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Focusing to Become a Competent Professional Trader

Professional traders do not solely focus on profit maximization. They emphasize the importance of skill and knowledge development to become proficient traders. In the forex trading world, professionals are not obsessed with profit potential as often seen in amateur traders. Instead, they prioritize mastering skills and knowledge to become resilient traders.

Here are some tips to focus on becoming a proficient trader:

1. Skills and Knowledge:
  • Professional vs. Amateur: Professional traders concentrate more on skill and knowledge development rather than just seeking profits. They understand that becoming a proficient trader requires a deep understanding of price movements and market analysis.

2. Discipline and Trading Plan:
  • Discipline: One hallmark of professional traders is discipline in following the trading plan, without being influenced by emotions. They know that emotionally-driven trading decisions can disrupt plans and lead to losses.
  • Objectivity: Competent traders must remain objective. They apply the principle "Trade what you see, not what you think," which helps them avoid detrimental emotional involvement.

3. Focus on Mastering Strategy and Money Management:
  • Profit as a Byproduct: Although the primary goal of trading is to make a profit, proficient traders shift their focus from merely making money. They are more oriented towards mastering trading strategies and risk management.
  • Emotional Influence: Over-focusing on profit can trigger emotions, making traders less objective. By shifting attention to other aspects such as strategy and money management, emotional influence can be minimized.

4. Logical and Realistic Trading Plans:
  • Initial Balance and Target Profit: Proficient traders set trading plans considering the initial invested balance. They set logical and realistic profit targets, rather than just focusing on profit size without considering the risks.
  • Regular Evaluation: Evaluating trading results is not solely based on profit or loss. Quality traders involve parameters such as risk/reward ratio, trading plan performance, and strategy development.

5. Knowledge Updates:
  • Market Dynamics: The forex market is constantly changing, and proficient traders realize the importance of continuously updating their knowledge. They keep learning and staying updated with market developments to remain relevant and effective.

6. Efficiency and Effectiveness:
  • Focus on Strategy and Money Management: Effective and resilient traders dedicate their time and energy to developing trading strategies and money management. They realize that only by focusing on these aspects, they can be more efficient in achieving trading goals.

By shifting the focus from just seeking profits to mastering trading strategies, objectivity, and knowledge updates, traders can become more proficient and successful in the long run. Effective trading is not only about the end result but also about the process and self-improvement as a better trader.

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