It is a sad and true fact that 90% of traders fail, and many will simply give up quickly. Why is this? When I was going through a phase of losing trades I took a break from trading and went back to the drawing board. I analysed the reasons why my trades were failing and I sought the guidance of other top traders to put me back on the path of success.

In my opinion the high rate of failure for a novice trader can be associated to these six major obstacles:

1. Lack of adequate capital
2. Poor skills
3. Lack of Patience
4. Setting unrealistic targets and goals
5. Lack of discipline
6. High risk aversion

If we look at the list, it becomes apparent that the failure is as a result of trading without having
in place a proper trading system and a trading plan. Every traders needs to have a set of money management rules.

So how about the Characteristics of a Successful Trader? All we have to do is to reframe the liabilities listed above;

1. Adequate trading knowledge and understanding. You need to read a lot and learn from mentors online
2. Adequate capitalisation – Don’t be fooled that you can earn thousands every week with the   account balance of $500

3. Realistic Goals – don’t expect 100% profit each month, it just won't happen
4. Have patience – you don’t trade if you don’t have to. You should wait for a set-up according to your trading plan and system.
5. Have Discipline to follow all your rules and never deviate from them
6. Understanding and Managing Risk
7. Have a trading system and a trading plan.

If you look at the advice from the world’s most successful forex traders today, you will see that they follow the guidelines as identified above.