What is the difference between the world's top forex dealer and the average trader? What set the elite traders from the rest of the pack? Certainly there must a some differences between these two groups of people that differentiate them. Of course, No one can guarantee you that within a few steps you will be able to be like Warren Buffet. Nevertheless, it is a good idea to follow in the footsteps of the elite traders. To guide you on what to look out for here are a few tips on the secrets which the top five percent of forex traders have:

1. Forex is their Pride and Joy.

One of the factors which sets apart a good trader from the average trader is their dedication to their work. When a person is passionate, they will make efforts to know more about what they are doing. Another benefit coming because of passion is that they will recall better the information that they learned. This is also why sometimes the top 5 % forex traders can act quickly to circumstances based on the information they recall. Thus if you wish to be a good trader, you must first of all feel passion for Forex.

2. Having emotional self control

A lot of people who've never dealt with trading get the impression that those who work in this field are cold and never think about anything but making a profit. As you probably know, nothing could be farther from the truth. The reality is simply that they don't let their emotions control their investments. That means not only avoiding emotion-based trades, but knowing when to take the day off because you're just not feeling psychologically up to trading.

3 . Taking calculated risk

Keep in mind that this doesn't mean they always limit their risks as much as possible. On the contrary, the most successful traders risk thousands on certain trades because they know what they stand to gain.

What holds the average trader back more than a lack of investment capital they can afford to risk on a trade is the unwillingness to risk that capital. If you want to rise to the top, you can't do the same thing everyone and their brother is doing. You've got to push yourself a little to get ahead of the crowd.

4 . Persistence

In everything that we do, we must be persistence to pursue it. However in the forex market, you will require a little more persistence. This is because you are dealing with real money and every effort that you make is costing you money. In most other case, even if your persistency do not pay off, you will lose just some time for your efforts. Having said so, you mustn't let the time that you failed to discourage you. Rather you should take stock of the situation, learn from it and move on and keep trying.

We have to face the reality that not everyone can be a successful trader especially in the top 5 % category. But we also have to note that none of the top 5% forex trader were born as a top 5% trader. They all work their way up the ladder to be where they are now.