Fundamentals of Successful Forex Traders @ forexrates.today

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Key Characteristics of Successful Forex Traders
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Forex trading is very rewarding, however, it
contains several risks too. Trading without
having good strategy can cause you heavy losses.
So, every trader needs to understand the basics
and fundamentals before getting into forex
exchange market. However, there is no
one-size-fits-all approach. Experts say that
there are certain habits that every trader needs
to opt to maximize his/her chances of becoming a
successful trader.
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Trading with a plan

• Without good planning it is almost impossible to
  sustain in forex market. For great planning, it
  is necessary to study about the fundamental and
  technical analysis of the market. Apart from
  monitoring forex rates today, you need to have a
  specific plan to deal with each position. It
  includes position size, entry point, stop-loss
  exit and take-profit exit.
• Many experienced traders sometimes settle for
  less profit when they see that they can't take
  out any more from the market. On the other hand,
  they extend their profit-targets if they see
  market trends are shifting in their favour.

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Keep a record of your activity
Tracking your daily trading activities helps you
to understand what works and what doesn't.
Through regular observation, you will be able to
learn new things which help you to reap benefits
in the long term trading.
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Make trading strategies on the basis of outcomes
Best players in the forex rate market also think
about future market events and do analysis about
how much they can earn (or not) from these
expected events. They also make trading
strategies to tackle the unexpected situations in
the market for avoiding heavy loss.
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Watching other markets
While trading in forex exchange market, many
traders take updates of the other financial
markets too. Other market include stock market,
oil, gold and commodity markets. Keep an eye on
these financial markets as events of those
markets can have significant impact on Forex
market too.
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