{"id":89392,"date":"2016-05-15T10:54:31","date_gmt":"2016-05-15T14:54:31","guid":{"rendered":"http:\/\/countingpips.com\/?p=89392"},"modified":"2016-05-08T16:55:03","modified_gmt":"2016-05-08T20:55:03","slug":"top-6-skills-that-can-boost-your-forex-trading","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/05\/top-6-skills-that-can-boost-your-forex-trading\/","title":{"rendered":"Top 6 skills that can boost your Forex trading"},"content":{"rendered":"
May 15, 2016<\/div>
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By Admiral Markets<\/b><\/p>\n

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Dear Traders,<\/p>\n

How many of you are still searching for a Holy Grail?<\/p>\n

Sound like a familiar question?<\/p>\n

It should do because I have already asked it several times and I will repeat the answer again too.<\/p>\n

You are<\/em> the holy grail.<\/p>

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Free Reports:<\/p><\/div>\r\n

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<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

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<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

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Whether you are a long or a short term trader<\/a> and regardless of the strategy<\/a> you currently use – the simple fact is that you can succeed.<\/p>\n

Because there are some essential and generic skills that can boost your Forex trading.<\/p>\n

Read on to:<\/p>\n

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  1. find out what essential trading skills you<\/li>\n
  2. identify your strengths<\/li>\n
  3. improve your existing skillset.<\/li>\n<\/ol>\n

    Learn to read price action<\/h2>\n

    This is one of the most important trading skills.<\/p>\n

    It is the main indicator because it is the one seen by every trader – including banks, institutions and hedge fund traders.<\/p>\n

    Plus no matter what indicator any trader uses, they are almost all looking at charts with Japanese candlesticks and bar charts – maybe even Heiken ashi.<\/p>\n

    So if you learn to read price action, you’ll see the most important common element across most trading systems.<\/p>\n

    Price.<\/p>\n

    And if everyone else can see price:<\/p>\n

    …and wants it to go in a certain direction\u2026<\/p>\n

    …the odds increase that the price will be pushed in that direction.<\/p>\n

    It happens because the majority of traders look at the same picture and therefore help the price move in a desired direction.<\/p>\n

    Want to know more about price action?<\/p>\n

    Check out the Price Action Trading School<\/a>.<\/p>\n

    Patience is a virtue<\/h2>\n

    \"pablo<\/p>\n

    This is a skill that is not talked about very much in the trading world – except by those who actually make<\/em> money from trading of course.<\/p>\n

    Having patience sounds simple enough, but in practice it is rather difficult.<\/p>\n

    You might be wondering why?<\/p>\n

    Well, that’s relative to the common motivations for trading including to:<\/p>\n

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    1. make money<\/li>\n
    2. trade until our last breath because it’s our passion<\/li>\n
    3. a combination of both.<\/li>\n<\/ol>\n

      And in all these scenarios, our natural inclination is to trade as frequently as possible.<\/p>\n

      However, in the trading world:<\/p>\n

      …quality beats quantity when it comes to overall profitability\u2026<\/p>\n

      …and learning when not<\/em> to take a trade is critical to your trading quality.<\/p>\n

      So rather than simply taking trades because your system says too, or because you have a gut feeling that the trade will go your way – learn patience.<\/p>\n

      Patience will help you judge when it’s time to make the right<\/em> trade.<\/p>\n