10/01/2013
QUALITIES OF A SUCCESSFULL FOREX TRADER.
In Forex trade, you don't need to know all the technicalities and trading strategy of an FX guru or professional before you can start making money. The most important thing is that with what you know you are making profit constantly from the FX market.
The following are steps to be successfull in Forex Trading:
(1) Believe in your profitable strategy. You should have demo traded your strategy long enough and proven it to be at least 65% (or above) profitable. But sometimes the market might not move immediately in your favour, but you have to be patient. Don't panic and allow emotion to control you and your trade decisions.
(2) Refine (upgrade) your strategy. Constantly review your strategy. Sometimes our strategies have loop holes, but we will not see it if we are not sincere to ourselves and are not ready to do some brain storming. Ask yourself this questions: What are the loop holes to my strategy and what are the ways out? If you keep doing something in a particular way and it is not working for you, and you refuse to make a change, you will definitely fail again and again. Be open to change!
(3) Be open to other knowledge (but don't apply any new knowledge or strategy that you have learnt to your life or real account until you have demo traded it for at least 1 or 2 months and you have proven it to be at least 65% profitable). Having too many strategies sometimes can get you confused, so it is adviceable to stick to your profitable strategy even while you are open to other idea or knowledge.
(4) Be decipline in obeying the rules (do's and don't) of your strategy. Decipline is the key in success in FX. How decipline you are in doing or obeying the rules or guidelines of your profitable strategy will determine your level of success in FX. Be decipline!!
By: Joshua Wowo
Senior Currency Strategist
Ripples Investment.
[email protected]
07062606055
