Seven most important qualities of a professional trader

Most important qualities of a professional trader

As you know, not everyone can succeed in the Forex market (statistics - only 5% of traders regularly earn, and the remaining 95% suffer losses).

Beginner traders (beginners) should understand the following - it is impossible to become a professional trader in 5-7 days, because the path from a beginner to a professional is very long (it takes 5 years for someone, 15 for someone). Like any profession, trading requires certain knowledge and experience.

The main qualities of a professional trader:

1) a true professional knows how to manage his emotions, because psychology directly affects the results of trading. Many newcomers experience emotions such as greed and fear in trading, which lead to disastrous consequences. Therefore, there is no place for emotions in trade, only “sober” calculation should be present in trade;

2) there is such a thing as self-confidence, it is self-confidence that will not allow you to become a real professional in your field, it never leads to anything good. The market does not tolerate too arrogant players, such a phenomenon very often leads to a loss of money. Some beginners are very easy to trade and this is a big mistake;

3) a professional trader always uses his trading strategy. Beginners spend a lot of time in search of an “ideal” strategy that will allow them to become a billionaire in an instant. But this does not happen. Sometimes newcomers use "alien" strategies in their trading and do not improve them for themselves; this will not lead to anything good. Therefore, you need to create your own strategy and then trade on it (the best strategy is the strategy created by the trader for himself);

4) the trader must conduct an effective analysis of the current market situation before entering the transaction and after exiting it. For traders, the priority should be given to the quality of transactions, not their quantity. Before opening each transaction, an analysis (assessment) of the current market situation should be carried out in order to select the correct direction of the future transaction and the optimal time of its existence. It is useful to analyze already completed transactions, this will reveal a number of major trading errors and correct them. For his career growth - the trader is constantly forced to refine his strategy;

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Damian

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I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....