Top 5 Skills of The Successful Forex Traders

RoiFX

Newbie
6 0
To become successful trader, you need to have some quality skill.
(1) You should have love for trading on Forex.
(2) Simplicity
(3) Strong mindset- should have Mental and Emotional Toughness.
(4) Disciplined on trading
(5) Egoless
 

ffsear

Experienced member
1,935 358
Not that I trade Forex (unless in exceptional circumstances e.g brexit/trump) .....

But I'd add ... Focusing on only a handful of markets, rather then trying to trade 20 different pairs; to the list.
 

ph_trader

Well-known member
397 6
i dont think its just 5 though its an interesting list, lets add to it,, knowledge and good at seeking it..
 

progix

Active member
207 2
Making a daily habit of going through news sites to get an idea about the news that may have significant impacts on the currency market.
 

NVP

Legendary member
36,448 1,823
To become successful trader, you need to have some quality skill.
(1) You should have love for trading on Forex.
(2) Simplicity
(3) Strong mindset- should have Mental and Emotional Toughness.
(4) Disciplined on trading
(5) Egoless
there goes 99% of the best traders in the world........
 

NVP

Legendary member
36,448 1,823
Not that I trade Forex (unless in exceptional circumstances e.g brexit/trump) .....

But I'd add ... Focusing on only a handful of markets, rather then trying to trade 20 different pairs; to the list.
agreed ....my own forex style is using an approach that makes sure you are always focused on the most tradable of the G8 pairs on offer at any one time .not more than 4 or 5 pairs .......:smart:

N
 

SmartGeek

Active member
206 6
A successful trader is the one who practices a lot and who have proper management skills. Practice is the key to all.
 

SmartGeek

Active member
206 6
Yeah, an experienced trader have long term planning, which makes them survive for long in the Forex Trading and also earn from the same.
 

SmartGeek

Active member
206 6
Risk management and money management and lots more are needed to learn in the Forex trading, without these knowledge, you could never survive in the Forex Market.
 

SmartGeek

Active member
206 6
Yeah, both the skills are required to deal in with the Forex Trading, and both of them would ensure our success in the Forex Trading.
 

FXX

Experienced member
1,140 192
1) Do your homework. News drives the market so know what's going on and what's coming up.

2) Don't look for trades let them come to you

3) Have a trading plan

4) Use leverage correctly and don't oversize

5) Only look at technicals when you have an opportunity based on fundamentals. Decisions are made based on fundamental reasons with, but not always, a technical trade plan

These are the rules I work off on a daily basis



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