Key for a Successful Trading

[Ary Barroso]

I wonder nowadays on what should really be important to become successful in trading. Would knowledge be enough to succeed when you want to personally work with it? or, would it be more successful to find someone to work as a broker? Does finding an ECN forex broker be more advantage?

Actually, here your own trading knowledge is the key; without enough trading knowledge, ECN or STP brokers will be not sufficient for sure.

 

[milornld]

Tips for Success in Forex Trading

- Trade with confidence
- Take care for your health because health is a wealth
- Be patient and disciplined
- Never risk too much capital on one trade
- Know your limits before you open any position
- Be diligent and after you develop a plan, stick with it
- Know your strategy, its advantages, and weaknesses and only use techniques that fit your trading style.

 

[Ary Barroso]

Tips for Success in Forex Trading

- Trade with confidence
- Take care for your health because health is a wealth
- Be patient and disciplined
- Never risk too much capital on one trade
- Know your limits before you open any position
- Be diligent and after you develop a plan, stick with it
- Know your strategy, its advantages, and weaknesses and only use techniques that fit your trading style.

Yes, I do agree! And, want to add another point as: focus on chart trading news trading more instead of technical indicators.

 

[Think Pad]

Top 10 Rules For Successful Trading
Rule No.1: Always Use a Trading Plan
Rule No.2: Treat Trading Like a Business
Rule No.3: Use Technology to Your Advantage
Rule No.4: Protect Your Trading Capital
Rule No.5: Become a Student of the Markets
Rule No.6: Risk Only What You Can Afford to Lose
Rule No.7: Develop a Trading Methodology Based on Facts
Rule No.8: Always Use a Stop Loss
Rule No.9: Know When to Stop Trading
Rule No.10: Keep Trading in Perspective

 

[Dictorsto]

I have to note it down on my notebook because this is good information for every traders. If we are stick on this 10 rules, our trading result will improve consistency and surely.

 

[J_C_Anderson]

One of the well-known traders created a shortest list of rules describind the way to success. The are called "The three E":
- Education
- Experimentation
- Establishing trading records.

As he is options trader, the system was created for options, but all these rules could be applied for any market.

The Education means self-education process. There are lot of interesting and useful books in the Internet, so it is easy to create your own trading libriary.
The Experimentation covers all issues related to strategy testing, from the creation of the idea and backtesting (with the help of special software like Tradingview buit-in tester or Forex Tester) to the demo testing as a final stage before launching real trading.
Establishing trading records stands for writing down all your trades to have enough information to analyse. Another thing is that such trading records could be used to apply for funding.

 

[Baazex]

Before you create your strategy you need to learn all the technical skills required for trading you must have demo account trading experience so that you can make a good strategy for yourself

 

[Balmeena]

To derive your strategy or key to success is not so easy, you need to be an ace in this matter.

 

[Petez_FX]

Patience, risk management, learn.

 

[Dizuru]

I'd love to have such a key to trade without problems

 

[fxsoma]

Discipline is one of the most important aspects.

 

[JanPatterson]

I'd love to have such a key to trade without problems

Good to know that, indeed.

 

[Ary Barroso]

You have given us two option 1. is knowledge important? 1. is an ECN broker necessary to be successful
I would say both are important. To be able to keep our money and not to get manipulated,we have to choose a good broker. To be able to make money by trading, we do need knowledge and dedication and seriousness towards this business.

A good (honest) trading broker is important; but I don’t think, their business model is so important here!

 

[torry9]

The key lies within us only. Like anything in the world, if we want to be successful as a trader, we need to do hard work and work on our relative strengths and weaknesses. Patience, discipline and control are a few things to help you become more sorted as a trader.

 

[btseen]

Tips for Success in Forex Trading

- Trade with confidence
- Take care for your health because health is a wealth
- Be patient and disciplined
- Never risk too much capital on one trade
- Know your limits before you open any position
- Be diligent and after you develop a plan, stick with it
- Know your strategy, its advantages, and weaknesses and only use techniques that fit your trading style.

Top 10 Rules For Successful Trading
Rule No.1: Always Use a Trading Plan
Rule No.2: Treat Trading Like a Business
Rule No.3: Use Technology to Your Advantage
Rule No.4: Protect Your Trading Capital
Rule No.5: Become a Student of the Markets
Rule No.6: Risk Only What You Can Afford to Lose
Rule No.7: Develop a Trading Methodology Based on Facts
Rule No.8: Always Use a Stop Loss
Rule No.9: Know When to Stop Trading
Rule No.10: Keep Trading in Perspective

These two explained it very well.
And it is important to note that trading can never be your advantage if you become overconfident after few wins.