This something I want to share with you..
As a Forex Trader, We must this mindset
before going into the market.
"6 Skills Every Trader Should Have Before Going Into Trading"
Whether it is day trading, scalping, or investing,
there are fundamental skills that each trader
should master. Skill-building activities will
help you sharpen your ability to make money
and cash in on critical market movements.
1. Don't Be a Perfectionist
Consistent profits are achieved from winning
more than you lose - not winning every single trade.
There are plenty of professional traders who generate
profits by winning just 10% of their trades by
maximizing gains and minimizing their losses.
2. Stick to a Trading Plan
Developing a trading plan is extremely important.
Day trading around your own set plan for each position
will produce consistent profits. A trading plan planner
should be your best friend when developing your own trading
style. The key is sticking to what you've written down on paper.
3. Know the Odds
You should know the payoff odds for each trade that you take.
Scalping produces large gains from small movements with higher
risk than swing trading. Your trading plan should include
a way to regulate how much capital you're willing to risk
on each position - but you should never risk more
than 2% of your total account value.
4. Complete Trading Plan
The skill to plan is the most important. A complete
trading plan should be more than just "trade everyday
from 9-3." A plan should include how to act in upswings
and downswings and how to protect your capital.
In many cases, a thin plan is worse than no plan at all.
Stick to your guidelines to get the most out of each trade.
5. Ability to Keep Emotions Under Control
It's hard not to be emotional with hundreds or thousands
of dollars on the line each moment of the day.
Think like you would in a survival scenario;
you've got to be calm and keep your head above the water.
Many traders slip from their plan and take positions
to cover losses only to lose more money. Over time,
a complete trading plan will produce consistent profits,
but only if you believe in it.
6. Know How the Market Responds
After getting some experience, you should be able
to know how the market responds to certain events
before they happen. If there was a negative Non-farm
payroll statistic last month, and the Dow lost 60 points,
it would be smart to consider that the same would happen again.
History does repeat itself in the financial markets.
I hope this "6 skills" helps for you =)