Most Important Personal Qualities in Trading (forex)

[Jasz]

I believe that the most important personal qualities in trading are patience and perseverance. These qualities will help you to stay focused and do not give up easily. They will help you to have the courage to take action when the market is going against you.

You need to have a good sense of time management in trading. You should be disciplined enough to keep a daily plan for your trades, set stop-losses and take profits according to your plan. This will help you avoid emotional decisions which can lead to losses because sometimes emotions take control over our minds and we make irrational decisions based on them.

You should also have a good understanding about psychology, psychology of fear and greed etc. In order to make money in this game, you need to understand how markets work and how they react on certain events or information given by sources such as news or social media posts etc., The more you know about these things, the better your chances are getting in the market.

 

[Jack Reacher]

A trader can win forex by learning it properly. So, I always recommend traders to bring knack in both technical and fundamental analysis because it is congenial for them. Eurotrader provides more than 200 technical tools so technical analyzers can analyze the market well.

 

[Shaf]

Just like every other business, you need an equal measure of skills and personal discipline to be successful.

You need to learn how both technical and fundamental analysis work in trading, their correlation and how they can affect prices in different ways. Ignoring one of the two can make you miss out on a profitable trade or lose money horribly.

If there is bad news about a currency, that's fundamentals and you should consider the possible impact it will have despite the fact that your technical analysis is going the other way.

You also need control. Controlling your emotions in trading and behaving like a robot will definitely give you massive returns. It's easier said than done and you can find yourself feeling overconfident after a series of winning trades.

Most people tend to go over the limit them with their leverage and get liquidated when the trade goes the other way. Some people learn to take time off the market after a series of loosing or winning trades just to stabilize their emotions.

 

[Asahi]

There are mainly two types of trading platforms including mt4 and mt5 and if you trade stocks or more than one asset class, mt5 is the right platform for you. On the other hand, for trading forex and CFDs, mt4 is the best trading platform for you. You will find both the platforms available on Eurotrader broker.

 

[Vigorish]

Very well written post indeed. I believe a person must be disciplined, passionate, and shouldn't lose focus. He/she should be capable of handling stressful situations with a compassionate and strategic approach. Also, they must understand that anxiety feeds on insecurity. Thus, they should follow a practical outlook to repairing faults and turning them into profitable prospects.

 

[Emptings]

Yes, patience is extremely important if traders wish to profit consistently. Those who rush into the market with no plan often fail miserably. Building knowledge and skill is a great way of understanding the market on the whole.

 

[Electuary]

Pro traders trade with a plan and never execute a trade if they are unsure. They employ trading tools in accordance with their risk tolerance and avoid trading beyond it. Moreover, they are committed to improving with each trade they make.

 

[BinarySumo]

In my personal experience, a good trader is consistent. You could be a horrible trader when you start. But if you show up everyday and improve little each day, you could become an excellent trader over time.

 

[Serment]

One of the most important qualities of every forex trader is discipline. If the trader is not disciplined, there is nothing he can achieve through his trades. He must be able to plan things in a disciplined way and follow the plan strictly. Discipline also avoids the trader to flow with the emotions, and they tend to make more rational decisions.

 

[Sociable]

In my perspective, discipline is the most important quality for a forex trader. The risks of trading will affect you if you lack discipline. These dangers consist of FOMO, greed, and fear. You can only reach your trading objectives by being honest with yourself and being disciplined.

 

[Zootoxin]

Traders need to analyse the market dynamics to learn how to move in the right direction. They should plan and come up with a strong strategy that will help get them the profit they seek. They must be organised, adaptable and self motivated. If they focus on lowering risk, there is a chance they can get consistent. Patience is a very important skill.

 

[OtherClam]

As per my trading experience, consistency is an important trait that all traders should have. I have put small efforts every day and become profitable over time.

 

[Finger Geek]

That is true, patience is what is needed to be able to be successful forex trader. This is one of the error that most new forex traders are committing that made them.tonhas lots of lost and making them to decide that forex trading is very risky business to do.

At first when they are starting forex trading, thy should know that it is 50 50 chance for them as they are new to trading forex. As a beginner we need to be patient enough to be able to master forex. Forex is not a paid to post forum that we will follow a rule for use to get paid and not to get banned from the forum. There is no rules to earn profit and to loss but the only rules available I'd for us to minimize our lost and to rise back. When we are patient with our trades and did not enter trades when we are not supposed to enter, we will be able to master the trades and develop strategies for us to trade forex with good returns

 

[Ludicrism]

Forex traders need to have a certain amount of discipline. They have to resist the urge to take trades too quickly or do not give themselves enough time to study the market. They also need patience as they wait for opportunities to present themselves. Finally, they must be able to read and understand market signals properly.

 

[YellowWitty]

If you have a good learning attitude and are consistent, you can go far in the market. A majority of the traders take forex lightly and are not committed to it. If you do the same, you are likely to fai.

 

[AtomicDating]

Patience, utmost discipline, and dedication are needed for any trader to be successful in the forex market. Patience is the key to everything in the forex market.

 

[Archetype]

Patience in forex trading pays off in the end since it allows you to sit back and wait for the proper trade setting. Most traders are too ready to trade anytime an opportunity presents themselves. This is most likely due to our human nature and desire to make a "fast buck."

 

[Polyglot]

One of the most important is assertiveness. A trader who is assertive and flexible will be able to adjust in the ever changing market is much more successful than one who does not.
assertiveness can mean different things to different people, but for most traders, it means being willing to take risks and make decisions quickly – both of which are essential traits for a successful forex trader.
Another quality is Patience is a crucial personal quality which every trader must have. A patient and planful person is the most powerful person in trading.

 

[GorillaOcean]

You must be patient when first learning forex because it is not an easy thing to master. You must also be dedicated because a lot of hard work is required if you wish to succeed.

 

[Sotherefore]

From my experience of the forex market. I can said that all the things you have stated up there is what must be exhibited by someone that is interested to trade the forex market with profit. Is not going to be an easy thing adjusting your self to fit into what is required in the forex market but it is better for your own good because that is the only things that prevent so many people from making profit and a lot of people will keep on losing in the market when all these things are not completely exhibited.

I am not saying that I am perfect but I am trying all my possible means to make sure I don't attach my emotion into a forex trading career because fear is one of the things that makes many people to lose and I just needs to train my mind to avoid fear most especially when I generated the required signal.