Forex trading is largely considered a male-dominated field, and there are very few women in trading. However, that’s slowly changing. Trading is easier and more accessible than ever thanks to technology and the numerous trading tools available. This has lowered the entry barrier for both men and women.
Currently, only about 10% of Forex traders are women. So, what are the challenges that prevent more women from becoming traders? We spoke to Ana Skenderska to get her take.
Ana is a content creator and analyst at The Funded Trader. She’s been trading for the last three years. In this article, we explore her amazing journey to becoming a financial market warrior. She also addresses the challenges and opportunities for female traders in the industry and gives some great tips on trading psychology.
Ana’s Trading Journey and Background
Since she was a kid, Ana has tried different things to challenge herself. She participated in a singing and dancing competition when she was just 7 years old. As an adult, she worked at her father’s business and then later as a babysitter and receptionist to support herself. This gave rise to an entrepreneurial mindset and a thirst to follow her passion.
Ana pursued a biotechnology course in Sweden, but she never felt like she belonged there. That’s when she started working on different business ideas. Although she didn’t make much progress with her ventures, her ambitious nature led her into trading.
Her very first investments were in BTC, ETH, and buying the Shiba Inu cryptocurrency when it was launched in 2020. However, she made a rookie mistake of not booking profit when the coin gained massive popularity. But Ana did learn a valuable lesson and started taking trading more seriously.
Finding the Right Trading Strategy
Women in trading encounter more obstacles than men. They face disproportionate family responsibilities, and there’s often a lack of female role models to follow. That’s why it’s important to develop a strategy that helps overcome these challenges.
For example, if you need more control over your time, try trading longer time frames. Or if the thrill of the markets excites you, then try day trading. According to Ana, technical analysis isn’t hard to learn. In fact, most traders learn it in one or two months. After that, you need experience and you have to work on your mindset and psychology.
Ana tried different profitable strategies before choosing the ICT strategy, because it was not mechanical and was, in fact, driven by logic. She says ICT has taught her the logic behind price movements and sometimes out of the box. This has helped her make better sense of price movement and accurate entry points. However, Ana also cautions that a winning strategy is as much psychological as it is technical.
Mastering Trading Psychology, Mindset, & Discipline
Psychology directly impacts your decision-making process. Women in trading often have a cognitive bias that may lead to irrational judgments. They may even have limiting beliefs that cause them to undervalue their skills and competence.
According to Ana, 80–90% of the time, trading is a psychological and/or emotional battle. Here’s her advice to overcome mental barriers:
- Train Your Mind: Ana believes that women in trading are naturally more emotional, so they may take up more impulsive trades. You can overcome this by reflecting on your emotions—why you act in a certain way at certain times. Don’t take a trade if you feel you’re not in the right mental space.
- Train Your Body: To train your mind, you have to train your body as well. This means reevaluating your daily habits. For instance, adopt a healthy lifestyle. Go to sleep on time and wake up early. Start your day with exercise and deep breathing. This will keep your mind sharp.
- Break Out of Your Comfort Zone: Staying in a comfort zone can kill your drive and keep you from becoming a better trader. According to Ana, building a strong mindset is an ongoing process. So, get out of your comfort zone and challenge yourself more. You’ll also become more disciplined and patient.
Women in Trading: Challenges & Opportunities
Are the odds really stacked against women in trading? Ana doesn’t think so. Women tend to be more cautious and risk-averse, which translates into greater discipline and better risk management. But the modern world is still working toward gender equality, and Forex trading is no different.
There’s an equal opportunity for anyone to trade, yet we still see very few women in trading. Ana says self-limiting beliefs are to blame. She thinks women tend to undervalue their competence.
To become a better trader, you must eliminate such self-limiting thoughts. Misconceptions and stereotypes may make trading seem scary. But in reality, trading itself isn’t hard—it just requires hard work and discipline. For instance, if you think technical analysis is hard, don’t give up. Instead, look for resources or a mentor who can break it down for you.
Women also have a different mindset toward money—they prefer stable investments. But with the right mindset and risk management strategy, women can overcome this bias and trade safely.
It’s only a matter of time before more women realize that trading is, in fact, genderless.
Advice to Future Traders
Based on her experience, Ana offers several pieces of advice to women in trading.
- Find a strategy that suits your personality. Don’t copy someone else’s strategy. Because there’s no way to understand their rationale and mindset, you won’t be able to replicate their success.
- Focus on the process, not the result. Profitable traders detach from their trades. They know that losing is a part of trading. If you lose a trade, simply go back to the charts with a neutral mind and study what happened. Keep learning and practicing.
- Don’t take trading advice from social media. Social media influencers set false expectations. They’ll say you can make millions from trading in a short time, but it’s simply not true. Trading requires years of dedication and discipline. Here’s how much you can expect to make.
- Look out for Forex trading scams. Beginners are more prone to be victims of Forex scams. Follow these tips to trade safely.
- Practice mindfulness. What you’re doing in your life will reflect in your charts. Practice discipline in your daily life and stick to your habits. Also, analyze your emotions—mindfulness techniques, breathing exercises, and meditation can help you become more self-aware.
- Understand yourself. There’s no holy grail strategy. You and your mindset are all the edge you need. Analyze your strengths and weaknesses to use them to your advantage. Remember, you can’t control the market, but you can control your reaction to it.
- Follow inspiring female traders. Follow inspiring female role models such as Kathy Lien and Raghee Horner. These ladies started their careers before today’s sophisticated trading tools were available. They’ve risen to the top in a male-dominated field and have written several books that will give you new insights into trading.
Women in Trading: It’s Time To Make Your Mark
The rise of trading apps and tools has made trading more accessible. Your gender no longer matters, and you don’t even need a financial education background. Simply commit to discipline and develop the right strategy. This way, you’ll have a higher chance of success in trading.
In just three years, Ana has gone from a rookie to a master trader making consistent profits. She now works with The Funded Trader and even manages her funded accounts.
With the right mindset and strategy, you too can become a successful female trader like Ana. Ready to take the leap into full-time trading? Join us to connect with fellow traders and start building your trading empire.
