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Abstract:Instead of challenging competence, forex trading is a test of personalities.
Some people consider themselves smart cookies, believing that they can succeed in the forex market as they did in workplaces. Unfortunately, it is not the case. Instead of challenging competence, forex trading is a test of personalities. Therefore, the characteristics presented herein are conducive to making money in the long run.
1. Be cool-headed when observing the market
Being calm is of paramount importance! Please keep your emotions immune to rises and falls. Youd better make a plan before your entries, fully follow it amid your transactions and wait for opportunities calmly.
2. Be alert to the gamblers fallacy
It is necessary to stop trading in face of unexpected volatility in an ever-changing market. Please equip yourself with a long-term view as losses are transient.
3. Be patient
Some traders think they can trade at any time because they have seen various technical indicators, thus making themselves impatient for favorable trading signals. This conduct will lead them to losses.
4. Be decisive
Hesitation can do nothing but let you miss the perfect timing of trade! Hence, please place orders decisively when trading signals occur.
5. Learn lessons from others
People who are confident about their intelligence cannot enjoy long-term profits. They tend to ignore the experiences of others because they are prone to overconfidence due to their competence in other fields. However, your life will be easier if you stand on the shoulders of experienced traders.
Download WikiFX to get lessons from experts who have traded forex for over 20 years. (bit.ly/wikifxIN)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Successful trading is a challenging route that needs a trader to develop specific abilities, do comprehensive market analysis, and keep up with financial news.
Trading signals leading you to failure have been summarized herein for your reference!