The difference between successful and unsuccessful traders

[mumuy]

The only difference between successful traders and unsuccessful traders is that the unsuccessful ones don’t know what they are doing and keep losing more money in a desperate attempt to get it all back. Successful traders know exactly what happens when they lose money and know how to put the losses into perspective. They don’t desperately chase the market, trying to make up for past losses. They don’t waste any time dwelling on the past, rather, they stay focused on what future trading opportunities exist—and that is what makes them successful.

The basic difference between successful traders and the unsuccessful traders is knowledge and experience and sometimes discipline and patience. There is no body that has ever succeeded in forex without knowledge and experience

 

[Rambo35]

I think unsuccessful traders follow what other unsuccessful traders tell them while successful traders do the opposite. Those who succeed don't do what is popular, they do what works for them.

 

[Emibluz]

The only difference between successful traders and unsuccessful traders is that the unsuccessful ones don’t know what they are doing and keep losing more money in a desperate attempt to get it all back. Successful traders know exactly what happens when they lose money and know how to put the losses into perspective. They don’t desperately chase the market, trying to make up for past losses. They don’t waste any time dwelling on the past, rather, they stay focused on what future trading opportunities exist—and that is what makes them successful.

The basic difference between successful traders and the unsuccessful traders is knowledge and experience and sometimes discipline and patience. There is no body that has ever succeeded in forex without knowledge and experience

I think you are right on this. Successful traders are distinguished from the forex failures not necessarily by their margin but by these professional ethics. Consistency is one unpopular gem that could make your fortunes glow, as well as patience. Then the best which is as important as drones to the US is due diligence. Traders fortunes in the market grow lean because they are malnourished of this market virtue. Hence they are scared of responsibility and are always relegating duty- even the transparency of their brokers to regulatory bodies thereby overburdening them. And when these stressed bodies could recover only a little portion of their money through court indemnifications in cases of scam, they scream to the reviews. It is only these tears that can clear up the scales in their eyes; that they can see the deep truth that: after all except flexibility and nourished legal trading conditions, some offshore brokers still boast transparency more than our homegrown regulated ones!What do you say?

 

[Master Forex IB]

Successful traders are good to manage their accounts and trades . They avoid haphazard trading while unsuccessful traders are hurry in making profits they do not care for proper trading plan , they may gain high profits some times but at once they will loose with their emotional trading style.

 

[mumuy]

I agree, unsuccessful traders fail to realize their proper trading plan and just trade without giving credence to strategies and money management.

 

[jessoreit]

Their accounting and business management is good for business. They do not care for the trading scheme was unsuccessful traders take profits when they are in a hurry to avoid haphazard trading, they can gain high profits in some of them, but once they are loose with their trading style.

 

[ezrydn]

I think unsuccessful traders follow what other unsuccessful traders tell them while successful traders do the opposite. Those who succeed don't do what is popular, they do what works for them.

I wholeheartedly agree.

Whether you like him or not, have you researched Black Wednesday and George Soros? YouTube has several videos which you might find interesting. It wasn't all the analysis, he simply saw a situation forming and put 2 and 2 together. And pulled the trigger. I'll guarantee you he didn't set a TP and probably not a SL either. He realized he didn't need them. He opened trades and let them run. Plain and simple. And he broke the Bank of England for a $1B take. He drops many little gems of info in his discussions. I don't have to like him to learn from him.

 

[Rambo35]

I wholeheartedly agree.

Whether you like him or not, have you researched Black Wednesday and George Soros? YouTube has several videos which you might find interesting. It wasn't all the analysis, he simply saw a situation forming and put 2 and 2 together. And pulled the trigger. I'll guarantee you he didn't set a TP and probably not a SL either. He realized he didn't need them. He opened trades and let them run. Plain and simple. And he broke the Bank of England for a $1B take. He drops many little gems of info in his discussions. I don't have to like him to learn from him.

I try to tell new traders that pros do not use a SL to close a trade at a loss. They use a SL to exit a trade at a profit after, SL's are used to close a trade for a profit after you let your earners run and in order to protect against spikes and reversals once you have earned the pips you sought on any given trade.

 

[mumuy]

I agree, SL is used to close a trade for a profit and to protect against swings and reversals.

 

[Agnnis bingamin]

I think the major difference between successful and unsuccessful trader is hard work and understanding about trading.

 

[mumuy]

just to add, a successful trader knows the risk involve in his trading. He or she knows how to manage losses.

 

[Master Forex IB]

successful traders doall trading in a plannedmanner . he is not inhurry to make high profits he can manage his account and risks accordingly. His success isnot one time big profit but regular profits either they are small . Success is really to manage things what we had in our hand to grow them.

 

[george55]

Well I think the defference between successful and unsuccessful trader is quite vivid. Experience and ebsence of knowledge!!!.. Successful ones I'm sure are very experienced and have a good base of knowledge.They know how to calculate their profit and loss. And unsuccessful one are just the opposite.!! Without having knowledge they enter the boundless world of money!

 

[mumuy]

I hope this thread can help other struggling traders like me, to gain profits and experience in their trading.

 

[rrayne20009]

Well I think the defference between successful and unsuccessful trader is quite vivid. Experience and ebsence of knowledge!!!.. Successful ones I'm sure are very experienced and have a good base of knowledge.They know how to calculate their profit and loss. And unsuccessful one are just the opposite.!! Without having knowledge they enter the boundless world of money!

well said,so its very important to follow the lead of those successful traders to learn and acquire skills and knowledge.

 

[gerski]

Successful traders are good to manage their accounts and trades . They avoid haphazard trading while unsuccessful traders are hurry in making profits they do not care for proper trading plan , they may gain high profits some times but at once they will loose with their emotional trading style.

I agree.One should master its emotions in trading.Hardpart but its a must!

 

[mumuy]

In addition, the difference lies in the execution of your strategies.

 

[shahid110]

sir i think difference betweeen successful trader and unsuccessful that unsuccessful trader do not know how to trade and he do loss

 

[rrayne20009]

Successful traders are persistent while unsuccessful ones are not.
Every traders experience roadblocks along the way,highs and lows.What separate a successful trader from an unsuccessful is the perseverance and commitment to deal from a lose.