Maybe some of you are concerned about seeing traders who do not understand what and how the basics of trading. However, they are very confident in entering the market without knowing what is the basis and why he took the position. Sometimes, they are just following along with other traders. If you are a trader, you must be able to become a smart & up-to-date trader.
Are you a smart trader?
Smart traders are traders who know what all the basic decisions in trading. You must know risks, basic analysis, positions, and best trading time. According to The Balance, a solid understanding of the basics provides the foundation that will support your entire career.
A smart trader has a trading system that can be accounted for. At least, you should have a basic benchmark of why you open those positions. You may adopt other traders’ trading systems, but you must understand the basic analysis used. Or, it is fine if you trade without a single indicator, a.k.a naked chart. However, you must understand and be able to translate what is “told” by the candlestick.
The smart trader never blames the situation or other people for the results of positions that are not as expected. He carried out all of his decisions in trading with a strong foundation.
To become a smart trader, you must master the analysis of the basics needed in trading. Don’t be lazy to always learn and upgrade your trading skills and knowledge. You can learn from sites that provide all the information to learn forex trading.
Are you an up-to-date trader?
You are required to follow developments in the market. Besides, you must monitor news related to currency fluctuations. Being a technical analyst is not a reason for you to not know when a news release, especially high impact news.
Nowadays, you can get information easily. Just monitor news related to the currency in the pair you are trading. For example, if you trade in EUR / USD and GBP / USD pairs, you can simply monitor news related to EUR, GBP, and USD.
Additionally, you can monitor news related to the currency you are trading and only those that have a high impact. A trader friend said that he monitored the market enough by text to find out what the current prices are. Only if the market feels quite exciting already, turn on the laptop, log in to the trading platform and enter the market.
In conclusion, being a smart & up-to-date trader does not mean that you should keep glued to the computer. Keep enjoying life, go for a walk or swim, or play basketball. After all, the market can be monitored anytime and anywhere anyway.
Read more: Listening to Music Can Support Your Trading
