Do you know your strenghts?
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Thread: Do you know your strenghts?

  1. #1

    Do you know your strenghts?

    The ability to survive and eventually, to beat the market, is the function of how well you realize your potential. Some would say, that everything will depend solely on your trading system or method, but you may be surprized - dicretionary traders don't have any methods!
    Well, of course, they have trading plan, set of rules, but these rules are often not very rigid. They can be described very simply - for example, "I trade breakouts from horizontal consolidations in the direction of primary trend". You see that here we don't have much rigidness, no detailed "I trade violation of high of 3rd candlestick" explanations. Details will mostly depend on market conditions. Sometimes it will be effective to trade breakouts without any confirmation, sometimes trader wants to have confirmation.
    Now, let's think about simple thing. If our trading plan is not rigid (since we are not mechanical traders), we should be able to find good setup very quickly with decent success rate. Well, trade selection is not the most important part in trading (risk management is more important), but after all it is your trade selection that allows you to find good trades.
    How do we find setups quickly?
    We should ask a question - how do we process information outside the market? Every person has its own set of strenghts.
    For example, they are:

    1. Ability to sustain focus

    If you are able to focus on one issue for a long time, probably you can work with one currency pair and be patient enough to wait for setups for hours. You can just sit near monitir, watch as time goes by and react when necessary. Not every trader who is good at focusing at one specific issue at a time, can be a good at analyzing many different markets.
    But if you have good focusing skills, you will dig deep into the picture and not be confused by details and nuances.

    2. Ability to recognize patterns

    Some people (say, traders) are more good at trade selection than execution (that requires tremendous amount of patience and discipline). New information comes from outside, they can quickly process it and capture patterns. But when it comes to analyzing one picture for several hours, they can be confused by details and eventually, lose sence of the picture - it can lead to errors. For such traders, it's better to have more markets for trading and their preparatory work is their edge.

    Different mind skills can be developed though. But if we have to do something very unnatrual for us, we will have to put much effort with very limited effectiveness. Also, recall that we compete with professionals in the marketplace, so if we have mediocre skills, we will more often than not struggle to be ahead of the market.
    So, one of the best questions you can ask to yourself is, "how do I process imformation"?
    For example, I have good memory. In early youth, I was able to quote literally every word from my favourite movies, also I was able to read fast, switching between different books, pieces of imformation. But what I was not good at - focusing on one single task during prolongated period time. In school, I was told that I should train my attention and my personal processing style was considered as weakness.
    But my teachers have completely missed the idea that my style of perception, filtering and processing information can be strength, not weakness. I had rather "broad" attention than "deep" attention. So, my strengh was to combine various pieces of information together, I should look at the picture from "birds' eye" - this can be really valualbe, I can see more than others and therefore, my trade selection can be better - that's how I manage risk. But when it comes to daytrading, I can experience issues with discpline because my strenghts are not employed in this case. Daytrader should have more ability to focus on the right side of the chart. That's why my niche is short-term swing trading.
    So, my friends, ask yourself a question - how do YOU process information? What trading style can help you realize your core abilities and strenghts?

    Good luck!

  2. #2
    Join Date
    Aug 2013
    State Himachal Pradesh
    That's a very good and valuable information sir my trading strategy is also very simple and I know very well about my strengths points I just to follow a good trend in the market I think in my strategy patience is very necessary because I can't place trades anytime I want I have to wait for good points and then I place my entry in the market

  3. #3
    We need to do a lot of study before we enter this market.Forex is a real business and need some basic learning and experience to get profit from trading in Forex. This is not a game that you will start and start earning. Learning is the 1st process of Forex. Learning involves studying the basics of Forex and than learning how to trade on terminal. Trading in terminal is not so difficult but earning from this is some how much difficult. You should practice well before starting real trading.

  4. #4
    Join Date
    Oct 2013
    if someone know their strength and weakness, so they knew how to manage them, and it means, they understand for what they need to do and manage the business properly, and to know both of them, we can start to take learning and practicing, this is the only way to make us know our real ability and the weakness then we know how to solve and complete them

  5. #5
    Join Date
    Sep 2013
    Thanks to share all the information with us and i think my trading strategy is very simple first of all i will try to analysis the market and try to find out the trend of the market and get the fundamental and technical analysis and get the strong signal in the trading and keep on the eyes on the news of the trading and try to follow the trend of the market.

  6. #6
    Thanks to share every piece of information with us and i think my trading strategy is very simple first of all i most certainly will try to analysis the market and seek out out the trend on the market and get the primary and technical analysis and obtain the strong signal inside the trading and keep about the eyes on the news on the trading and try to follow the trend of the marketplace.

  7. #7
    Join Date
    Mar 2014
    know the strengths and the strong points is the real game . if some one try to make the skills better in the trading then he/she will get the better results in the all the forex that is not the so bad .so try to make the all the weakness to strengths that make you perfect .

  8. #8
    Trader lawners1791's Avatar
    Join Date
    Dec 2013
    Lawners Makesup
    To process information that is to work to explore more of the running quotes with the good calls to further define the best of choice with the option with the decision to put of an return by the manage of qualification with the good focus of to spends back with the good risks by the entrance to alter further of the decents to run with the good stands. To work as the customs with the casuals of entering nuance with the windows.

  9. #9
    You are very right and I agree with your comment. We need to make our-self to face the critical problem on trading time. We need to take hard decision about our trading so we need to think with our mind. If we make decision with emotion and ego then we will go for loss. So we need to learn more and gather more experience about trading to face the problem and make out profit from here.

  10. #10
    Knowing our own pros and cons is very much important when we are trading in the highly risky forex market. Thus, the traders should always focus towards making their trading skills better. Knowing our strengths is always an added advantage and do not be demotivated with your weakness because this is the time when we can recognize the cons and get to correct them such that we can be able to take up the trade with more confidence. My strength is that i am patient enough to trade in very few currency pairs and i do not like to jump or mix up with these routine currency pairs which i trade.

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