THE WINNING TRAITS OF A TRADER | MUST KNOW TO TRADE | SECRETS OF TRADERS
In the world of trading, the most successful traits a trader may have has nothing to do about who gets to play the good or bad guy. Rather, it’s all about the traits that increase your tendencies to make wise – or unwise – moves.
KNOW THE RIGHT TIME TO TRADE
Some people just like being the exceptions to the rule for the sake of it. That kind of attitude is dangerous for a trader to
adopt. Timing is everything in trading. You may like to think it as a subjective factor, but studies show that timing is actually objective. Numerous experts have proven with their case studies that the best time to trade in the Forex market is between 1900h – 1100h in UK time, which in Eastern Time will be around 1400h to 0600h.
KNOW THE BEST TIMES TO USE TRADING BREAKOUTS
Rather than letting mere instinct to be your guide, there’s a surer way of determining which of these two essential trading strategies is best to use.
Range trading is best to use during active hours as your
strategies are given sufficient time to work.
Trading breakouts are best to use during volatile hours as they
can take advantage of the extreme changes that currency pairs
will undergo.
CUT YOUR LOSSES EARLY
Traders hear this very sage advice all this time, but most ignore it – to their everlasting regret. Hope is a powerful motivator. And it’s always good to be optimistic. Cutting your losses early does not mean you’re quitting. It simply means it’s time to move on and try another currency pair.
DON'T FIX WHAT'S NOT BROKEN
It is a cliché, but that doesn’t stop it from being true. In fact, ignoring clichéd advice is quintessential example of how people insist on leaving the path to success in order to take a wrong turn. Although there’s a chance for trading pairs that are doing so good to plummet and suffer a huge drop in their rates, these things rarely happen without any noticeable signs.
MAKE USE OF AN EFFECTIVE LEVERAGE
How much leverage you allow yourself to use will always have a considerable impact on your trading strategies and its eventual outcomes. There are many different formulas you can use to compute how much leverage you can afford to use, but at the end of the day the factors listed below will prove most important.
Keep it conservative.
Always apply a stop-loss point to your strategy.
Risk tolerance levels do not have to be proportionate with leverage.
TO KNOW MORE ABOUT THE SECRETS OF TRADING THAT TRADERS USE MUST CHECK OUT THIS LINK: tinyurl DOT com/2p9xx9mf (COPY AND PASTE THE LINK ON A BROWSER AND INSTEAD OF "DOT" PUT ACTUAL .)