6 Characters A Trader Must Have
As we know, forex trading is an investment in trading currencies from different countries with the aim of making a profit.
Having abundant profits and becoming a professional trader in the forex market is certainly the dream of millions of traders in this world, including you.
All the success you want to achieve will be the real fruit of every willingness to keep learning and trying, including when you become a forex trader.
There is nothing wrong with making a profit, including in a relatively short time. However, the most important thing to understand is that to achieve profit in forex trading requires consistency and continuity so that your target can be achieved.
To achieve success, a trader will continue to practice his trading skills to get better as did the following successful traders who come from various backgrounds and characters that you can use as lessons as well as motivation so that you can achieve success in forex trading .
Characteristics of successful traders:
1. Tend to use the left brain
Is it true that someone who is good at math is more dominant with the left brain?
Of course it's true!
The left brain is always associated with logic, the ability to write and read, and is the center of analytics.
Therefore, some experts often mention that the left brain is the center of Intelligence Quotient (IQ) such as the ability to reason, plan, solve problems, think abstractly, understand ideas, use language, capture power, and learn.
Someone who is more dominant with the left brain will prioritize logic in the decision-making process and do things with careful calculations.
This analysis and logic is one of the characteristics possessed by successful traders to help interpret what the price movement chart shows.
A trader will decide whether he will make a transaction or not based on all logical considerations.
2. Happy to analyze
Not many people have analytical character, including in forex trading.
Analytical figure is often considered as someone who is logical and objective and able to find simple things in complex problems. Analytical types also have an interest in looking for patterns and data.
So that what he sees is based on an objective view, because everything is based on facts. This is also what you have if you become a trader.
If you have good analytical skills in reading price movements and data related to forex, then this can help you determine a 'deadly' transaction strategy.
A good analysis can be used as a tool to reap more profits. You can still benefit if you don't have analytical skills. But the advantages that come from the luck factor will never last long.
It's different than if you do an analysis with careful calculations. The benefits that you will get of course can be many times.
So, do you already have this analytical skill? If so, it means you are one step ahead to become a reliable trader.
3. Have good psychology
What is the relationship between forex trading and psychology?
Trading activities at any level in general will always involve emotions, even if you are a trader who has an extraordinary level of intelligence.
But believe me, no matter how great a trader's abilities are, if they are not balanced with good emotions and behavior, they will not be very useful.
In forex trading, good psychology will determine a trader will be successful or lose. There are 3 elements that determine the success of a trader, namely:
1. Method (analysis),
2. Money (money and risk management), and
3. Mind (trading psychology).
Successful traders will have all three compared to most traders who are more focused on trying to learn the Method without any Money let alone Mind.
So, don't be surprised if you will find a trader with ordinary intelligence who can gain more and consistent profits than other traders because one of the keys is that successful traders have good emotional control.
Keep in mind that if you want to trade forex with the desire to make a profit, then things like this will not be enough to help you achieve the profit you want.
Simply put, a logical and clear mindset will help you avoid the volatile emotions that often make a trader's trading decisions lose.
4. Fast in absorbing information
Have you ever read and understood a paragraph in just one reading?
If yes.
Safe! You already have the best capital to become a potential successful trader!
Why is that?
If you can absorb all news or information related to forex trading in a quick count, then you have the possibility to be able to take opportunities one step faster than other traders.
Therefore, you may have a great opportunity to make a profit first with a bagged strategy.
5. Be firm in your stance
A successful trader will not be afraid to be in the minority or stand firm! Why is that?
Successful traders have their own opinion based on the analysis they have made and will stand by the analysis even though the majority of people around them are against it.
In fact, the "followers" in the world of traders often come out as losers. While someone who holds fast to his beliefs, often comes out as a winner.
You need to know, in the world of forex trading there will be many people who offer "lucrative help" by claiming that they have the best trading strategy, and trying to offer that help to you.
Of course it's not free! There will be costs that you have to spend to buy "knowledge" at prices that are often unreasonable.
If you see this offer, smart traders will certainly be more selective in choosing it and not easy to believe.
The trader will prove it first based on his own experience. To him, "If it's sounds too good to be true, it's not true at all until proven otherwise."
So, if you are one of those traders who are not easily influenced by other people's opinions that are different from him, then you have taken one more step to become a successful trader!
6. Have a great desire to succeed
Success is everyone's choice and even a dream for all traders including you. Successful traders will continue to have that desire in their trading plans. They will always use analysis and prioritize their abilities.
If today they have not profited from the trades they made, then the trader will fix it tomorrow.
Successful traders will realize that success itself cannot come instantly if it is not balanced with effort and hard work.
Success cannot be bought, nor can it be exchanged for anything. But success can be created through faith, the ability to listen and careful planning.
Well, for those of you who have started but often experience failure in trading -- keep learning and trying until you can really succeed.
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