Trading can be a difficult business if not dealt with properly, it’s easy to lose your money all in one go and unfortunately for all the math whizzes out there, there is no complicated, quantitative formula that can be used to attain success while trading, to really get a deeper understanding of trading - especially forex trading- you must break down all its key components that are far from quantitative and try to fit and apply them to all the practical situations you face as a trader.
1. Expertise in Trade Entry
It is wise to always have a strategy before entering a trade otherwise you’re likely to get slaughtered. Many forex traders fail simply because they don’t think strategically beforehand, the key to thinking strategically however is to not plan everything to the point.
There is such a thing as too much planning, if you combine two or more strategies and try and cram all that into your brain, you’re likely to fail. Instead, opt to perfect just one strategy so flawlessly that you won’t need to know anything else. It’s good to note your strategic plan down or make bullet points, being prepared is essential and going in, unprepared is forex trading suicide.
2. Qualities of a Good Trader
All the trading you do is dependent on what kind of a person you are; forex trading is a personality quiz of sorts and to be a successful forex trader you need to possess the qualities of an innovative thinker and leader. Discipline is something without which no trader can ever be successful, discipline entails that you can’t be constantly interfering in your trades after you enter them.
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