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Thread: Five Characteristics of the Prosperous Forex Trader

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    Default Five Characteristics of the Prosperous Forex Trader

    Trading on the foreign exchange market can be extremely profitable, but is admittedly not for everyone. In order to be prosperous in the forex market experts have identified five essential characteristics that the trader should possess.

    The first characteristic of a successful investor in the foreign exchange market is the ability to accept risk. The forex is extremely risky. It has a high leverage ratio. This ratio is defined as the comparison of debt to equity. A leverage ratio of 400 would not be out of the ordinary in the foreign exchange market, compared to an average leverage ratio of 2 in the equity markets. Keep in mind that while this ratio indicates a higher potential profit, it can also make the potential loss more significant.

    In addition, successful traders should be confident. They should be convinced of their own ability to execute successful trades on the forex. One of the best ways to guarantee this level of confidence is to take the time and effort to research the market and how it operates. This means knowing the terminology and characteristics that make the market what it is.

    Beginners have many options on how they can increase their levels of awareness about crossing currency, and their overall confidence levels. They can go through a financial institution or knowledgeable broker. In addition, new traders can learn how to trade on the forex by using free tutorials available on many websites. The Internet is a great way to get trading practice using the complimentary demonstrations available online. It is a good idea to take advantage of these free services before actually opening an account and making a trade. Mini accounts are also available. These allow you to get your feet wet with smaller initial investments than a regular account would. Keep in mind that the forex has great potential to be profitable if you have an idea of how it works.

    The third characteristic of a prosperous trader in the foreign exchange market is patience. A successful investor realizes that they may have to accept small losses in order to obtain profits in the long run. It's important to understand that Forex trading, like any business venture, will have its peaks and slumps. You should be prepared to stick to your system despite these fluctuations to maximize profits in the long run. Having patience will help investors stay loyal to the plan they've developed without deterring because of normal ups and downs.

    A successful trader will also be extremely disciplined. Because the foreign exchange market never closes, opportunities can present themselves at odd hours of the day or night. A forex investor must possess the discipline it takes to constantly monitor currency charts, current events and leading economic indicators. They also must maintain high levels of discipline to avoid deviating from their system. They will stick by their strategy despite minor market changes.

    The fifth characteristic that experts agree that a prosperous forex trader must possess is the ability to know when to exit the market. Investors that stay in the market too long can see their profits dwindle rapidly. If your market indicators and signal service demonstrates that it is time to exit the market you should do so. Remaining in the market despite signs warning you to exit is usually motivated by greed or ignorance, and will usually result in a financial loss.

    While the foreign exchange market draws many investors because of it unique attributes and numerous benefits it does not suit everyone. In order to be successful in the forex it is important that you meet all of the above characteristics.
    by forexaxis.com

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    Quote Originally Posted by fxspirit View Post
    The third characteristic of a prosperous trader in the foreign exchange market is patience. A successful investor realizes that they may have to accept small losses in order to obtain profits in the long run. It's important to understand that Forex trading, like any business venture, will have its peaks and slumps. You should be prepared to stick to your system despite these fluctuations to maximize profits in the long run. Having patience will help investors stay loyal to the plan they've developed without deterring because of normal ups and downs.
    I have a problem about patience. I often got lost because I could not control myself.
    Can anyone share about your experience how to get out from this situation?

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    experience brother..experience..

    i guest most of us h`v been there too

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    Quote Originally Posted by belajarforex View Post
    I have a problem about patience. I often got lost because I could not control myself.
    Can anyone share about your experience how to get out from this situation?
    i can't help u....why? i got the same problemsm_upset sm_upset

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    Default help me from loosing trading

    please , i need trading technique that i can be use to trade in fx market. i am tired of losing my money

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    I also am impatient that's why i lost all my money... When i got the bonus from here and maybe make some deposit i promise myself to be more patient.

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    Quote Originally Posted by raketeer_mom View Post
    I also am impatient that's why i lost all my money... When i got the bonus from here and maybe make some deposit i promise myself to be more patient.
    sometime I say to my self I will be patience, but when you meet with volatile moving price you will feel want to enter the market as soon as possible (afraid to left behind). but what happen ? the price movement against you...
    and I faced with loss again,

    double order because loss also make my trade bad, hard to control my self,
    I believe some day expericence will guide me.

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    Quote Originally Posted by belajarforex View Post
    I have a problem about patience. I often got lost because I could not control myself.
    Can anyone share about your experience how to get out from this situation?
    I have been got out of the market thrice. I discovered that I could not survive only coz lack of patience.This time I am doing pretty good as I have come to know wht is my problem. I figured out the following things.

    While trading who is my opponet? Matket? Other traders? NO. I am against me. I see that when I can be patience I am doing weel as There is no late in forex market. whole life ahead.There are many good opportunities to trade come. So don't curse urself when u miss to enter inh some trade.

    Initially ur target should not be get rich. Rather try to sustain and live in the market. That's gr8 success. indeed!

    Target a certain time, By that time u have to survive. NO matter how much u got.

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    Quote Originally Posted by belajarforex View Post
    I have a problem about patience. I often got lost because I could not control myself.
    Can anyone share about your experience how to get out from this situation?

    Depends of the system / method you use and on what TF and pair...

    Anyway...only trading on fixed-times, max 2 hours, should help you...
    Last edited by FlashCall; 05-20-2008 at 01:15 PM.
    Google: scalpalot

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    ”A successful trader will also be extremely disciplined“
    I really agree with that. last time i lost most of the money is all because i didn't stick to my plan.
    a successeful trader must have confident,patient,disciplined and the knowledge about the forex market

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    Quote Originally Posted by alexlee View Post
    A successful trader will also be extremely disciplined
    I really agree with that. last time i lost most of the money is all because i didn't stick to my plan.
    a successeful trader must have confident,patient,disciplined and the knowledge about the forex market
    exactly
    thats the secret to be profitable
    just follow it

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    Dont forget good practice of money-management...
    Google: scalpalot

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    discipline is the most important thing for a trader.
    Only a disciplined trader can obey the rules such as the percentage risk of the account, the entry signals and exit signals. and, a disciplined trader knows sometimes he can't not trade because it's not his way of the market.
    Last edited by superlight; 08-26-2008 at 04:38 AM.

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    HI there,
    A good way to train patience is to try thing about your trading as if you'd be trading some else's account but you'd really, really like just the process of doing it, as if you had forgotten that you want to make money.

    This condition will help you focus on what you are doing and if you're good enough for it you'll suceed.

    The key to success is attention to details...(Bill Newman)

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