Anyone aged 18 or older can open a trade account and start trading with Forex. The older you are the better your chances to become a profitable traders. That’s right: senior citizen have MORE chance to make money, than young people. The older you are the more life skills you learn to master. Some of them are very important while trading Forex.
Which skills are essential for a Forex trader?
# 1 Patience
As a Forex trader you will have to be patient in the first instance. Wait for a good position and only at that moment place your trade order. Young people often see opportunities, while they are not there or approach it as a game in which the conveyor belt possibilities arise, something that is certainly not the case.
# 2 Controlling your emotions
Young people respond much faster to situations that occur. Not only at Forex trading, but also in daily life. Waiting, making estimates and taking action only after analysis is something that people generally get to know little by little. Not only wisdom, but also control comes with the years.
# 3 Money management
The elderly usually have put in place all kinds of systems that ensure that their income is processed in a responsible manner. They often know how much they have to spend and what risks they can take. Young people still often act impulsively and sometimes take irresponsible risks, for example by spending money that they do not yet have or by borrowing money.
# 4 Time management
Young people are still in the process of learning how to manage time. More than once, they are doing two or three things at the same time. They get distracted easily and are not always able to keep strict time limits. Older people have more time on their hands and are better in managing the time they have. They don’t get distracted very quickly and they are better able to keep time limits.
#5 Manege Satisfaction levels
Older people are usually less greedy than younger people. They know the value of items and have learned to be satisfaction with a certain amount of profit. Young traders who made profit during a trading day, will often keep on trading and increase the risk to loose the profit they made.
The older the better
Research has proven that skills you need during Forex trading are developed over een number of years. The older you are, the better you’re able to master some essential skills.
Young people should realize that the most dangerous factor in Forex trading is managing your emotions. That’s a skill you were not born with, but need to learn. How fast you learn and how you learn depends on the level of education, your social contacts, family and your community.
Training Your Forex Skills
Our Forex Training WILL HELP you understand and control your emotions in a better and faster way. Start your training today!