Being a Position Trader.

You might be a position trader if:

• You are an independent thinker. You have to be able to ignore popular opinion and make your own educated guesses as to where the market is going.
• You have a great understanding of fundamentals and have good foresight into how they affect your currency pair in the long run.
• You have thick skin and can weather any retracements you face.
• You have enough capital to withstand several hundred pips if the market goes against you
• You don’t mind waiting for your grand reward. Long-term forex trading can net you several hundred to several thousands of pips. If you get excited about being up 50 pips and already want to exit your trade, consider moving to a shorter-term trading style.
• You are extremely patient and calm.

You might NOT be a position trader if:

• You easily get swayed by popular opinions on the markets.
• You don’t have a good understanding of how fundamentals affect the markets in the long run.
• You aren’t patient. Even if you are somewhat patient, this still might not be the trading style for you. You have to be the ultimate zen master when it comes to being this kind of patient!
• You don’t have enough starting capital.
• You don’t like it when the market goes against you.
• You like seeing your results fast. You may not mind waiting a few days, but several months or even years is just too long for you to wait.

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