Qualities of a good trader: Know-how, composure and responsiveness

Good knowledge of the market is, first of all, the main quality of a good trader. Among the knowledge to assimilate to know Forex well, are the concepts of Pip, Spread, fundamental and technical analysis. The market is based on numerical fluctuations, so the trader must be strong in mathematics and statistics. This ability allows it to correctly analyze the different graphs. Indeed, due to the reliability of the information they provide, charts constitute a primary working tool for the trader.

At the same time, he must master the different software used in Forex. He must then have solid computer skills. To strengthen his knowledge, the trader can consult numerous books which detail each aspect of Forex. Additionally, many trading platforms offer specialized training. It is imperative to exploit these learning and development resources before attempting a first Forex transaction.

Adopt an investment plan adapted to Forex trends

A good trader always has an investment plan which consists of foreseeing all possible situations. This plan also allows you to choose the type of currency for transactions, the maximum amount of each operation and loss management. This last point is crucial and the trader must know his potential losses at all stages of the transaction. A trader's day must be perfectly planned: analyzing market trends and then launching sell and buy orders.

Responsiveness and concentration, a strength to win in Forex

Responsiveness is another essential quality of the trader because decisions must be made very quickly. It is especially for short-term trading that this quality is required. Indeed, short-term trading consists of carrying out transactions in a few minutes.