5 Characteristics of a Good Forex Trader and 5 Characteristics of a Novice Forex Trader

Good Trader

  • A strong innate drive to improve and develop trading skills on an on going basis.
  • An understanding that even with a brilliant trading system the trades require discipline, focus, and monitoring.
  • The outcome is to trade the system correctly and not focus on how much money is being made or lost.
  • Having a methodology and trading your system with certainty and trust knowing the money is there for you.
  • Executing with discipline and balancing your emotions.

Novice Trader

  • Overconfidence at the beginning with winning trades and thinking that trading is easy.
  • Over-trading taking unnecessary risks that create large nerve racking losses.
  • Not following your system and losing trades creating fear in your trading, we call this depleting your psychological capital.
  • Missing trades due to fear and building “traders fog.”
  • Aggressive trading due to missing opportunities resulting in bad trading strategies and trade ideas, and ultimately bad trades.

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