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The ABC of a Successful Trader
Forex Trading is built on the right people, who have studied and managed themselves and whose years of expertise in the field of Forex Market have led to a thorough understanding of trading skills. A successful trading business is like a group of highly skilled soldiers: Like good soldiers, professional traders must carefully consider the battle before entering into battle with their opponents. In order to secure victory, soldiers and merchants must follow the right steps before diving into action.
The “Holy Market” and its “Commands”
The market is the same for all traders; the correct implementation of the strategy determines the trader’s loss. A successful trader is a testament to the important work that is done before the markets open and throughout his career, by applying for profits and managing incentives as a model that continues to learn. you should “come back and make more money”
Preparation is half the battle
The key to successful marketing is good planning. A great salesperson is someone who knows exactly what they are looking for. He is dedicated to researching and developing strategic plans that include both short-term and long-term goals.
Planning involves making a list of the activities required for a successful trading day, or one that is organized as a result. The first step is to review the previous day’s trading journal to prepare for the next trade. The second step is to perform chart analysis to determine which currency pairs to follow. Finally, the third is to set up your marketing platform; do so by reading the latest global economic data from the global economic calendar. This will show whether the funds you are checking have been affected by recent economic developments.
Develop your marketing strategy
It’s an advantage for traders, but it takes years of practice to develop those skills. Most traders use their “6 senses” to detect and capture areas of small price differences within and between markets.
Like a manager, a trader must rely on analysis and his knowledge to spot trades at the right time. However, a novice trader can develop this technique and make a similar profit by following the principle of risk and reward in Forex trading. This principle requires careful consideration of the trader’s risks.
The best marketers know themselves well. They are aware of their limitations and react to what can go wrong by working hard to minimize and manage their risks.
To succeed in Forex Trading, the most important step is to stick to your strategy. A carefully laid out plan will guide the trader through the basic analysis and technique needed to interpret price movements, interpret technical signals, and identify good trading opportunities. A good trader is a smart trader; He is like a hunter, who prepares for days to achieve the perfect trade. He selects an appropriate stop point to indicate the amount of risk that is acceptable; he would never allow more than he could afford. He never harbors greed, fear, hope, or despair, and never inflates his hopes for success. His excellent decision-making skills prevent other people’s opinions from leading him astray, and he does not over-analyze or over-trade. Despite his success, he remains humble and provides honest guidance to both newcomers and fellow traders.
Separate yourself from the need for money
Successful traders look at trading as a job, and they focus on profiting from the market according to their plan. In short, a good trader shouldn’t be motivated by a bank account. If this rule is broken, as it usually is, the market will change and move to a trader who needs more money.
Greed is the worst enemy of all traders. It presents a major obstacle on the way to success. There should be no need to keep the merchant’s work; the consequences of such a loss of power are always dire. In a small part, trading is a chance to make money in some time to follow all the rules. However, this is also an opportunity for self-fulfillment and a test of one’s true strength, and should be respected.
Stand strong like a rock
A good trader must stick to the rules of his strategy. Don’t let emotions like greed, fear, hope and sadness get the better of you; These are the four worst emotions for a marketer. Effective traders always have an emotional system that cannot be triggered under any circumstances.
Like greed, dealing with emotions during trading is always a challenge. The first thing a trader should do is to follow a strategy that suits him. To avoid emotions, the trader must enter the trade with realistic expectations; bet a reasonable amount of money on a trade; and learning to trade well with less money, gaining experience, and developing confidence in his strategy.
Adapt to change
The best marketers are always willing to learn and improve their skills to keep up with the constant changes in the market and technology. A marketer must be flexible in keeping up with technological advances and strong advertising.
In the ever-changing Forex environment, the trader must be flexible. If the market throws something unexpected at him, the trader must be able to analyze and act quickly. Success in the Forex market requires a continuous learning process that allows traders to understand the volatility of the market and acquire the necessary skills to be profitable.
Good decision making skills
A successful trader must have good decision making skills. When you know your trade will close at a loss, exit immediately. Successful trading is largely based on good decisions and is closely related to the relevance of collected data. Successful traders are also independent in their decisions.
The first difference between a professional Forex trader and a beginner is that the first one knows what he is looking for and when to enter the market.
Successful and qualified Forex traders respect each of these rules. They strive to succeed and strive to stay ahead and be productive. They know that the market will reject those who break these rules for money because trading is an act of passion, not greed.
The successful trader
George Soros gained international recognition when he crashed the Bank of England on September 16, 1992, a day that remains in history as “Black Wednesday”. He was nicknamed “the man who broke the Bank of England” because Britain was forced to abandon the Exchange Rate which aimed to fix the rate of the pound to the Deutschmark.
Soros risked $10 billion and $1 billion profit in one day.
“The money I made for this transaction was about $1 billion. We just used the forward market – you borrow money and you sell the money you borrowed.”. (Soros, 1992)
George Soros was also blamed for the Asian financial crisis by selling the Thai baht and Malaysian riggit short in 1997. Thailand spent $7 billion to protect the baht against speculators, and finally asked the International Monetary Fund for its help. In The Crisis of Global Capitalism: Open Society Endangered, Soros (1998) responded, “Malaysia’s Prime Minister Mahathir accused me of the crisis, a baseless accusation… We are not buying money from in a few months or earlier. the problem; but … we are buying the dollars to profit from our preconceived notions”.
Soros earned more than $790 million from this trade. “It’s not about whether you’re right or wrong, it’s about how much money you make when you’re right and how much you lose when you’re wrong”, he summed up each.
The third most famous trade Soros made came in 2012, when he realized the yen would depreciate after Japan’s economy suffered during the 2011 tsunami. Indeed, the yen weakened significantly, and in order to boost the economic situation, many traders opened USD/JPY positions expecting the dollar to appreciate against the yen. In this case, Soros received $1.4 billion.
The main method of Soros and other famous traders is to see future vulnerabilities in a country and then immediately go after the currency before it collapses. A currency is more valuable when its rate is compared to other currencies, such as the pound and the Thai baht.
Vulnerable countries try to sell their currency when it is sold, because people can convert it to buy the currency. These countries do so in an attempt to maintain a fixed rate. However, this artificial balance is very sensitive, and when countries cannot fight market forces, the balance collapses. This is exactly what happened in the Soros cases.
As Soros shows, the threat of others turns into a big opportunity for traders who are alert and ready to act. Soros is an example of a good soldier who used his sharp mind, analytical approach, and all his command of the market to become a successful trader. He was able to manage himself in the currency market and showed a combination of patience and learning to identify the best time to do his trades. Obviously, the characteristics of a skilled soldier can be the appearance of a high-income trader.
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