According to research, the Forex market is the largest trading network in the entire world; it has about 1.8 trillion dollars being exchanged everyday. There are dozens of various currencies that are exchanged; however, the major currencies are the U.S. dollar, GBP (British pound), EUR (Euro), NZD (New Zealand dollar), CHF (Swiss franc), JPY (Japanese yen), AUD (Australian dollar), and the CAN (Canadian dollar). All these currencies are exchanged at diverse exchange rates that are always in a state of flux due to the fact that the market deals around the clock (from Sunday to Friday).
The instability and spread size of the market mean that there may be adequate fluctuation to generate massive profits as well as massive losses. The most difficult task for the trader is to forecast or predict the direction of the market. The Genesis of every investment is to strategize and decide the type of analysis that will be used; therefore, the key secret to becoming a successful Forex trader is to strategize and analyze.
In order to make use of this analysis, you need to consider the countries’ interest rates as well as other financial and technical indicators. Most of the technical indicators that professionals use in this kind of analysis include:
- The Moving Averages (M.A)
- The Breakout Points
- The Support & Resistance
For you to be a successful Forex trader, you need to have these secret qualities.
We can never underestimate the power of passion because it is the only difference between having a job and having a career. So to be a successful Forex trader, you need to be passionate about what you do.
Many people come to the Forex market with the dream of being a successful trader, and if they don’t make it at first, they usually give up before achieving their goal. If you want to trade Forex, do it with passion — your passion is your strength
Self mastery is the act of being focused and disciplined to use the knowledge you have obtained. We all know that practice makes perfect, so in order to be a successful trader, you need to master what you have learned. The importance of self mastery can never and will never be over emphasized.
Discipline is the bridge between goals and accomplishment, so when things get hard in the Forex market, and you are losing money, it is very easy to overreact and make outrageous mistakes. Forex trading requires a lot of discipline toward risk management because it is a virtue, and it means doing the things you need to do even if you don’t want to. You must also accept the fact that you are totally responsible for what you do even if you are being told to do it.
Patience is not the ability to wait, but how you act while you are waiting. The key to everything in life is patience. Developing your currency-trading plan and also your skills in the Forex market will take a lot of time, so we have to wait for the right trade opportunities before making our trade. This same factor applies when exiting a trade. Note that a moment of patience will save you a thousand moment of regrets, so you truly need to be patience while trading to get the best result.
Accurate information is the key to success. Therefore, in this age of information, ignorance is a choice. You should be able to have the time for your market analysis, and to read the Forex news as well as Forex articles. Make sure you know Forex as well as you know your wife at home or best friend before partaking in the business.
If you can follow the steps that are listed above, I assure you that you forex trading career will be a success.
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