How to be a successful trader?

Hi
This is fxrussel, I would like to share you somthing.
I am in forex market more then 2 years, i have got very little exprience about forex.

SO HOW YOU SUCCESSE IN FOREX MARKET?

MY OPENION: 1. Money managment
2. Market analyse
3. Fundamental news ... most importent
4. Create your own plane
I hopfully if you flow this rules you see you will be a great indicator by your self, don't ask any one how market will move just think your self.

Best of luck my friend... we will successe in forex market together get ready to goooooo.

Dear trader if you have any openion please share us.

Hi fxrussell,

The most important is the trader.
Being a successfull trader require a lot psychology skills.

Im saying :
- at least 70% is trading psychology (you, your emotions, your psychological bias, your work, your attitude in front of certitude...)
- around 20% is risk (money managment and position sizing)
- less than 10 % is your system

And the whole require hard work, patience and regularity.

All indicators have their own defect(s), so, can not depend on one indicator. The indicator I used are BB and SAR. On top of these, i also use few TF charts to judge the likelyhood of director.
Happy trading.

Yep it's mainly Pyscology sadly, very hard to reprogram yourself, demo trading, no fear or greed most people will master this, real money, real fear and greed watch the same seasoned demo trader, let losses run and run and constantly cut profits for a fraction of what is on offer, in the fear it'll become another damn loser.

Hi,
You will put yourself in a crazy position if use M1, M5 and M15 to do the trading or judgement.
In forex, right/strong pyscology is very essential. If not, you are not ready to participate in this market. Am I right???

Spend 1-2 years for forex trading and always improve yourself by learning, experiencing anything you think it's good for you. After that time, you at least know how to trade to get small profit.

I say that, because I see normally one good trader have at least 2-3 years experience.

there are three key ingredients and they are all equally important:

1. having an edge in the markets; something that puts the odds in your favor
2. risk management; understanding you are not going to be correct every time, and developing a plan that ensures the sum of your wins is greater than the sum of your losses
3. discipline: once you have #1 and #2, you need to execute it professionally and without hesitation

pretty much there is to it..

thread closed

Hi friend,
If this is correct, 2~3 years is nothing, a lot of people did not sucess in their whole life. Most of the traders have more than 3 years experience, how many of them are sucessful???

Simple answer for a simple question...

Learn to read the market. If you can't then none of that other stuff will much matter.

Fundemental analysis I think is really important. Forex is not just about charts I think.

For successful traders, investment psychology is by far the most important component, followed by risk control. Where you buy and sell is the next question you put into consideration.

Clearly it is not easy and clearly conventional advice does not work.

In my opinion there are three fundamental issues.

1. Most people do not have the belief system to be successful in a field where success and failure comes directly from their day to day action rather than being supported by a wage in a 9 to 5 conventional job. We are programmed to believe that success requires long and hard work but trading is actually short and easy work. Just as you can't take a supermarket checkout girl and make her into a CEO of a multinational company, you cannot take the average person and turn them into a rich trader who works a few hours (or minutes) a day. You need to change your belief system so that, at the very deepest level, you truly believe you can wake up Monday morning having earned enough for the week while you were sleeping. Your belief system controls your emotions that can make or break your trades.

2. You need large stops or no stops. Do you really believe big institutional traders have a small SL? The idea that your SL must be smaller than your TP is nonsense.

3. Stop trying to predict the direction of the market! That's suicide because we all know the market can't really be predicted and often surprises us. So, your strategy has to include the possibility of a large move in the wrong direction without knocking you out (hence large SL or no SL) and you need to add to your trade until you catch a move in the right direction. Of course, this is very dangerous so you must be as sure as possible that the likelihood of a very big move against you is slim. This is intelligent Martingaling which must only be done when your experience/indicators/system tells you there will not be a serious move in the wrong direction.

Before you start disagreeing, ask yourself this: does all the conventional wisdom about trading really produce successful traders? Obviously not...


.

With today's technology, it is easy to test a trading idea before risking real money. Back testing, applying trading ideas to historical data, allows traders to determine if a trading plan is viable, and also shows the expectancy of the plan's logic. Once a plan has been developed and back testing shows good results, the plan can be used in real trading. The key here is to stick to the plan. This is one key to be successful in forex.