What does a forex trader do?

How to Become a Forex Trader & Build an FX Mindset – A forex trader takes long or short positions on currency pairs with the goal of making a profit. A forex trader is strategic, disciplined and always switched on to the markets. Whether focused on a technical or fundamental approach, or both, he or she will be looking to build an understanding of currency pairs’ behavior and set up profitable trades.

In the 24-hour currency market, trading never sleeps, meaning there will always be action, although forex liquidity levels will peak and trough at certain points around the clock. Some traders may wish to operate in unsociable hours to put them in a position to capitalize on international markets.

Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? In this piece we’ll explore how you can become a forex trader, revealing the qualities you need and the processes to follow to get started and be a consistent trader.



What it takes to be an effective forex trader, by the DailyFX analysts

So what does it take to be an effective forex trader? From possessing a passion for the markets to having unshakeable discipline and more, here are the traits that will assist you as a forex trader from the horse’s mouth: our top analysts.
RELATED: Learn Forex Trading
1) Understand the macro drivers

“It’s vitally important for traders to know that all currencies can have many macro drivers at any given point” – David Cottle

David Cottle, DailyFX analyst

The Australian Dollar is a primary example of a currency driven by a range of macro factors. It is often thought of as a ‘growth’ or ‘risk’ correlated unit – one which is likely to gain when the world feels better about global growth and struggle when the reverse is the case. While this is often true, there are a huge number of other possible drivers. Major commodity prices, Australian monetary policy prospects and localized political risk can all see it move against the general market grain at times.

In these days of highly correlated markets it’s tempting to separate currencies into ‘risk on’ and ‘risk off’ camps but this is far too simplistic.
2) Have passion

“You must have a real interest – passion even – in whatever financial market/s you are going to trade” – Nick Cawley

Nick Cawley, DailyFX analyst

When trading the foreign exchange markets, you must have a real interest and understanding of monetary policy, one of the main movers of price action. For example, if you are trading GBP/USD you need to be fully in tune with all Bank of England and US Federal Reserve policy moves and speeches – both drive the market. So aim to be on the same wavelength as the central bank/s, but don’t bet against them – they have big pockets and nearly always win.


3) Show grit

“Grit is highly underrated in most facets of life” – James Stanley

James Stanley, DailyFX analyst

Trading can be difficult. It can only appear easy from the outside because clicking a few buttons to buy or sell isn’t very difficult. But it’s not easy to consistently beat the crowd, and almost anyone on this path will, at some point, face challenges. Grit is what enables success in those challenges, and a lack of grit is what makes it easy to quit for whatever reason.

[quote][/quote]

I love forex.

Babara1994:
I love forex.

At Axxye Capital, one of our mission is improved analysis for Investors to have a successful financial freedom.
With lots of premium courses in the forex financial market bought for thousands of dollars, we are giving away the courses for cheap prices. we want to equip a new generation of forex traders who have the sufficient knowledge to analyse any financial Markets and make enough money to secure their future.

Some of the courses available are for beginners to advanced forex traders. They include:

a) Asto forex
b) Wall street academy
c) The forex Market
d) Reading the Market(RTM)
e) Transparent Fx and lots more.

We also invest for private elite investors for guaranteed monthly percent of 10% as we pride ourselves as Conservative traders.

Kindly contact on WhatsApp to access this course giveaways at huge discount costs

08105957959
Fund Manager 2, Axxye Capital