Only traders who are prepared will succeed at forex trading. The other 95% will end up losing money. You can do a lot of things to increase your odds: work on your mindset, find a good mechanical system with positive expectancy, use sound money management rules, and develop self-discipline. You can also complement your trading training with…

1. Basic Accounting

You need to know some basic accounting, nothing advanced. Just learn to read a balance sheet, understand what are debits and credits. You should know where is your money and how it is working for you. Every additional tool you acquire will improve your odds as a forex trader.

2. Basic Economics

Economics is the science of election; every time you take a decision there is a cost. You must realize that the resources you have are limited and you need to make the best possible decisions when using them. If you learn to think about your capital not only in terms of profit but in terms of potential profit you will make better calculations when the time to invest it comes. A basic knowledge of economics can give you a better understanding of how the markets work.

3. Personal Finance

I have seen traders fail because they don’t have their finances in order. Remember you need a cold head to trade and if you are using money you can’t afford to lose then you are doomed.

People constantly seek for instant gratification. Imagine the things you will be able to do tomorrow if you save and invest your money today. Most people don’t realize that discipline in their money matters is the road to riches. Do not make the error of disregarding this important point

If you aspire to succeed as a forex trader, then you definitely would like to be prepared; add as many tools and skills to your arsenal as you can. Remember learning is a never ending journey.

Trading can be a rewarding occupation. Anyone with determination and the right information can learn how to trade. The only thing you need is good mechanical system with positive expectancy, sound money management rules, and above all self-discipline.