3 Forex Trading Levels - Where Do You Stand?
The Beginner
Every trader must start somewhere to study the logistics of how forex works. The beginner trader's goal is to study the forex constitution, understand them and establish a methodology to work on.
Even before a trader decides to learn charts and fundamentals I think it's absolutely imperative to understand your own personality traits in order to create a winning trading methodology. Very few trader will ever highlight on this issue.
All your past habits, mindset, and they way you will react to day-to-day events will come into direct play when it comes to determine your success or failure in forex trading.
Moreover, if your personality conflicts with your trading psychology then chances are you'll likely default in making wrong choices.
The CompetentThe competent traders are one who have gained conscious competence in forex trading.
Such traders have learned to distinguish between emotional trading versus trading based on educational training.
In this forex trading level, competent traders have created their trading methodology and begun to trade real money account with confidence.
The ExpertThe expert traders are on who have gained unconscious competence.
In this forex trading level, literally speaking, such traders execute profitable trades without any emotion. The expert traders are one who have figured out ins and outs of the forex trading. Such traders trade with confidence and achieve consistent financial returns.
Every trader must have a goal. Well all trader claim they have a goal. However, my goal as a forex trader is quite different from many trader's goal.
My ultimate goal is to reach the expert status while many trader's goal is to hoard as much cash as they can in a short period of time. This difference in our goal also determines who will likely success and who will fail.
