I wanted to share with you my characteristics that make a good trader. A lot of what makes a good forex trader is the techniques, but there is another side to it. People just need good characteristics because they lead to a much better foundation of work ethic. If you're not doing these things right, than you're just cutting your potential short. I hope to give the correct characteristics to help you get better at this.
- Confidence: You need to have some sort of confidence in what you're doing. It's just the only way to stay sane and allow trades to form. I think I can best illustrate why you need to be confident by describing the unconfident person. This type of person sees a good trade. They do an analysis of the graph it is a keeper. The problem is that the unconfident person doesn't trust their analysis and decides to go over it three more times. At this point the currency isn't quite as profitable since everyone else has caught on, but it is still in a position to buy. After buying, the currency drops down slightly. It's so slight that it really means nothing, but the trader is feeling anxious and pulls the plug. That is what happens when you don't act confident, you hesitate and prematurely pull the plug on trades. Be confident with your decisions.
- Game Plan: There is a million different things you can do in a day trading forex, the key is having a game plan that works for you. If you don't plan, you're not going to get the best use of your resources. Take a look at what you do in a day and decide which activities yield you the most profit. Work on doing that most of the day.
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