Characteristics of successful forex traders

Gold Prices Slide into Swing Support. Trend-Line Support as New Resistance. David Rodriguez, Jeremy Wagner, and I spent a lot of time this year sorting through a mountain of statistics. These statistics were the combined anonymous trading data for over 12 million trades made by account holders of a major FX broker.

TraderPlanet - Trading and Investment Resource Portal

During this process, we were searching for one thing — what is it that separates successful traders from unsuccessful ones? What do they do differently?

What are the traits or habits of successful traders? I reading through all these statistics, we found some of the most common mistakes that traders make. We then analyze how forex traders can avoid these mistakes, and suggest ways to trade more effectively. You can follow these articles as we publish them on DailyFX.

We hope that you find this research useful in your trading. What is the Number One Mistake Forex Traders Make? When is the Best Time of Day to Trade Forex?

Most forex traders are range traders. The best time of day to range trade is Asian trading hours. Here is How to Trade Forex Majors Like the Euro During Active Hours. In Part Two, we made the case for why most traders should trade during Asian hours. We know that some traders still feel the need to trade during North American trading hours.

When trading this volatile time, it is important to recognize that some strategies work better than others. In this report, we detail which types of strategies we have found to work the best in the past, and our preferred approach.

How Much Capital Should I Trade Forex With? In Parts Two and Three we looked at using the appropriate strategy for the time of day. In Part Four, we look at the third most common mistake: We look at the data for account sizes and give traders guidelines for how to choose their trade size based on their account size. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Market News Headlines getFormatDate 'Wed Jun 21 Technical Analysis Headlines getFormatDate 'Wed Jun 21 Trend-Line Support as New Resistance getFormatDate 'Wed Jun 21 Education Beginner Intermediate Advanced Expert Free Trading Guides.

Click here to dismiss.

Forex Trading Tips - 20 things you need to know to be a successful trader

Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: News getFormatDate 'Wed Jun 21 News getFormatDate 'Tue Jun 20 What Are the Traits of Successful Forex Traders? Upcoming Events Economic Event. Forex Economic Calendar A: NEWS Articles Real Time News Daily Briefings Forecasts DailyFX Authors. CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar. EDUCATION Forex Trading University Trading Guide. DAILYFX PLUS RATES CHARTS RSS.

DailyFX is the news and education website of IG Group.