount of investors that really "get it" and are able to make constant profitable trades over again in the same market. So what could be the secret behind their success?

It is a good idea to learn what creates those differences that distinguish them from the thousands of failures in the same marketplace and the copy them.

It becomes interesting to learn that successful Forex traders possess similar mindsets and habits. Perhaps these are the traits that separate them from the rest of the pack.

1. Passion

Successful Forex traders are highly passionate about their work and what they do. They love every single step of the detailed process from trading to the sheer anticipation of waiting for the results. They love the environment of the Forex trading and the ability to tap into this buzzing marketplace to make tons of money for themselves. It all starts with a labor of love.

2. Emotional Mastery

It is easy to get swayed by the heat of things and make wrong investment decision when things get tough. This is where most investors fail. Whenever the value drops, most investors may be compelled to sell everything in a panic when prices are dipping low and this causes them to lose money in the process. A more skilled investor would manage their emotional response better and understand that things will change and thus wait for the prices to go up and sell them at the right time to make a handsome profit.

3. Discipline

When things get hard and you are losing money, it is very easy to over-react and make mistakes. When emotions are high and people are in a selling frenzy, you could be the one to cash in by buying low and then wait for the right moment to sell high. But it takes discipline to keep your emotions at bay and stick by your plans and systems.

These three traits are what separate successful Forex traders from those that lose money. Make it a point to find these traders and learn as much as you can from them. Copying Forex traders that make money makes it more likely for you to make money too.