Traits Of Succesful Forex Traders
Good with statistics
In forex trading you are always dealing with numbers. What is the implied volatility? the break-even of the trade and as a trader you might need to know and master the retracement Eliot wave ratios and other numerical staff. Most successful traders keeps the records of their numbers and they know them back to back.
Every trader must have patience as a quality or skill. Patient investors are willing to wait for the market to provide the right opportunity, rather than trying to make a big win on every market movement. Do not just enter every impulse move, successful traders have to sit idle watch their screen while waiting patiently for the moment to strike.
To become a successful trader one must be discipline. Doing extensive research, identifying opportunities, setting up the right trade, forming and sticking to a strategy, setting up goals are all part of the discipline. Never go against the trading plan or give in to an impulse action because you are likely to lose it all.
Forex market instruments have high volatility and that comes with a huge risk that need proper management, at each particular point in time risk must be re defined, how much of the capital is allocated to the trade such questions like these must be answered with consistence. Be considerate when using your capital minimize the risk of your positions at all times.
Developed a trading style
successful traders have managed to develop a trading strategy that works best for them, each trader has a different personality and should adopt a trading style that suits their traits. Some traders may be good at day trading whilst some may be more comfortable with position trading. Some prefer scalping and others prefer swing trading but the bottom line you have to find your own strategies.