Secrets of becoming a successful trader
perfect your skills on the market
By perfecting your skills on the market, you will be able to know how the market moves the whole day. That is whether the market moves in one direction the whole day or whether it moves in 2 direction the whole day. This will enable you to know how much pips you can collect the whole day thus you will be able to set profit pip target for the whole month, week or per day.
perfect your skills on using candlesticks chart
Candlesticks chart enables a trader to know whether there is a trend in the market or the market is in a zigzag manner. If a trader perfects on using the candlesticks chart, they will be able to know whether to stay in the market for a shorter period of time or to stay for a longer period of time. In a situation where the candlesticks chart is in a trending condition, the trader can enter into that market and stay for a longer period of time in order to collect more pips while in a situation where the candlesticks chart is in a zig-zag manner, the trader should stay in that market for a short period of time in order to avoid losing the pip profit made
perfect your skill on any of the timeframe
Different candlesticks chart are being indicated using different timeframe. That is; 1min, 5min, 15min, 30min, 1hr, 4hr, 1d, 1w, 1m. Different traders prefer to use different timeframe to analyze the market. A trader can either be a day trader or a swing trader. For a day trader, they normally keep on watching the market thus their preference timeframe can range from 1min to 1hr timeframe. On the other hand, swing traders do not watch the market most of the time. The can open the market today and close it towards the end of the week on sometimes their positions can go up to one month. This kind of trader prefers to analyze the market using 4hr, 1d,1w or even 1 month. As a trader, you need to know whether you want to become a swing trader or a day trader. If you have discovered that day trading works well for you, then you can decide to choose between 1min to hr timeframe and make sure to perfect on time. After you have perfected on it, you will be able to know how the candlesticks chart for that timeframe behaves thus it will be easier for you to analyze the market. I would advise you to perfect 1 min candlesticks chart if you want to become a day trader.
perfect your skill on several risk management and choose one that works for you
As a trader, the most important skill that differentiates one trader from another is money management. That is why we have hedge fund managers. If you can perfect on this skill, you will never lose a trader no matter how the market goes against you. Different traders have different risk management for different account size. Some traders will consider themselves to be very secure when they open a position worth 0.1lot with an account size of $1000 while others will consider themselves secure with a position of 0.01lot with the same account size. The first trader will risk losing the $1000 if the market goes against them by 1000pip while the second on will risk losing the $1000 if the market goes against them by 10,000 pips. Both traders have applied their risk management well since it is very rare you get the market going against the trader by over 1000 pips. As a trader, choose the risk management that works for you and you make sure to perfect on it and you will end up creating a hedge fund company.
perfect on your trading strategy
There are two categories of trading strategies; hedging strategy and scalping strategy. In hedging strategy, the trader will open two opposite positions at the same time thus hedging the transaction cost for opening the position. This will enable them to monitor the market until it gets support so that they open one more position in the direction in which the market has gained support. This will enable them to close all positions when a positive value occurs in their position. On the other hand, in scalping trading, the trader will open a position for a short period of time and closes it when the position reads a positive value. This strategy can enable a trader to collect more profit at the end of the day. As a trader, you need to perfect on these two strategies and choose the one that works well for you. If hedging works well for you then make sure to perfect your skill on it while if scalping works well for you then make sure to do the same. If this is being combined with your risk management, you will get yourself become a successful trader thus many wealthy people will start coming to your company thus making your hedge fund company grow.
perfect on one trend indicator and one oscillator indicator
Trend indicator and oscillator indicator are the key tools to success in trading. A trader without these tools is like a farmer without a Jembe since the trader will not be in a position to know whether the market is in an oversold or overbought condition. There are many trading indicators out there that are being used by traders to analyze the market on a daily basis. The most commonly used tools are Relative strength indicator and moving average. As a trader, you should choose one of the indicators and make sure to perfect on them. I would recommend you to perfect on Relative strength indicator and moving average and make sure to combine these tools with your strategy and risk management and you will become a successful trader thus creating a very successful hedge fund company.
choose one currency after you have mastered the market and perfect on it.
Last but not least is the currency to specialize in. There are so many currency pairs being traded on a daily basis. Different traders prefer to trade different pairs. If you want to become a successful trader, then you need to choose one currency pair and make sure to perfect on it. This will enable you to know how that pair behaves on a daily basis thus trading will become easier for you.
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