What are the basic skills required to become a Forex Trader?

[Floura]

First of all you need to know the kind of person you are in terms of accumulating thing's, if you don't know how to accumulate thing's in a short period of time then you definitely need a mentor or a coach.

 

[ghxstvecna]

Strong analytical skills. One skill every trader needs is the ability to analyze data quickly.

 

[Syldan]

In running a forex trading or any other forms of business, knowledge is the most important element that determines how successful we can become in the business so I considered it as the best skills.

 

[Bbwoy95]

Forex trading is one of the promising online money makers due to price volatility and high trading volume, so many traders have succeeded and earned thousands of USD in profit. For beginners, of course, they will experience difficulties which one must be learned first as the basic skills needed to become a Forex trader.

Forex trading is a bit difficult because most traders do not have these techniques:
Enough fundamental and technical analysis knowledge, do not test their strategies, and do not follow risk management rules.

 

[Ofonime6]

There are so many skills that is needed to start forex trading if you have technical and fundamental skills seriously you can trade very well

also you need to have patience and I think that patience is the key to profit

 

[Genie01]

There are so many skills that is needed to start forex trading if you have technical and fundamental skills seriously you can trade very well

also you need to have patience and I think that patience is the key to profit

This is true,
Money flows from the impatient to the patient in the markets.
It is part of the psychological discipline of a forex trader.

 

[Ofonime6]

You need to know how to do fundamental and technical analysis you also need to master trend line and know how each and every indicator react.

Learn how to listen to news some of the early morning news that is been release can impact the market either positively or nagetively

 

[UsmanAmoyo]

This is true,
Money flows from the impatient to the patient in the markets.
It is part of the psychological discipline of a forex trader.

The ability to master yourself is the biggest investment you would do to yourself as a trader.
Once you've mastered yourself the profits will no longer be a problem.

 

[tray59]

You need to know how to interpret and read indicator you must also know how to conduct better analysis it's through this means that you can placed tangible and profitable trade

 

[Genie01]

The ability to master yourself is the biggest investment you would do to yourself as a trader.
Once you've mastered yourself the profits will no longer be a problem.

Forex is a game of self mastery, the financial markets with always reveal the read you!
It may show that you are fearful, you are greedy, you are anxious and the truth is you can surmount this by mastering yourself.

 

[UsmanAmoyo]

Forex is a game of self mastery, the financial markets with always reveal the read you!
It may show that you are fearful, you are greedy, you are anxious and the truth is you can surmount this by mastering yourself.

That is what takes long for beginners to learn and incorporate.
The markets can be a teacher if you are ready to learn and observe . It would teach you self mastery.

 

[Genie01]

That is what takes long for beginners to learn and incorporate.
The markets can be a teacher if you are ready to learn and observe . It would teach you self mastery.

It's true! My greatest mentor is the markets , as I always learn from my mistake.
I always backtest to enrich my self with historical data .

 

[UsmanAmoyo]

It's true! My greatest mentor is the markets , as I always learn from my mistake.
I always backtest to enrich my self with historical data .

This are wonderful and the most boring skills every profitable trader have .
The truth is alot don't want to study past historic data because it is very boring to do that but end up just donating to the market.

 

[Genie01]

This are wonderful and the most boring skills every profitable trader have .
The truth is alot don't want to study past historic data because it is very boring to do that but end up just donating to the market.

It is very sad. And the interesting thing about historic data is that history does repeat itself in the market place . The setups always appears almost everyday and every week.

 

[UsmanAmoyo]

It is very sad. And the interesting thing about historic data is that history does repeat itself in the market place . The setups always appears almost everyday and every week.

Yeah market always gives a tip to where price is currently reaching out for and if you know and align with it's direction, you would definitely be profitable and we learn that by studying and backtesting.

 

[Genie01]

Yeah market always gives a tip to where price is currently reaching out for and if you know and align with it's direction, you would definitely be profitable and we learn that by studying and backtesti

This is the most boring part of Trading, that is why they always say that profitable forex trading is very boring. Because it is not easy investing time into the charts.

 

[UsmanAmoyo]

This is the most boring part of Trading, that is why they always say that profitable forex trading is very boring. Because it is not easy investing time into the charts.

Indeed it is never easy but it is possible and once you are determined to make profits you would definitely have to put in the time to backtest , demo trade and life tape.

 

[Agbalagbaa]

The first thing that you need to have before you can earn money with trading is the knowledge, if you have the knowledge of what you are doing you are going to be profitable.