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What are the Traits of Successful Traders?
DailyFX.com -
- We studied 10’s of millions real trades to find meaningful insights on trading
- Patterns are relatively clear: Money management, effective use of leverage, and strategy selection critical
- View full reports below for complete coverage
Our studies on 10’s of millions of real trades showed patterns which we believe highlight the Traits of Successful Traders – what have some traders done to set themselves apart from the rest?
Our key findings can be summarized in three key points and reports
Money management is the single-most important factor in trading. Indeed, we highlight the Number One Mistake Forex Traders Make and how we might address it
The effective use of leverage is a critical part of any strategy – Here we Study Best Practices on the Effective Use of Leverage
Strategy selection matters and especially as it regards knowing how and when to use specific trading techniques – Do the Hours that I Trade Matter?
Though by no means exhaustive, these reports can help give a trader a foundation with which to learn and avoid the most common mistakes committed by traders. Read the above and follow along with future Traits of Successful Traders series reports for more.
The Traits of Successful Traders
Over the past several months, The DailyFX Research team has been closely studying the trading trends of FXCM clients, utilizing the trade data at FXCM. We have gone through an enormous number of statistics and anonymized trading records in order to answer one question: “What separates successful traders from unsuccessful traders?”. We have been using this unique resource to distill some of the “best practices” that successful traders follow, such as the best time of day, appropriate use of leverage, the best currency pairs, and more.
Analysis prepared and written by David Rodriguez, Quantitative Strategist for DailyFX.com
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