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 ... ...
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 ... ...
By Forex District – The pair is slightly higher but having a hard time above 1.4000. The Euro rose ahead of the German ZEW economic sentiment as risk appetite spurred demand for the currency and investors anticipated an advance in the index. However, the pair dropped around 30 pips as the data came in much ... ...
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 ... ...
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...
By Forex District – USD/JPY Open 92.40 High 93.18 Low 91.72 Close 92.52 On Friday Dollar/Yen continued descending. The currency couple made a peak at 93.18, than collapsed down to 92.02, closing the week higher at 92.52. The longer the pair stays under 92.50, each upward movement is considered as a normal correction, and our ... ...
By Merk Investments – Russian President Medvedev suggests the dollar is on its way out; Russian Finance minister Kudrin says there is no substitute for the dollar. The Chinese see a need to diversify out of the dollar; the Japanese say their trust in the dollar is unshakable. Let’s look at this puzzle and make ... ...
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 ...
By FXLine – Here’s some common mistakes forex traders make to get margin calls. 1. Not paying attention to the news Die hard technical trading followers can get their account balance lowered to dangerous level if not wiped out totally during big fundamental changes that happen in the political and economic news. It is a ... ...
