What you think your best forex trading style might be, the reality might be completely different, it can be quite opposite to what you think.
What Are Your Strength And Weaknesses Regarding Forex Trading.
Your strengths in general life might be effective for you but forex trading is a very different beast, what might be a quick mind making quick winning decisions fluently in business might be detrimental to forex trading, since it’s patience and discipline that is important. You also need to be realistic and consider if forex really is for you at all, it can be a long and solitary exercise being a home retail trader. It will take time to become a proficient trader and actually earn a living from it, it can take years, you need to be sure that you’re prepared for the long haul, it will always take longer than you think it will. A cool calm and collected frame of mind is always best to trade forex, you have to be able to not let those forex charts get to you, you have to remain calm once you’ve placed a trade, you cannot be worrying about your money going up and down second by second. So evaluate first of all if you are a suitable person to be trading in the first place and then make a list of your normal strength and weaknesses.
Evaluating Your Strength And Weakness For Forex Trading.
Once you figured what your strengths and weakness are, you need to consider them in the context of forex trading, you need to consider if you are likely to be staying out of trades too much or entering too many. If you’ve identified what you are likely to be doing then you can build your forex trading framework around these issues. You need to be able to accept what you see and take action when you do, clarity is always best in forex, so if you tend to over analyse you need to find ways in your strategy to overcome this and prevent yourself looking at too much detail. Many personalities will succeed at forex trading but generally the more patient of people will succeed and those with discipline and decisiveness. Intelligence is an odd one with forex, you need to have a reasonable I.Q. to have an idea of what you are doing, but being very very clever is not needed with forex and can actually hamper your progress. Whatever your personality is, do a little analysis on your own personality and work out what will be advantageous and what might need to be kept under control.