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That was the question I asked myself when I first started participating in the Forex market. After many years of practical experience, gaining insights, and learning, I realized the trading principles of successful people. I applied them and, amazingly, I succeeded, as evidenced by my achievement of the World Forex Championship Runner-Up in 2018.

The basic yet extremely important principles that traders must grasp if they want to succeed with Forex are:

1. You must have knowledge about Forex.
2. You must have a stable trading system.
3. You must have a strong trading mindset. To achieve a good trading mindset, you need to understand the “personality” of each product you are trading. You must know the average daily range of these products. You need to know the periods of activity and calmness for the trading products.
4. You must be disciplined. Be patient to wait for good trading signals before entering the market, and consistently maintain your trading state according to predefined principles until achieving the target.
5. View Forex trading as a profitable business profession – not as gambling, as many people might think.
6. Ensure that you have a financial plan for your desired goals in Forex over the next 5 years.
7. Regularly meet with people who have a positive outlook.