10 Kinds of People That Are Suitable for Forex Trading
1. Finance Professionals:
People who have finance and economics background, such as academicians, students with relevant majors, journalists, statisticians, programmers. For these people, it is easier to understand the economic concepts, and even constract complicated technical models.
2. Full-Time Traders
Here it refers to people who are willing to trade forex for a living. They should have some start-up capital and they should be motivated.
3. Risk Takers
With leverage in your hand, your return could explode to 100%, or get a margin call and lose everything. Risk takers know how to manage money and manage leverage (most retail traders can't, so they lose). Simply putting 1,000 dollars in your account is still not enough. You will still get burned for getting a margin call. The best way is to invest big, and trade small. This is the number one rule to success.
4. Persistent People
Statistics says most newbies give up after 3 months of trading. But the people who stay will keep on trying, until they succeed.
5.People who respond to Challenges
Forex trading is not easy, it is reserved for people who are willing to challenge themselves (not the market). In the end, it is all about the investor psychology.
6. People who look for alternative Investments
When the markets are down, they are down. And you cannot do a straight short-selling anymore. But forex market is different, it is a zero-sum game. You win, the counterparty loses. So as long as you are experienced, there is no such thing as bad market in forex trading.
7. Disciplined People
Make a strategy plan, and set your Take Profit and Stop Loss levels. Then STICK TO IT!! Trust me, 99% of the people cannot do it.
These people have more time to follow the 24-7 forex market. The world economy changes everyday. Sometimes a single piece of news can change everything. You missed it because you were sleeping? Sorry, the opportunity is gone. Think about the Dubai news...
9. Independent Women
Some people are uncomfortable seeing women on the trading floor. It seems like trading is a man's thing. You are wrong. Actually women are of better traders than men. Why? Because women are not as over-confident as men.
10. Lazy but Smart People
Still don't know how to trade? Find smart people who can. There are plenty of signal providers online. Though most of them are scams, but you can still find a diamond or two. Check out forexpeacearmy.com for reviews from other traders; and zulutrade.com and find the trading strategy that is the best in line with yours.
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