Saturday, April 16, 2016

Trading Forex for a Living - What You Must Practice

To become a trader, you need to have the knowledge, trading strategy, understanding of market and charts and etc. Now these are the necessary things that you need to have in order to become a trader, but to become an expert at what you do, you need to have a little more than that.
Let’s discuss five of the most important things you must possess if you ever hope to be able to make a living as a trader.

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Passion
The first one is Passion. It is pretty obvious but the misconception about passion is that people are only ardent about making money, not the real trading processes. The professionals do not trade to only make some cash but they are in this business to enjoy the intellectual and emotional challenges that trading the market provides. You have got to stay focused and passionate about your work to stay successful for a longer period in the trading world.

Patience
The second thing is Patience. You need to remember this, the market always fluctuates even if it was a good looking setup at the start, but you have to wait and not react at every single movement in the market. There is no need to sit all day looking at the charts either, because if the price goes down you might react and make a rash decision by ending your trade early. Let your trade play out for you.

Discipline
The third thing, Discipline. Patience and discipline are correlated. When you have a strategy for your trade, you need to stick to that. There is no need to over-analyse the market and change your plan at every movement. If you keep changing your methods, you will be stuck in the same place, that is, you’ll remain a prey for those predators-traders out there.  

Security
The fourth is Security. You have to go in the trading world with the mind-set that you are going to lose some money. There are going to be losses and you can’t escape them. If you feel like trading is the only option left in your life in order to be make money and be happy, you’ll get emotional and that’s the last thing you want in the trading market because it can make you enter low price trades and prone to making mistakes.

The fifth one, Edge!
You need a trading edge if you hope to trade for a living eventually. A trading edge is basically the same as the plan, you can call it the pattern you are going to follow in your trading activities. For my students and I, this edge is price action. Using a specific trading edge gives you a better chance at winning the trade.
However, it is wrong to anticipate that it will be a success every time. Besides, it is very crucial to follow an appropriate approach of price action. In this way, we can suggest that each dollar risked makes a double product. Nevertheless, it is a combination of money management and trade exits...

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