Top 5 Skills of The Successful Forex Traders

[RoiFX]

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

 

[Donovann]

Nice list. Thanks. it is really interesting!

 

[ffsear]

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]

i dont think its just 5 though its an interesting list, lets add to it,, knowledge and good at seeking it..

 

[progix]

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]

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]

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]

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

 

[progix]

there goes 99% of the best traders in the world........

Agreed and its 2017 now but the skills will remain the same .. Cheers

 

[SmartGeek]

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

 

[TeslaTraderCo]

Personally, I believe risk management and discipline are the most important traits of a trader.

 

[SmartGeek]

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]

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]

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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