What type of skills you need? - page 2
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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
i think knowledge and skills are very important to trade in Forex. Forex can not be done without Knowledge. so every trader must has good level of knowledge and skills if you he wants to be a good and successful trader.
I think the main and big skill you need in Forex is having good knowledge about Forex. Without knowledge it is very hard to survive in Forex. So always a trader should learn the basics of Forex before start trading.
skills and knowledge is very important in forex. because we are not going to succeed in forex if we do not have the skills and knowledge of good trading. for that we need to improve the skills and knowledge of good trading
Every successful trader knows what type of skill he is needed , he can not o awy from basic knowledge and rules of forex. Good trading want good knowledge practice , plan and control on emotions while we are going to face market. I need to improve my planning and management skill.
a good trader always prefer to learn the basics of Forex and have good strategy and plan and it is good to make good profit in Forex trading.
a good trader always prefer to learn the basics of Forex and have good strategy and plan and it is good to make good profit in Forex trading.
Agree. And this is the things that newbies should learn and understand. Learn the basic of forex trading and it's risk, learn how to do trade by hanging around in demo account, try to build your own trading system and then you're ready to do live trading.
Hi, I am a Professional Forex Fund Manager. If you are a Forex trader or willing to invest in Forex trading to gain profits up to 100-500% in 4 weeks, please check our trading results at:
Pipcutter(dot)com
E-mail: info@pipcutter(dot)com
Skype : mark.laurent7
You can leave your email address to us, and we will contact you to share detailed information about Forex. Thank you.
Hi, I am a Professional Forex Fund Manager. If you are a Forex trader or willing to invest in Forex trading to gain profits up to 100-500% in 4 weeks, please check our trading results at: PIPCUTTER
E-mail: info@pipcutter.com
Skype : mark.laurent7
You can leave your email address to us, and we will contact you to share detailed information about Forex. Thank you.
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