What type of skills you need?
hello all.. i know you are very to make money but it demands sheer dedication and continuous efforts to get at the pint where you'll also be able to earn that much bucks enough to get you all the comforts and leisure of life.. it doesn't matter if you are intended to start the trading business for the same purpose there is nothing wrong in this as most who have got a special position had to go through the equal phase .. now is your turn..
My first skill is my knowledge about forex. with this knowledge I started demo trading , Apply my learning in trading to see it how this market works. Second skill is experience of trading which enables me to do dealings in successful manner. Third skill is risk management with it I can use my capital effectively. Fourth skill is emotional control to do trading realistically.
Exactly, knowledge of the forex indeed should we have if we want to succeed and we also have to keep learning so that our knowledge is increasing.
traders need more skill for trade currency in forex market. more skill make traders successful in forex market. for improve skill traders need to practice more in demo account. forex is game of skill so skill is mother of success in forex.
You need to be experienced with a demo account and also you need to have control over your emotions.
Good traders have always a good plan and strategy. I think you must build a strategy with good planning and analyze your strategy comparing or according to the market condition.
If your strategy suits then you can become a successful trader.........thank you.
Thanks for share the post with us.
What type of skills you need to start forex trading and what type of skills help you to become a successfull trader?
Hi,
Assuming that you are going to approach your trading from a mostly technical perspective using charts rather than fundamentals here are some thoughts.
I have purposely avoided anything related to a trading method as I strongly believe that this is down to the individual's personality. There are lots of different and successful trading strategies out there but the following skills I feel are universal and fundamental to a trader's success.
Getting Started Skills:
Screen Time
In my opinion the most important first skill to acquire is screentime. By this I mean spending time looking at what the market does on different timeframes, how it behaves throught the day and for different markets. Use historical data to speed through the days, or get a demo of a tool like Forex Tester to get there faster.
Understand Market Structure (Support and Resistance Levels)
When you have invested the time watching markets and how they behave you will start to get a real feel for the underlying market structure which exists in all liquid markets such as Forex. Drawing the best support and resistance levels on your charts will keep you out of bad trades and help you enter great opportunities with the minimum of risk.
Staying Successful Skills:
Manage Risk
Focus on the risk element of each trade using a money-management plan. For example set a fixed amount of money that you are prepared to lose per trade and adjust your position size so that no more than this amount is at risk irrespective of the number of pips that your stop needs to be away from your entry.
Give Your Trades Room
If you have managed your risk correctly you will be comfortable with the amount of cash at risk for each trade. Allow the trade the time to fulfil its potential, don't micro-manage it by moving your stop to break-even when you are 10 pips in profit for example. If you look at a successful traders trade log they will have...
1) Lots of small losses
2) Lots of small wins
3) A few large wins
4) Zero large losses
This is the key. You can't control the market but you can control your risk - some of your trades will hit the stop and some you will close out for a small win, these trades will largely cancel each other out. The profit will come from the trades that you leave open and manage carefully.
Keep a Record
You should keep a simple log of all of your trades. It not only lets you know whether you are winning or losing but will also provide an insight into what is working and failing. But most of all it will keep you honest to yourself. I've listed it here as a skill as it requires iron discipline to keep it up. Trust me, just try doing it for a month and see :-)
Combine these skills with a simple trading method and you will be WAY ahead of the vast majority of traders.
I hope this helps in some way. Its impossible to provide a complete blueprint to success as everyone is different and one persons holy-grail is another's nightmare system.
Pierre Sketti
What type of skills you need to start forex trading and what type of skills help you to become a successfull trader?
Hi,
Assuming that you are going to approach your trading from a mostly technical perspective using charts rather than fundamentals here are some thoughts.
I have purposely avoided anything related to a trading method as I strongly believe that this is down to the individual's personality. There are lots of different and successful trading strategies out there but the following skills I feel are universal and fundamental to a trader's success.
Getting Started Skills:
Screen Time
In my opinion the most important first skill to acquire is screentime. By this I mean spending time looking at what the market does on different timeframes, how it behaves throught the day and for different markets. Use historical data to speed through the days, or get a demo of a tool like Forex Tester to get there faster.
Understand Market Structure (Support and Resistance Levels)
When you have invested the time watching markets and how they behave you will start to get a real feel for the underlying market structure which exists in all liquid markets such as Forex. Drawing the best support and resistance levels on your charts will keep you out of bad trades and help you enter great opportunities with the minimum of risk.
Staying Successful Skills:
Manage Risk
Focus on the risk element of each trade using a money-management plan. For example set a fixed amount of money that you are prepared to lose per trade and adjust your position size so that no more than this amount is at risk irrespective of the number of pips that your stop needs to be away from your entry.
Give Your Trades Room
If you have managed your risk correctly you will be comfortable with the amount of cash at risk for each trade. Allow the trade the time to fulfil its potential, don't micro-manage it by moving your stop to break-even when you are 10 pips in profit for example. If you look at a successful traders trade log they will have...
1) Lots of small losses
2) Lots of small wins
3) A few large wins
4) Zero large losses
This is the key. You can't control the market but you can control your risk - some of your trades will hit the stop and some you will close out for a small win, these trades will largely cancel each other out. The profit will come from the trades that you leave open and manage carefully.
Keep a Record
You should keep a simple log of all of your trades. It not only lets you know whether you are winning or losing but will also provide an insight into what is working and failing. But most of all it will keep you honest to yourself. I've listed it here as a skill as it requires iron discipline to keep it up. Trust me, just try doing it for a month and see :-)
Combine these skills with a simple trading method and you will be WAY ahead of the vast majority of traders.
I hope this helps in some way. Its impossible to provide a complete blueprint to success as everyone is different and one persons holy-grail is another's nightmare system.
Pierre Sketti
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What type of skills you need to start forex trading and what type of skills help you to become a successfull trader?