What it takes to be a successful trader?

<p><strong>Understand how the markets move and why</strong>:&nbsp;</p><p>Retail trades make a fraction of the market capital. In forex, that number is about 3% and less. The big financial institutions and funds control the markets. The reason price moves in a certain direction or another is not because most people believe it will move in that direction but rather because that’s where most of the volume is. The more capital you have, the more control you have over the market’s direction. Institutions trade with billions of dollars and their number one goal is to turn profit just as you and me. But they don’t care about others. They’ll sell where most will buy and buy where most will sell. They are market makers. Let’s say they want to move a certain pair up but they want to enter at a good price and have lots of supply to fulfill their demand, they only have to dump it so everyone starts closing out their buys and they can wipe the buyers, take their positions and enter at a much better price. The only reason prices move is because the big guys decided to make it move. To be profitable in this market, you must learn to understand price action and momentum. Those are two very important aspects of technical analysis. How can you tell where the momentum of the market is heading? By understanding price action. This is where candlestick reading and correlation with indicators such as EMAs or MACD comes in hand.</p>