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Trade
Five major differences between the successful Forex trader
Not everyone can become a trader in Forex. Even trade from time to time for additional income will require certain skills and effort. What can we say about the professionals for whom trading is the main source of income.
Are You ready for this?
List the five critical characteristics that are necessary for the success of any trader.
1. General understanding: Are You able to separate minor private details from the overall picture of the market? This is important in two aspects. First, it is vital to learn to separate the current exchange rate fluctuations from the big trend. The second aspect relates to techniques of money management: You should be able to separate Your current agreement from the General situation in Your account.
2. Patience: Too many traders do not have the patience to study materiel" before they start real trading. Many are waiting for the really good trading opportunities, trying to get as many orders as possible. Others can't wait till the moment when the market finally moves in the direction required to open their agreement, and close it prematurely. Or, in case of success, traders are too risk, seeking to increase the size of the position, so to speak, to "ride the wave" - although a reasonable tactic would be to continue trading with the same position size.Lack of patience can lead to meaningless "burn" Your trading Deposit.
3. The ability to adapt: the change in market conditions occurs all the time, and a good trader should be able to them to adapt quickly. Your trading system may not always work just fine. All the time there are changes in the templates and You have to pull the system to new realities. You may even have to completely abandon Your system. The same applies to fundamental analysis: a strong currency may lose its "power" when the "mainstream" is set against the economy.After all, a weak currency can help the economy get out of crisis and it can last for quite a long time.
4. Caution: When in the markets there is uncertainty, a good trader will be even more careful approach to risk. It means to focus on more predictable currencies to reduce the position size when needed, or even to a break from the market, taking a pause. After all, a common victory in Forex trading is not limited to only the winning trades in no less she is defined and a minimization of losses.
5. Awareness of own weaknesses: If You are able to soberly assess Your own weaknesses, that thereby You already go at least half way to solving Your problems. All items listed above will be available if You are able to see how far You are from them, and acknowledge it. Your character is unlikely to change dramatically, but You will be better able to adapt to changing conditions and can become even a little bit, but still more patient than before.
What traits, in Your opinion, particularly important for a trader? How can you determine your strengths and weaknesses?
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| Category: Forex | Added by: (30.10.2017)
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| Views: 277
| Rating: 0.0/0 |
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