5 Trading Skills That Every Forex Traders Needs

1
5 Trading Skills That Every Forex Traders Needs
2
Index

1. Trading Skills That Every Forex Traders Needs
2. Analytical Skill
3. Research
4. Focus
5. Control
6. Record Keeping

3
(No Transcript)
4

• Skills are learned. With a bit of effort, traders
  can gain their analytical skill, research, focus,
  control and record keeping.
• The investment of time and energy will pay off in
  better trades.
• There are many routes to becoming a
  professional trader.

5
1. Analytical Skill

• One skill every trader needs is the ability to
  analyse the data quickly.
• There is a lot of math included in trading, but
  it is described through charts with patterns and
  indicators from technical analysis.
• Consequently, traders need to develop the
  analytical skills so they can recognise trends
  and trends in charts.

6
2. Research

• Traders need to have the healthy appetite for
  information and a desire to find all the
  appropriate data that impacts the securities they
  trade.
• Some traders create calendars of economic
  releases and set announcements that have
  calculable effects on the financial markets.

7

• By being on top of those information sources,
  traders can react to new information as the
  market is still digesting it.

8
3. Focus

• The focus is a skill, and it increases the more
  traders exercise it.
• Because there is so much financial information
  out there, traders need to be able to hone in on
  the valuable, actionable data that will affect
  their trades.
• Some traders also focus in on the types of
  securities they trade so they can increase their
  understanding of a particular sector, currency or
  industry to the point where it becomes a
  competing advantage against less specialised
  traders.

9
4. Control

• Hand in hand with focus controls.
• A trader needs to control his or her emotions and
  stick to a strategy and trading plan.
• There is particular importance in managing risk
  by using stop losses or taking profits at set
  points.

10

• Many of the strategies are designed, so the
  trader loses a little in bad trades and
  systematically earn more on good trades.
• When a traders start to get emotional about their
  trades good or bad strategy goes out the window.

11
5. Record Keeping

• One of the most important thing in trading is
  record keeping.
• If a trader records the results of his or her
  trades diligently, then improving is simply a
  matter of testing and tweaking the Strategies to
  find a successful one.
• It is hard to show the real progress if you are
  keeping accurate records.