Tag Archives: Trading

What’s the most important personality trait in Forex trading?

A common misconception in the forex trading community is that the trader with the most knowledge wins the most money. I do agree that knowledge is absolutely necessary in the trading game, and essential to achieve success, but there is one thing that all successful traders have in common: The ability to motivate themselves.

Motivation is the single most important thing when it comes to forex trading, and when you think about it, it’s really easy to understand. Sure, knowledge is important, but in order to put in the effort and all the countless hours of reading, taking lessons and participating in seminars, what do you need? That’s right, motivation. So, it’s not always easy to motivate yourself in to doing something, especially when it is something that will take a long term commitment, and this is where the will power and self control comes in. I know we can’t all be equally good at controlling ourselves and generating that motivation, bet there are certain things you can do to help you.

First of all, you need to sort out some goals. This should be short term goals such as reading through a trading book or going through the articles on a trading portal within the next two weeks, as well as long term goals. A long term goal can be something that you want to achieve five years from now, such as making a million dollars. Always keep these goals in mind. The short term goals will help you feel that you are actually achieving something, while the long term goals are meant to further motivate you into completing your short term goals.

Be willing to exit your comfort zone. If you want to be a successful trader, you need to be willing to learn new strategies and look at things from different angles. I see far too many people who will never accept that their wrong. Even if their investments keep losing money, they just won’t accept the fact that their trading system is not the best. Instead, be willing to try new systems, and tweak your own strategies as much as possible and you will find that you are going to learn a lot.

Lastly, in order to generate the motivation that you need, you are going to have to stay positive. Forcing yourself to be positive will result in you feeling more energetic, which will help you learn new things and improve more quickly.

Is a well designed broker important to you?

I’m one of those binary traders that like to try out different brokers every once in a while. Not necessarily because I haven’t found a good one yet, but every once in a while I feel like I need a change of scenery. Even though the trading is pretty much the same on most of the binary brokers I play at, I still get bored if I use one and the same for a long period of time, and that is why I change brokers when the mood strikes. Well, that and the fact that you can sometimes get pretty good deals for creating an account and making a deposit at a new broker. A good way to find new brokers that I’ve discovered is to visit binary portals such as binaryoptions.pm. There I’ve found a great set of reviews over some of the more well-established brokers on the market today, which get rated based on looks, promotions, customer service and other important things.

So, when choosing a broker, does “the looks” really matter? Well, I would say both yes and no to that question. It’s obviously not the most important thing, and it should be in your top priorities when looking for a good broker. Personally, I will always hold features such as a good trading platform, reliable customer service as well as a good selection of assets and expiry times to choose from higher than I would hold a good design. But seeing that there are so many different brokers out there, and a lot of them are actually very similar in terms of function, why would it be a bad idea to choose the one that looks best? I mean, it’s always nice to visit a website that looks great, and you are way less likely to get tired of a stylistic website, but that’s not the only thing I mean when I talk about a well designed website. Things such as usability also fall in to the design-category. A well designed website should be easy on the eye and have a good color-scheme and graphics, but it should also be extremely easy to navigate. The last thing you need when you are visiting a new website is to have problems finding the information you’re looking for.

So when you choose your broker you should go for a combination of features and design. Although functionality and the essential features are always going to be more important when you chose a new broker, you should keep in mind that a lot of the most popular binary brokers (you can find some of the here!) are actually really similar on that level, so if one looks better than the other, it seems obvious to me that you go for the best looking one.