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7 Things You Need as a Trader

Discussion in 'Forex' started by TheCapitalManager, May 17, 2014.

  1. TheCapitalManager

    TheCapitalManager Registered

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    7 Things you need as Trader, to trade in a more disciplined and profitable way.


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    1. Confidence

    If you do not have the necessary confidence your chances for success are slim. This is not only valid for trading but also for the rest of your life. In trading you have to believe in what you are doing. There is no room for fear mistakes are part of the game. The key to success is to analyze your mistakes and draw the necessary conclusions in order not to repeat the mistake. This is the progress you will make in your trading.

    2. Strategy

    There are so many different strategies out there: trend trading with momentum, scalping, news-trading and so on. You have to find a strategy which fits your personality. Then you have to do everything necessary to master this strategy. The fastest way to learn a strategy is to follow a successful mentor and copy his or her trading with your own style. Another option is to have a trading partner with whom you share your trading experience. This can be beneficial for both parties. Together you will have to fine-tune your strategy and adapt it to potentially changing market conditions. It is often difficult to go through that whole process just by yourself.

    3. Specialization on a specific product

    Specialization is important. Nowadays you can trade futures, equities CFDs or Forex there is a huge variety of instruments available to trade. It is all right to try every instrument available but sooner or later you will have to find out which instruments suits you best. If you trade a bit in stocks, trade a bit in futures and some forex you will never truly become a master in trading a specific instrument. Specialization is absolutely necessary.

    4. Timeframe

    You will have to find the timeframe which best suits your personality. If you are a very nervous person trading on the shorter timeframes is probably not for you. Finding your timeframe to trade on is essential for being a consistently profitable trader.

    5. Capacity to cut losses short

    All good traders know that they have to cut their (small) losses and dont allow them to become big losses. As a trader your money is the basis of you activity. If you lose it you are out. If you cannot limit your losses you will be sooner or later out of the game. You have to be confident in what you are doing but if the market proves you wrong you will have to cut back your ego and take the loss.

    6. Ability to make decisions

    If you go to a Restaurant with your partner and after half an hour you still cannot decide what to order then trading is probably not for you. You have to be able to take decisions, sometimes within a very short time. You cannot hesitate in trading if there is a valid signal you have to take it. The markets move fast. It does not pay to be afraid and hesitate to pull the trigger. If you make a loss this is part of the game.

    7. Use your own brain

    In the long term it does not pay to follow the suggestions and trading recommendations of other people you will have to use your own brain and develop a trading plan which suits you. If you are listening to tipsters you will never become a consistently profitable trader.
     
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  3. abory

    abory Registered

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    excellent information once. And I agree with you, I just wanted to add discipline, because of the discipline that we can get maximum results. For that, we need to exercise discipline with good trading in a demo account. because the key to success is discipline. trading in Realtrade you can get welcome deposit bonuses 35%
     
  4. deadman

    deadman Registered

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    yes. bonus will help you . you can trade with bigger vollume
     
  5. Gaban

    Gaban Registered

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    of course, with the bonus that we could get a big profit. But we must be careful again with the bonus. because the bonuses then we can trade with greedy. Greed is not recommended in forex. Because it will make you lose
     
  6. fxapex

    fxapex Registered

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    Bonus is good and many firms give bonuses to lure traders, but to utilise these offers you have to be a godd trader or else its a waste.
     
  7. Gaban

    Gaban Registered

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    bonuses of the broker will provide benefits to the trader if the trader is able to maximize the bonus given well. for that we need to have good skills and psychology if we want the bonus given is not in vain
     
  8. uncle gober

    uncle gober Registered

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    The confidence is very necessary to get success and we can not able to trade without confidence. So, It is very necessary but we should not be over confident because the over confidence is also the cause of loss. Some traders become over confident after one and 2 profits. Become patient every time.
     
  9. Gaban

    Gaban Registered

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    to be successful in forex we need confidence so that we can maximize our capital well. That way we are able to obtain maximum trading results. and we also need to be trading using the SL when trading and therefore a greater risk can be minimized
     
  10. msmary

    msmary Registered

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    with good stategy and confidence. i think we can make money with this market. i hope all trader can do that
     
  11. hattairon

    hattairon Registered

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    Really good thread and very informative sir..

    nice to learn forex here...
     
  12. uncle gober

    uncle gober Registered

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    Confidences patience , strategy, expert advice is the best things to trade in the Forex trading business . this qualities can make trader perfect . without these qualities traders can not trade or earn money from Forex market . these really leads to good profit from Forex market .

    Video about Armada Markets
     
  13. Gaban

    Gaban Registered

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    patience and discipline is very important in forex. With a lot of patience and discipline we can maximize our capital well so that we can get maximum results.
     
  14. Diaz

    Diaz Registered

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    The last thing, let's try to get them because we will get them if we don't want to try. We must hone since we use demo account, since we start trading in forex. Be a successful trader is not easy, but if we want to try and effort, we can be a successful trader.
     
  15. Gaban

    Gaban Registered

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    we must try if we want to succeed in forex. because to be successful in Forex is not easy, we have much to learn and practice trading well. For that all the good advice and fit of the traders we can practice
     
  16. Diaz

    Diaz Registered

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    needed in forex trading is to have a good psychology. the key to success in this business is to have a good trading psychology. with psychological well then we could try to trade in a real account with a maximum. try trading real account with capital $ 1 in freshforex to hone our trading psychology
     
  17. Gaban

    Gaban Registered

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    Good psychology is crucial in forex. in order to minimize the risk to our well requires good risk management. So we need a lot of good trading psychology training. by trying to trade using little capital as $ 1 in instaforex can be used to train a good trading psychology
     
  18. fxapex

    fxapex Registered

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    To become a successful trader in the market a trader should very skillfully use all of these factors which effect his performance, having a command on any one of these positive points is not going to help.
     
  19. Andre Silva

    Andre Silva Registered

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    Great. It is very useful post to the new Forex traders. I think it helps all newbies to learn the Forex business. Your every points are very important. Thanks for your contribution.
     
  20. Cochran

    Cochran Registered

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    Amazing info given here a newbie should definitely bookmark this page or at least copy this important info. One factor that i feel is missing from there is the brokers which plays the most important role as we see so many newbies getting scammed just because of fake brokers so it is important that we trade with one like OctaFX which not only is popular but has features like Instant payments, No quotes, just 0.2 spread and best of a lot 50% bonus on each deposit.
     
  21. Tanzil Al Banna

    Tanzil Al Banna Registered

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    I may mention 4 points only, i) Good knowledge. ii) Profitable trading strategy iii) Money management plan and iiii) A reliable trading broker. I have four years trading experience and from last year I have been making consistent money from this business. Its true, my fresh trading knowledges are my main strength of trading and flexible live trading services of TradingBanks also help me to earn better income in my live account.
     

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