How to Trade Forex like a Pro - The Extra Criteria Required
How to Trade Forex like a Pro - The Extra Criteria Required
There is no magic wand to trading forex but there is a right way to do it. Like every other professional field you will need the right tools and experience to exceed in your field. To trade forex professionally you will need an extra criteria then your typical everyday job and that's the "forex trader psychology". Sure, you can have the right tools and experience but you are only partly there. Forex professionals have the trader psychology of being able to control there fear, greed, and trading strategy. If you are looking to become a professional forex trader then you will need the best forex tools, experience, and a strong forex trading psychology.
The forex tools required for you to become a professional trader would be able to learn about candlesticks, price action, and trends. There is more to the forex candlesticks then meets the eye. Forex candlesticks describe the buyer and sellers behaviors. No candlestick looks the same and each one of them has a story behind it. Price action is the ability to see the where the buyers and sellers view the currency price aught to be. If the currency is too high then the traders are selling there positions and if the currency is to low then the traders are buying hoping for bullish momentum. Price action also allows you to view the current and future resistance which will impact the currencies movement. "Always follow the trend", I am sure you heard that one before. Following the trend will provide you with a greater chance of making the right call and it's where majority of the traders are moving.
Forex experience is one of the most essential tools to go from a beginner to a professional. You have experienced from previous mistake and a made promise to stick to your forex trading strategy . Am I right? I can see you smiling You and I know very well that you have been hoping from one forex strategy to another. That's where your forex experience and psychology have to balance each other; you will need both to become a forex professional trader. It is extremely important to conquer your forex psychology and have the ability only trade during profitable opportunities. At times, you may have to wait a couple of days to see a profitable trade.
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