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19th July 2016
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Characteristics of a Successful Forex Trader

If you want to be a successful forex trader, you need to have a lot of patience. Forex is the place where you can make a large amount of money, if you trade wisely. There are some characteristics that you should have in order to be successful forex trader. Some of them are discussed below, as shared by expert forex broker easy Markets:

Know your goals

Before starting any journey, it is essential that you know where to go and how to go. In the same day, when you are trading in the forex, it is important that you know your goals and chose ways how to get there. Choose a trading style that helps you in achieving those goals. Different types of approach are needed for different types of trading style. So be sure that your trading style matches your personality. You will face certain losses if your trading style does not help in achieving your goals.

Choose your broker

Be wise while choosing the broker. Check if the broker allows you to do the analysis that you need. In the forex market, the importance of a broker is huge. So be very selective while choosing the broker. Do all the researches that you need to. Know all the policies of the broker. Also, don’t forget to read the broker’s documentation. See that the trading platform that the broker is offering is suitable for the analysis that you have to make.

Select your methodology

It is important that you have some idea of how to make a trade before you enter the forex market. While making a decision about whether to enter or exit a trade, you must know all the required information. There are people who use technical analysis, while there are others who look at the underlying fundamentals of the economy to use a chart.

Time frame

Time frame is important while trading in the forex. Many traders get confused because of this. There may be conflicting information, if you look at the charts in different time frames. If there is a sell signal on the intraday chart, there may be buy signal on a weekly chart. So make sure you synchronise the two charts. Wait until both the charts are giving the same signal.

Calculate your expectancy

In order to determine how reliable your system is, use the formula of expectancy. Measure all your winning trades versus all your losing trades. Then calculate how profitable your winning trades were compared to how much your losing trades were.  

Learn from mistakes

Know to learn from your mistakes. Accept your small losses. Try not to make the same mistake second time. This way, you will be able to make a lot of money. 

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