you see, the skys the limit once youve defined your niche your very own corner of the sky! This shotgun approach not only damages your account but it also takes a toll on your psychological well-being. Sometimes, it doesnt apply to trading. Because of their fear of missing opportunities to make money, they throw themselves at every little setup they see. On the contrary, we do it to grow as traders. Some of you may be more comfortable trading forex cargo winnipeg reviews ranging markets while others prefer riding trends. For example, if youre good at recognizing consolidation patterns, then youll have to figure out whether playing breakout setups or range reversals would be most comfortable for you. For instance, if you enjoy trading with risk sentiment and if you like volatility, then maybe youll do well trading crosses like EUR/JPY and GBP/JPY. Now you just bruised your ego and your account even more!
To define your niche in trading, you must consider at least four factors. There are even traders that prefer working with numbers and statistics rather than charts and candlestick patterns. By identifying them, youll have better chances at matching the trades you take with your trading personality: Currency pairs, each pair has its own behavioral tendencies and its important that you match your personality with the behaviors of the pairs you plan to trade. These are questions that must be answered for you to determine your ideal time frame and define your specialty. So, unless youve done and seen it all, making snap trading decisions may not end well for your account. Are you capable of making decision on the fly or do you need a lot of time and preparation before you commit to a trade? And with this framework (whether it be chart patterns, moving averages, or trendlines you can then make better trading decisions. Which trading session is active during your trading hours? Dont get me wrong, I believe that you also have to be a risk-taker in order to be a successful trader.