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Traits of a good forex trader

traits of a good forex trader

are only about five seconds of actual trading activity during the course of the day. What makes great traders so great, is that they are extremely comfortable with taking risks. The way a trader executes his trades, how he performs his analysis and the way he respects his rules is much more important over the long-term than the outcome of a single trade. The difference between a successful trader and an unsuccessful one is that most successful traders win slightly more on their winners than they lose on their losers and typically win slightly more often than they lose.

At this time, you must have the discipline to believe in your system and forex analysis tips not to second-guess. Most successful traders commit themselves daily to sticking to a set of money management rules. Or the service they subscribe to shuts down, and now they have no idea how to trade because they relied too heavily on someone else. The personal inventory requires looking at your discipline, patience, adaptability, mental-toughness, independence, and forward-thinking). Most traders that keep a journal do not spend time assessing each trade decision and documenting the reasons why a trade was successful or not. Process-oriented thinking, most traders are process-oriented thinkers which means that they only judge their abilities based on the outcome of their trades and their P L (broker account statement). A trader must be able to look at the price action of each day and determine the best way to implement (or not implement) their strategies, based on the conditions that are present that day. We have the testimonials and private emails to prove. The video below explains the differences between results and process-oriented thinking.

Traits, you Need to Develop as a Day Trader - The Balance