By NoBrainerTrades -
The below list comprises a number of different observations of myself and others through experience working with traders of all shapes and sizes, and is equally relevant to all. Some of the information is rehashed and/or might sound cliche, but here it is:
They are experienced – Probably the most horrifying and worst myth shot out to anyone considering trading for a living is that you will compound millions in an extremely short amount of time. The only true way to make every day profitable comes through experience, and countless hours learning is crucial to longevity of success.
They know the damage they are capable of – Notice I didn’t say potential or profits here. The best traders I know of understand their limits, and seem to focus more on what can go wrong than what can go right. They are not easily convinced of lucrative outcomes, and have a very high sense of self-awareness.
They trade to make money, not to be right – They understand the strengths and possible pitfalls of what it is they do for a living, and use that knowledge to curb their emotional output.
They have an edge and know how to use it – They understand that without it they wouldn’t last long
They have a gameplan, and follow it explicitly – Each trade is planned and opportunities are scouted for before any trading takes place. They steer away from the killer of all killers: overtrading.
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By FXDD - The AUDUSD has fallen back below the 0.8036 level which represented the high from July 7th. The pair has tested the 100 bar moving average at the 0.8013 level and will need to be broken to continue the downside correction. If broken the target will look toward the 0.7981 level which represented the ... ...
By Forex District – Retail traders tend to be quite independent souls. We like to make our own decisions, hit the trigger or not hit the trigger; long or short; which pair today; what position size; what strategy; do our own homework. Being in charge of our own coin, having the latitude to make our ... ...
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By Back Bay FX – We have held a long-term bullish view on the USD since the Federal Reserve’s June 24 FOMC statement. Our view has been tested in the early days of July, but we remain convinced that EUR/USD and GBP/USD will fall. Our reasoning stemmed from the FOMC statement and the actions of the ... ...
By Forex District – The Dollar and the Yen advanced against higher yielding currencies as concerns mount over the quickness of the global economic recovery. Even as Government stimulus packages and enormous liquidity measures by Central Banks have been implemented, the economic slump is not expected to be followed by a sharp and sustained reb...
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By Wachovia – Gain a wider view of the factors behind current economic news with comprehensive analysis and commentary from Wachovia Economic Commentary and Currency Risk Management Groups. Read Today’s Wachovia Daily FX Report Here ...
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