Whether you think that’s research skills, time management, or maybe even record keeping, list down some of the essential hard skills you think would be a great addition to a trader’s skill set.
For reference, here’s a quick definition of the difference between hard and soft skills:
Hard skills are often gained through education or specific training. They include competencies like how to use a certain machine, software or another tool.
Soft skills are more often seen as personality traits you may have spent your whole life developing. They are called upon when you manage your time, communicate with other people or confront a difficult situation for the first time.
I aim to look for TRENDING trades with a positive probability of being on the right side of order flow. Order flow is a great topic to understand that it’s what drives price up and down.
How? By traders opening and closing trades, with the advantage being the traders in profit who DO NOT need to close their trades. The traders with losing trades either get stopped out or have to close their trades once the loss starts to hurt.
With this set up, I use my chart understanding of where it is most likely that winning traders will want to take profits. Maybe a supply and demand area or a support and resistence zone. Using pivot tables is also a good guide.
Most traders who trade these TREND breakouts are not aware that winning traders DO NOT have to close their winning trades, and some pros wait for the opportunity to increase their positions. Without winning traders selling, the price will continue with the trend. Hence a 60% breakout failure rate could be the norm.
Be aware that different analysis is required for ranging markets. Order flows are more or less even between buyers and sellers. Hence a minor price movement. Ideal for a scalping strategy or short term trading.
Ability to efficiently and systematically search the internet for trading-related information such as trading tools and methods, calendars and background information, product specifications, etc.
Using analytical software like Excel for recording and analysing trades and account development.
How to function as your own employer and manage your own business.