To be a successful trader, you need to elaborate your trading plan and find solutions that will help you implement it step by step. The seemingly easy money distracts a trader from reality, which is diligent hard work. First, to be a successful trader, you need perfect discipline. Elaborating your trading plan requires comprehensive knowledge of markets and the ability to apply it in practice.
Forex traders deal with all the major currencies: USD, EUR, CHF, JPY, and GBP, with the US dollar being the most popular. The US dollar is used in nearly 70% of transactions. Forex has drawn together many banks, financial institutions, and individuals who trade with each other 24 hours a day, five days a week, exchanging currencies. Foreign exchange rates constantly fluctuate; they are affected by various factors. Having analyzed all the factors and concluded, a trader can foresee the upcoming market trends and make a profit from currency fluctuations.
Forex traders deal with all the major currencies: USD, EUR, CHF, JPY, and GBP, with the US dollar being the most popular. The US dollar is used in nearly 70% of transactions. Forex has drawn together many banks, financial institutions, and individuals who trade with each other 24 hours a day, five days a week, exchanging currencies. Foreign exchange rates constantly fluctuate; they are affected by various factors. Having analyzed all the factors and concluded, a trader can foresee the upcoming market trends and make a profit from currency fluctuations.
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