If you look at the success stories of traders, you certainly want to be a successful trader, too.As a beginner trader, we have ever imagined being a successful trader who sits in a soft chair in a company and gets the title as a professional trader. However, did you know? There are several characteristics of professional traders that are typical in trading activities.
Let’s Check Out Some Characteristics of Professional Traders below:
Always be a champion
Professional traders do not consider losses to be losses, but rather lessons. In the world of forex trading, profit and loss are common things to experience. The characteristics of professional traders are to accept these two things as part of their trading development process. When failing profit, a professional trader will evaluate himself.
They recorded what was wrong with their transaction, did not repeat it, and corrected it. Just like sports athletes, traders must also practice finding the right formula for trading. Giant trader like George Soros can be great because he has a winning mentality and wants to keep learning.
Use Price Action
Price Action is the price movement of an asset or a currency pair. It refers to technical analysis based on past price movements, where traders try to find patterns in price movements that at first glance seem random. One of the characteristics of professional traders is they know that Price Action is the basis of technical analysis that needs to be used.
Even though price movements seem random, they can recognize patterns that can be exploited with the Price Action strategy. No matter how reliable the indicators are used, the signals that they generate remain derivatives of Price Action itself. Therefore, professional psychology traders are trained to always use Price Action, as one of the signal confirmers in their trading system.
Clear trading system
Forex trading is not gambling. The psychology of professional traders is always arranged not to fall into emotions that can make them tend to speculate. They always act with a mature and planned strategy, with risk management that is in line with tolerance.
According to Investopedia, to get a trading system with ideal risk management and strategy, a professional forex trader has repeatedly experienced Trial And Error. Nobody can immediately become an expert when he first entered the world of trading.
In this case, the characteristics of a professional trader are to have a clear and complete trading system, including when the trading time is, what forex pairs are traded, the size per transaction, when the Buy and Sell order, when the Order will close, and what will be done if Loss or Profit.
Although at first it feels complicated, the benefits provided by this trading system will be enjoyed by you in the end. So, don’t be lazy to make a trading system and stick to it.