Some of the traders who came to the forex market, eventually become professionals. Of course, it’s not an easy way to go. They had to make a lot of efforts to achieve mastery in trade. What is the difference between professional forex trader and a beginner? What is the aspiration of a beginner trader? That’s what I’m going to tell you today. At the same time, I would like to explain that we are not talking about professional traders who trade on the world’s major stock exchanges and have millions of dollars at their disposal. That’s another weight class. I want to talk about traders who, like us, once came to Forex and managed to reach a level of trading that allows them to live comfortably on their earnings.
What’s the difference between a professional and a market novice
To put it briefly, the professional forex trader has a different relation to the trading process and controls his emotional state.Trader-professional:
- has a real target of 30-50 percent of the profit for the year of trade;
- does not spend much time on market analysis;
- enters the market when the corresponding set-up appears on the chart, and it is not interested in assumptions and forecasts;
- does not use indicators and advisors;
- has a simple trading strategy
- trades on the basis of technical analysis;
- does not experience emotional pressure;
- strictly observes discipline
- relies only on its own vision of the market situation.
And now I’ll tell you a little bit more about each of these items.
Market novices often sin because they have very steep goals. For them, 100 per cent of the profit a year isn’t enough. But to increase the deposit several times in a short period of time is the right thing to do. The desire to achieve this goal is accompanied by increased risks. The end result is a drain on the deposit.
Hourly market analysis is not a guarantee that the correct trading decision will be made and will result in a profit. A professional only needs to take a look at the chart to see if there is the right set-up or if there is no signal to enter. The rest of the time, he’s free.
Professional trader’s strategy is as simple as possible. The chart is not loaded with indicators. That’s not the case with novice traders. They believe that the more indicators and conditions in the CU, the better the chances of success. And that’s a fundamentally wrong belief.
Most professionals prefer technical analysis. They believe that it makes sense to trade the news only if you can learn about them before the market. And since it’s not there, there’s no need to risk it.
Professional Forex trader is not interested in analytical reviews, recommendations and forecasts of Expert Advisors. He only trusts his own personal assessment of the market.
Discipline is the law for him. The attitude to what’s happening in trade is the same. No emotional outbursts.
I think you’ll agree with me that all the above characteristics are quite achievable. To do this, you just need to be patient and gradually improve your skills in trading in all directions.Fyodorov’s Inga10.09.2018