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The 5 most underrated qualities of a Forex trader

  1. Passion: There are skills that you can develop overtime but passion is the only one thing that can never be taught or learned. There are only two situations: either you have passion or you don’t. There’s no other way round.
  2. Discipline: Discipline is in showing up everyday with a fresh mind and a new approach. You can’t skip your trading routine only because you are your own boss. A good trader is the one who is obliged to do his job, instead of bending his routine according to his requirements.
  3. Patience: Market never works according to you. Nomatter how good a trader you are, you will have those moments of failure and the only thing that can push you ahead is patience.
  4. Consistency: Just because you didn’t win in any of your trades today doesn’t mean you'll overtrade. If you have frequent wins, that also doesn’t mean that it's your lucky day and you can take a bigger risk. No! Trading doesn’t work like that. Never overtrade and never under trade either.
  5. Right mindset: Right strategy, right edge but a wrong mindset can never make you a winner. You can only achieve your goals if you approach them with the right mindset.
 
Well written points here and i would like to add one more point that is knowledge , because without proper knowledge a trader can never succeed.
 

Jason

Administrator
and basically put:

The concept of trading forex can be hard to wrap your head around. Here's how it works: Currencies are always traded in pairs, such as the Euro and the U.S. dollar. When you trade forex, you always buy one currency and sell another (which is why currencies are also always quoted in pairs).
Currencies rise and fall at different rates (for example, the Euro may rise while the U.S. dollar falls) based on geopolitical or economic factors such as natural disasters or elections. Based on those kinds of factors, you might think that a related currency — for example, the Euro — will rise in value. You could then buy Euros and sell U.S. dollars. If your prediction panned out, and the Euro did rise in value, you would make a profit. Of course, there are many more nuances that make forex trading complex.
 
These are really the qualities that are often overlooked by the traders. It’s very important to keep yourself grounded after consistent wins and even more important to not lose hope irrespective of trade going against you. All of this is a part and parcel of trading.
 

rayJ

New member
I think first point can be ignored if we focus on the other points which make up the first point.
 
Mathematical and analytical skills for me. Traders often ignore the fact that there’s a lot of math involved in currency trading. If you are good at it, you can understand the data more easily. Therefore, with any other skill you must also have mathematical and analytical proficiency.
 

brentcrawford

New member
The biggest quality that keeps a trader moving is their patience. When a trader can patiently take everything that comes their way and act accordingly, nothing can stop the trader from succeeding, at least to a certain level.
 
Well written points here and i would like to add one more point that is knowledge , because without proper knowledge a trader can never succeed.
Yeah, right! We cannot overcome the importance of education and knowledge in a trader’s life. A knowledgeable trader is capable of being more versatile in the forex market.
 
I think first point can be ignored if we focus on the other points which make up the first point.
That’s why they say that every trader has a different mindset and trades differently. It’s up to you to find what works for you and follow that. We can have different opinions.
 
The biggest quality that keeps a trader moving is their patience. When a trader can patiently take everything that comes their way and act accordingly, nothing can stop the trader from succeeding, at least to a certain level.
Agreeable! A trader who is well-acquainted with the fact that it takes time to become successful at forex trading and can keep patience along the way, is bound to succeed.
 

geraldinemarsh

New member
In order to become successful at trading, a trader needs to learn to be disciplined. They must create a trading plan and should follow it no matter how lucrative other ways look. It gets easier to trade when you have pre-calculated the entry and exit points. Any distractions can lead to trades in the opposite direction.
 
Completely agree with all the qualities that are mentioned, I would just like to add one more that is ADAPTABILITY. Every trader must plan a real time market strategy and adapt to current market conditions, otherwise non-adaptability will commonly result in a capital’s swift drawdown.
 
In order to become successful at trading, a trader needs to learn to be disciplined. They must create a trading plan and should follow it no matter how lucrative other ways look. It gets easier to trade when you have pre-calculated the entry and exit points. Any distractions can lead to trades in the opposite direction.
Definitely. Having a trading plan reduces the time which is spent on contemplation. It serves as a roadmap and guides you to making the right decisions at the right time.
 
Completely agree with all the qualities that are mentioned, I would just like to add one more that is ADAPTABILITY. Every trader must plan a real time market strategy and adapt to current market conditions, otherwise non-adaptability will commonly result in a capital’s swift drawdown.
Can’t agree more. If you want to befriend the market, you need to put in the efforts to adapt yourself to continuously changing market conditions.
 
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