5 characteristics that you need to understand if your child is a successful forex trader

Crowds are asking me, in forex trading, how many successful forex traders? If I answer the same whether there is a crowd or a little, the question just stops there. Not many people asked me the correct question. Is it the correct question? The real question is, what are the characteristics that make a person successful in the field of forex trading? What's he doing? What did he eat? What did he drink?

The "what is he doing" chapter is correct. Which "he eats and drinks whatever I deliberately add". Hehe 😀

Like any other occupation, there are singers, actors, comedians, painters, flight attendants, doctors or whatever; all of which require talent, knowledge, skills, characteristics, and attitudes that are appropriate and compatible with the job. But apart from the talent factor, I believe everyone has the same opportunity to succeed if they work hard to achieve their goals and have the right knowledge.

A wise man says "Hard work beats talent when talent fails to work hard."

Try to take the doctoral example. He must be able to spend more than 6 years to get a medical certificate. Then undergo practical sometimes more than 3 years before deserving a Doctorate degree. In other words, he must be patient in studying the science of dictatorship and undergoing training before dealing with various cool patients.

A Doctor also needs to always be concerned and empathetic with the problems of the patient, so that even seeing the Doctor's sweet face, the patient feels relieved. In other words, it is necessary for a Doctor to have compassion and an attitude of like to help others. Likewise with Forex Trader. Whether you are a part-time trader or a full-time professional he requires certain skills and characteristics. These characteristics need to be understood in our "HARD WORK" endeavors in this area.

Let's see what these characteristics are and if you have them

# 1. See the bigger picture, have a vision, and are far-sighted.

Are you able to isolate small and trivial matters rather than the bigger picture? This is critical in two aspects: First, isolating the current movement from the larger trend. For example, if the trend on the daily chart is down and at key resistance, will you continue to buy if a large candle comes out on the 1-hour chart?

The second aspect relates to managing money and risk: being able to separate your current trades from those on your larger account slows. Do you have any daily or weekly risks? Or will you trade as if there is no tomorrow? What is your plan with trading? Do you want to make it a job or just like to try a kind of stabbing luck?

# 2. Patience:

Too many traders lack the patience to educate themselves before jumping into trading or don't wait for really good opportunities. In other words, sometimes there is no setup, they continue to trade without any analysis by just playing a little bit of following the signal blindly.

Sometimes, traders can't afford to wait long enough for their trades to end. They trade without knowing whether the post they took is for intraday, intraweek, or intramonth, or maybe intrayear. Mind no analysis, it's even more touching, if you don't know where you want to exit. The glory of a trader is not when he enters but when he exits. Same there is a TP hit and get a profit or hit a stop loss and successfully guard against losses.

There are also traders who are victorious with the blink of an eye and feel they are great and have been able to reach the market direction well, then they don't have the patience to keep trading in the same lot size; then quickly duplicated posts, hoping to earn more, but actually spoiling their accounts fast.

# 3. Can adapt:

Market conditions are constantly fluctuating, and a good trader needs to be able to adjust. Your trading system should not work properly forever. Changes in market styles are valid over time, and sometimes you need to tune the system a little for a new market situation. In other words, if the trend has changed from an uptrend to a downtrend, you should be able to go from 'buy' to 'sell' and join the market.

Being able to conform is also impressed by fundamental analysis: a strong currency may weaken if the initial economy faces problems and crises. At the same time, a weak currency may help the country's economy recover within a certain period. In other words, in making fundamental analysis, you must be allowed to change with the current economic conditions. For example, if the United States is expected to increase its "interest rate", you certainly need to be willing to buy dollars and make reasonable changes in your trading pace.

# 4. Be careful:

When there is high uncertainty in the market, a good trader will be more careful when taking risks. This means giving currency to currency that is easier to access, lowering lot size if necessary, or resting than the market. A successful forex trader not only makes profits but also reduces losses.

What matters is, how much profit you can afford if your analysis is correct, and how much loss you need to bear if your analysis is wrong. If you trade with a system that is 90% correct, but if you are wrong, you are forced to lose and return your original profit, what's the point, right? In other words, you have traded with incorrect risk/reward.

# 5. Identify your weaknesses:

If you are able to be aware of your weaknesses, then you are halfway through solving your problem. For example, if you realize you don't have time to trade intraday because of work factors, why don't you trade using a larger time frame, like daily? Yes, it's true that the risk or stop loss is bigger, but can't you adjust the lot size? And, what is the need for you to rush to succeed while you already have a stable job that can help your finances, in that you are trying to make forex trading a second income, if not or not until full time? You also understand, this trader is also a job that requires knowledge, expertise, traits, and attitudes that need to be nurtured and cannot be found by the eye.

All the important features stated above will be easier to achieve if you are aware that you are away from them and try to improve them from time to time. Your personal behavior will not change, but you can still better adapt to changing circumstances, and you will be more patient than usual.

I wish you all the best! Continue to visit this site. I will update you on the latest information that helps your work as a forex trader!