The Many Aspects of Forex - Part 1

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TLenyk

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5 Good characteristics of a successful forex trader are; commitment, discipline, stewardship, continued education and patience. These are human characteristics of a successful fx traders,

Commitment- Forex trading is a business. To be a successful FX trader you must learn the FX process. Start with learning the basis, move to immediate level and then progress to the advanced level.

Discipline - If you are an undisciplined trader you are setting yourself up for failure.

Stewardship - Mange your money, by allocating your funds correctly. Do over leverage yourself.

Continued Education - The market is constantly changing. There is always something new to learn.

Patience - Chinese proverb says, "patience is a great virtue". Wait for trade to come to you.

There is a lot more to being a successful forex trader. You will need to learn and master several fx skills which are; market knowledge, anticipated trades, rules of our trades, trade confirmation, and trading psychology. The last one is a biggie.

Market knowledge and Anticipated Trades - This is comprised of support and resistance, fibonacci ratios, moving averages, breakouts and trading ranges.

Rules of Our Trades - These are set ups for high probability for movement to happen; 6 aces, 6 aces reversal, royal flush and a wild card. These are the rules you must follow.

Trade Conformation- Oscillators, MACD, moving averages, big pictures, 240 minute trend charts, fibonacci ratio, margin management and over leveraging.

Trading Psychology - This is the head games that go along with fx trading.

Forex is a learned skill that requires a lot of practice to be successful. Some traders grasp the skill and concept quicker than others. Everyone one learns at a different pace and vi a different method. It is practice and being committed which is the key to being successful.

Forex is a great business it runs 24 hours a day, 6 days a week. The forex doesn't care if about your educational level, race color or creed. What does matter is that you know how to create a great trade and build a margin. Forex can be a great place to way to make a living or earn extra income. It can also be a venue where you can lose a lot of capital if you don't educate yourself. Never risk more in the forex than you are willing to lose.
 
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