Tips for being a Successful Forex Trader

[Sunny Aarby]

you are sure you have studied about the currency pair to an extent that you know the momentum and trend of the currency pair. Do study the market and grab small profits, then you will win for sure.

 

[Aadolf]

Keeping a Clear Mind is paramount to trading successfully. Trading successfully is mainly be defined by your mindset. If your trading mindset isn’t what it should be, you have no expectation of making a profit. Unfortunately, most traders neglect this basic truth or aren’t informed of how essential having the proper mindset when it comes to successful forex trading.

 

[ema watts]

Keeping a Clear Mind is paramount to trading successfully. Trading successfully is mainly be defined by your mindset. If your trading mindset isn’t what it should be, you have no expectation of making a profit. Unfortunately, most traders neglect this basic truth or aren’t informed of how essential having the proper mindset when it comes to successful forex trading.

Absolutely! Trading without knowing what to do is of no use. It’s more or less a gamble. One has to be clear in his mind about his trading plans and set the goals that should be realistic. Right mindset comes with discipline and patience which are the traits of successful traders.

 

[Banni]

For successful trade you've got to have a trading strategy, preferably your own, a unique one. And that can't be done in a week.

 

[Ary Barroso]

Thanks for all of your points! By the way, I seem before making a trading plan traders need to learn enough technical and fundamental analysis! Without proper trading skill a good trading plan is impossible in a word! By the way, success is not easy job here, so much challenging profession.

 

[Michelle Yeoh]

Nice thread! For being a successful Forex trader, a neat and clean trading plan and strategy are very important here! On the other hand, greed is the most common problem in the trading industry, so traders have to trade according to the market demand without personal emotions and greed!

 

[milornld]

Check few more points:

- Define Your Goals and Choose a Compatible Trading Style
- Choose a Broker Who Offers an Appropriate Trading Platform
- Choose a Methodology and Be Consistent in Its Application
- Focus on Your Trades and Learn to Love Small Losses
- Practice Makes the Master
- Create A Bullet Proof Strategy
- Record Every Trade and Analysis

Thanks

 

[Miller.d43]

For successful trade you've got to have a trading strategy, preferably your own, a unique one. And that can't be done in a week.

Right! having a profitable strategy is one of the most important tool to become successful.

 

[CallahanSinclair]

I want to add an important tip: having a trading journal. When you keep a detailed trading journal to record your trades, strategies, and emotions, this helps you analyze your performance and make improvements.

 

[Acosta]

You forgot to add, you need a good broker. Without a good broker you WILL NEVER be a good trader. FACTS.

 

[Phill88]

Using a stop loss is essential, but unfortunately, I didn't realize its importance immediately (