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4. Who is a Trader?

A trader is an individual who actively engages the financial markets and executes trades with the purpose of maximizing assets, while minimizing financial risks. He or she single-handedly focuses on currency trading, and obtains partial or all of his income from the prior.

There are two categories of people that get into Forex trading: those who are already employed, seeking an additional income, and those who aren’t but endeavor to make money through Forex trading. Therefore this occupation is a great opportunity for everyone that is eager to make money, regardless of one’s net worth, social status or education.

The perception of Forex trading can be erroneous and unparalleled to that of reality:

1. Potential earnings are limitless in Forex trading. A trader can grow their account exponentially in a very short time. Alternatively, he or he can also aim for a medium or long-term approach.

2. A lot of capital is not mandatory to begin trading. On the contrary, a trader doesn’t need a 300k account to start trading Forex; it is even possible to commence trading with a modest amount of capital.

3. A full-time trader doesn’t necessarily work full-time. Forex trading is not a regular 9 to 5 job. A trader can make a series of excellent trades and gain a substantial profit; subsequently he or she is able to take off for the rest of the month.

It is inherent for a Forex trader to posses the following qualities and skills in order to strive in the Market:

  • Proficient researcher, data analyst and ability to simultaneously evaluate multiple markets.
  • Able to act accordingly to one’s own discretion and base trading decisions solely on technical or fundamental analysis.
  • Capable of identifying patterns and predicting how the markets will move in order to buy and sell accordingly.
  • Strategic thinker, works well under high levels of stress.

It is important to keep in mind that Forex trading is difficult but not impossible. It is a highly rewarding occupation which requires skill, discipline and capital.

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