5 Essential Skills Every Beginner Trader Should Learn

Forex Time
June 10, 2021

In 2020, the pandemic changed the world. A lot of profitable offline businesses had to close and lay off their employees. With thousands of unemployed in Nigeria and all over the world and the poor economic state of even the leading countries, thousands of people have decided to look for alternative sources of income. And Forex trading has become a response to many. If you are among those who would like to try your skills in this market, learn what qualities a successful trader should possess.

Traits of a Successful Trader

When you look at the traits of a successful trader, it becomes clear that they also have bad days. The main characteristic of a professional is the achievement of a stable result. Consider trading as a professional activity and develop useful qualities in yourself. If you would like the Forex market to become your main source of income, be ready to keep learning all the time. So, find educational resources like the ones provided by Forextime and stay tuned with the publications.

What are the qualities you need to possess?

Discipline

Discipline is a powerful weapon of a successful trader. Indiscriminate actions cause chaos and lead to a quick failure.

Patience

Patience is an important character trait that needs to be developed. As noted by the best Forex traders, it is worth waiting for one profitable deal rather than opening many positions with no effect.

Control

Which is necessary to manage risks, capital, emotions, investments, and the trading process. Such a trader always knows what to do, even if the action leads to a lower profit.

Passion

Those who are not interested in trading will not learn to trade profitably. Making a profit will be casual and short-term.

Self-control

Self-control is achieved when there is a clear plan of action and when a trader is in no hurry to take risks, thinks over every step, even if they see an overbought or oversold market.

How to become a successful trader?

In addition to a deep understanding of market trends and adaptation to trading rhythms, successful traders are distinguished by endurance, consistency, and flexibility of thinking. There are strategies with different levels of risk, but a plan is part of each one. To stick to it, here are the main recommendations for FXTM Nigeria traders who want to be successful:

  • Do not give in to excitement;
  • Determine the income limit for the day;
  • Set the maximum allowable loss level for the day;
  • Determine the optimal number of transactions for one trading session;
  • Take breaks in case of failure.

The stock market is volatile, so you need to have a flexible mindset. But without setting limits on the number of trades, the size of profits and losses, it is hard to maintain a strong position. A scalper can make more deals during the day than a day trader. If you find it difficult to determine the optimal number of transactions — use the limits of income and expenses. They can be set both for one day and a week or a month. But setting limits on days will be analogous to signals for an action (entering a trade or completing a trading process).

Remember to take a break after a failure. For scalpers and day traders, a few days a week is enough. It is necessary because, after the fiasco, you will be tempted to recoup. And when emotion prevails over reason, the likelihood of losing money increases. Plus, traders can make mistakes due to fatigue. Start trading in a calm, relaxed state after studying charts and news.

How to develop the necessary qualities and gain knowledge?

You can develop the traits of a successful trader by communicating with experienced market participants. You will receive valuable advice from them and be able to adopt profitable trading methods. Joint trading on a demo account contributes to:

  • Strengthening self-control;
  • Increased confidence;
  • A better understanding of market mechanisms;
  • Getting the necessary practice.

After completing training practice, you will be able to move on to real trading. As you gain experience, income will increase, and the number of losing trades will decrease. We also strongly recommend keeping a trader’s journal and statistics. Then you will be able to assess the dynamics, react quickly, correct the strategy and promptly seek advice.If necessary, an individual risk manager can be assigned to you, accompanying you at the stage of learning and gaining experience. Select a broker that offers this kind of service to its clients.

Final Words

Trading is a business. And any business does not standstill. You cannot find a formula for success and use it all your life. You will need to track trends and constantly look for new successful solutions. Your commitment and readiness for hard work will lead you to high profits!

Sponsored by
Forex Time

Join The Conversation

Bring a friend.

You'll like this

August 31, 2020

Money makes the world go round and if you’re Nigerian, the Naira makes you sad. Very sad. We tried to imagine the kind of energy the different currencies would have if they were students. 1) U.S dollars is that talented and popular kid that everyone likes. Dollars secretly hates everyone but doesn’t show it. 2) […]

March 31, 2020

“A Week In The Life” is a weekly Zikoko series that explores the working-class struggles of Nigerians. It captures the very spirit of what it means to hustle in Nigeria and puts you in the shoes of the subject for a week. Today’s subject is *Yemi, a 27-year old sex worker who tells us how […]

Watch

Now on Zikoko

June 13, 2021

What does it mean to be a man? Surely, it’s not one thing. It’s a series of little moments that add up. Man Like is a weekly Zikoko series documenting these moments to see how it adds up. It’s a series for men by men, talking about men’s issues. We try to understand what it means to […]

June 13, 2021

June 12 Protest: Yesterday, after months of planning, Nigerians took to the streets to protest against bad governance, abuse of human rights, worsening insecurity, and other forms of maladministration and mishandling of democracy in the country. Coincidentally, this protest happened one week after the Nigerian government’s sudden and unconstitutional Twitter ban. Yesterday was also Nigeria’s […]

June 12, 2021

Sex Life is an anonymous Zikoko weekly series that explores the pleasures, frustrations and excitement of sex in the lives of Nigerians. The subject of today’s Sex Life is a heterosexual 25-year-old man who became obsessed with penises when he realised his penis was small. He talks about how having a small penis affects his […]

Recommended Quizzes

November 4, 2019

After successfully predicting when y’all are getting married (please, email any complaints to noneofourbusiness@nayousabi.com), we are back to tell you how much is currently in your account. How, you might ask? By using your taste in Nollywood, of course. Shhh. No questions. Just take it already:

June 14, 2020

Have you ever been with someone so horrible that you swore to never date again? Yes? Well, do you know that one or more of your exes probably feels the same way about you? You never thought about that, huh? Thankfully, this quiz is here to let you know just how much of a hassle […]

More from Hustle

June 10, 2021

In 2020, the pandemic changed the world. A lot of profitable offline businesses had to close and lay off their employees. With thousands of unemployed in Nigeria and all over the world and the poor economic state of even the leading countries, thousands of people have decided to look for alternative sources of income. And […]

May 25, 2021

A Week In The Life” is a weekly Zikoko series that explores the working-class struggles of Nigerians. It captures the very spirit of what it means to hustle in Nigeria and puts you in the shoes of the subject for a week. The subject of today’s “A Week In The Life” is a POS agent under […]

May 18, 2021

A Week In The Life” is a weekly Zikoko series that explores the working-class struggles of Nigerians. It captures the very spirit of what it means to hustle in Nigeria and puts you in the shoes of the subject for a week. For today’s “A Week In The Life” we go back in time to 2020. […]

April 29, 2021

If there is anything Nigerians understand, it is the sometimes weird, other times horrifying experiences that come with working in Nigeria. From delayed payments to extreme workloads. Lack of boundaries, poor remuneration, toxic and overly competitive workplace culture amongst other problems. These are the stories we often hear. But, surely, there have to be good […]

Watch

Trending Videos

Zikoko Originals

December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.
March 12, 2020
Life is already hard. Deciding where to eat and get the best lifestyle experiences, isn't something you should stress about. Let VRSUS do that for you.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X