Success trader usually they also have long story during their learning, there are women trader which although never study on university but she can success with treat forex like as hobby, during experience also facing many failure but eventually come back again and trying new strategy
Tips for being a Successful Forex Trader
- Thread starter Adam Smith
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I think that the most important things in trading are: patience and flexibility. Every trader should be ready to loose and without patience it would rather difficult to survive in this bussiness
Treat forex like as business and not like as gambling, so during trades also as trader will look on risk possibility during trades and not only focus for target, risk management still used among trader beside learning how to analyze the market with high accurate
I think the best way to become successful in the forex market is to learn Technical analysis properly. One should try to employ the best indicators to forecast the price movements.
I am ever reading success story which these trader only relying technical analysis in trades, I think if this way accompanied with strict risk management and proper money management also can leading trader being success
In reality so many trader also fail here, although actually all trader want to become successful trader, but might not all trader will success here, so many trader also fail and might leaving forex with hate in their heart, but as talented trader might they will always keep to learn and treat forex like as art of business
the successful trader is a trader who is able to make profit with certainly by using his trading skill. for being a successful trader very rapidly , first of all we the traders have to pass a long time in this volatile trading place for acquiring most powerful analyzing trade knowledge. but practically we try to earn money from here without learning and fall a great loss due to lack of exact trading knowledge.
Learn as much as you can about money management first. Make this your first priority. This means knowing what to look for whilst you test a particular strategy, like the Longest Losing Streak, Largest Losing Trade, Win/Lose Ratio, and Drawdown. A 90% win rate may at first look promising, but if your strategy wins $5 per winning trade, and loses $50 per losing trade, your account is going backwards. Likewise, if you have $10,000 in your account, and a Longest Losing Streak of, say, 3 losing trades in a row with an average losing trade of $4,000 in value, it's obvious that you risk blowing your account if 3 losing trades should happen to come along. The risk increases if each of these 3 losing trades happen to be the size of a Largest Losing Trade.
Most traders seem to get this money management thing back to front by first determining a set of money management parameters, and then applying their trading strategy according to those parameters. The problem with this approach is that you don't know if these parameters are suitable for the strategy you are using. You can only obtain meaningful money management data by first testing your strategy, and secondly analysing performance results. For example, simply by reducing a $50 loss to a $40 loss, as in my first example above, the strategy becomes profitable, and reducing the average losing trade from $4,000 to $3,000 as per my second example, this strategy also becomes profitable and safer. You cannot make these adjustments without access to performance data.
Test a strategy first. Gather performance data. Make necessary adjustments. Test again. Repeat...even when you have a successful trading strategy and are now trading live...repeat!
Most traders seem to get this money management thing back to front by first determining a set of money management parameters, and then applying their trading strategy according to those parameters. The problem with this approach is that you don't know if these parameters are suitable for the strategy you are using. You can only obtain meaningful money management data by first testing your strategy, and secondly analysing performance results. For example, simply by reducing a $50 loss to a $40 loss, as in my first example above, the strategy becomes profitable, and reducing the average losing trade from $4,000 to $3,000 as per my second example, this strategy also becomes profitable and safer. You cannot make these adjustments without access to performance data.
Test a strategy first. Gather performance data. Make necessary adjustments. Test again. Repeat...even when you have a successful trading strategy and are now trading live...repeat!
Another important reason that people lose money in the forex is that they don’t cut their losses short. Cutting losses short is an element for a successful trade.
being successful trader can be summarized with the best possible combination of your skills with a good broker and you are all set to make profits.
develop your knowledge, skills and analysis and take help from experts if you are new to forex. sites like signaltimes is a must to try for forex trading.
develop your knowledge, skills and analysis and take help from experts if you are new to forex. sites like signaltimes is a must to try for forex trading.
Being a successful trader is best summarised by the results you achieve. If you are consistently making profit, you are successful. If you consistently make losses, well...
I thank you for this excellent sharing. All the tips you have given here are going to be extremely helpful for traders. However, I have a little disagreement on choosing single currency pair. If a trader knows what he is doing, then he should go for multi currency pairs. If a trader does not know what he is doing, then he might as well no jump into live trading.
The successful trader at all time depends on himself; he never tries to make money by someone trading Signals and other options. Besides good trading knowledge for being a successful trader obviously we have to know how to manage money accurately.
I think having 'patience' is a good one to add. Many traders rush without the proper knowledge of how trade works and feel let down when the trades aren't going as expected. Successful traders learn the art of patience.
Well, just like , I have posted here before forex trading is risky and we need to be smart about each trade. I think, we also need to learn some basic skills and elements of trading.
Most beginners lose consistently because they tend to focus solely on having a profitable trading strategy. Though having a good trading strategy, they fail in making use of a solid money management & having a balanced, disciplined trading approach that is supposed to get them further in forex trade.
Money management is so important and is almost totally ignored by new traders. Good MM keeps you in the game. You can't learn and profit if you wipe out your account in 15 trades
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