Characteristics of a Good Forex Trader· High level of discipline, patience, and self-control to implement the trades 100% free of emotions, and without second-guessing. · Never risking more then 5% of trading capital on any one trade. (This means that if you have a $10k account, to never risk more then $500 on any particular trade which is approximately a 50 pip stop loss). · A strong innate drive to improve and develop trading skills on an ongoing basis. · An understanding that having a brilliant trading method alone is not enough to make you successful. It takes patience and determination in order to perfect your trading skills. Most of all, it takes discipline, self-control, and good money management skills. · The goal and focus are to trade the method right away. Your focus should not be on how much money is being made or lost on each trade. You must develop a faith and understanding that, if the method is implemented the right way, the money will come. Initial wins should never generate a feeling that the markets are “easy” to figure out. When winning, do not allow yourself to get overexcited and, when losing, not getting depressed. · Not taking wild risk. Always stick to the plan. · A losing trade should not create a fear of the markets causing you to not take the next signal. Good trades are often missed as a result of fear from prior losing trades. · Very aggressive trading should not develop when missed opportunities are realized, resulting in bad trading strategies, strange ideas, or second-guessing the method. In forex trading, it would be foolish to expect to be right every time. As a trader with the proper forex trading techniques, you should be able to cut losses short by having stop losses and allowing profits to run. The basic failing of unsuccessful traders is that they limit their winnings and allow their losses to run hoping for a comeback. These are the Characteristics of a Bad Forex Trader:
Required Reading:
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The Forex Trading Signals and systems presented are the thoughts and opinions of FXCoaching.Com. The Forex Signals and techniques presented are for educational purposes only. There is a tremendous amount of risk involved with trading Forex. Therefore only risk capital should be used to trade in the currency market. Risk capital is money that would not change your financial condition if lost. Never invest money that would change your financial condition if lost. The options on Foreign exchange transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
The past performance of our signals is not indicative of future results. Any trades placed upon reliance of our signals are taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward when trading our Forex, there is also substantial risk of loss in all trading including any of the many choices you have for Foreign Exchange. You must decide your own suitability to trade Forex. Foreign Exchange can never be guaranteed. No claims as to past, present or future profitability of our signals are being made that any account will or is likely to achieve the profits or losses similar to those shown. The signals offered here are based on historical formulas which have worked in the past. However, what has happened before may or may not happen again. You can lose all your money in foreign exchange with our signals and you must decide your own suitability as to whether or not to trade our Forex signals. Only trade our signals with true risk capital you can afford to lose. Properly funded Forex accounts typically perform better with Forex Signals than those that are not. Never risk more than 2-4% of your account on any one trade. Stop following Foreign Exchange if it does not fit your style and/or you cannot follow our signals. We are not CTA's. Becoming a customer of our FXCoaching program presumes you have fully read and understand the risks involved in currency exchange as set forth.
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual results.
Check with your financial advisor, accountant, lawyer or before acting on FXCoaching. Users of our Forex Signals are advised to do their own due diligence when it comes to making trading decisions and all information, products and Forex Trading that have been provided should be independently verified by your own qualified professionals. Our information, products, and Forex services on this web site should be carefully considered and evaluated, before reaching a business decision, on whether to rely on them. You agree to indemnify and old FXCoaching.Com, and its directors, officers, agents, co-branders or other partners, affiliates, and employees, harmless from any claim or demand made by any party due to or arising out of content or information on or distributed from FXCoaching or its Forex Trading Signals.