Most of us fret at the thought of trading in foreign exchange, simply because of the tediousness of the task. The numbers, the rates, charts and ratio create a numbing effect on the brain. But ask a foreign exchange trader and he is sure to give you the quick jibe that foreign exchange trading is more of an art than science. The best traders would tell you that they hone their skills through practice and discipline. Here are five tricks that the best foreign exchange trader in India must have.
1. A good broker will always ensure that he is the best of both. This will allow you to identify his policies and whether he is upbeat with the times.
2. A good trader will always be consistent in his methodology and application. He would always know when to enter or exit the trade. This right timely and entry is closely monitored by them through technical analysis and fundamentals of their trading policies.
3. A good trader will always keep a tab of his wins and losses and Calculate his expectancy in terms of his profit.
4.A good broker will never take his eyes off from his trading time and would appreciate the lessons he learns from his losses. A trader will be more successful if he would stop counting his equity constantly because this will allow him to concentrate more on achieving greater success.
5. A good trader understands the importance of positive feedback in business. This feedback isn’t from your customer but the returns you receive from executing your plan well.
6. A good trader will never go off to sleep on weekends. Instead he would study the market patterns and trading trends to understand what the next week has in store for him and how would he leverage the maximum through his plans.
7. Traders believe that foreign exchange is a business executed mainly on phone calls. However, a good broker understands that charting out and keeping a record will help him learn and become a master of his trade.
8.As a good trader always stay ahead of the party and make the most out of the opportunity when the news break.