Rules of Successful trader

I don't think that doing what you love and having fun while you're doing it are necessarily mutually exclusive things. Sometimes they can be, but not always. There's nothing wrong with loving trading Forex and having fun doing it, because it makes you happy.

ok boss. In the end, we're human and should live in peace. Let's leave our differences and go make some money mate.

Just wondering, to me, a professional trader (those working in the Investment Banks etc) who does this for a living (9-5), I would assume trade with a different strategy than us retail traders. And I would assume on average, and if we were to look at the profits of the Investment Banks just from trading (which I assume to be an exorbitant amount), most of these professional traders can then be considered as successful. So my question is, if anyone can help, how do I find out what type of strategies do these professional traders use. Is there a place that shares this information?

I'm 10 years into Forex - the most important is DISCIPLINE to follow rules set in your trading plan - this will eliminate GREED (I'll close when it goes another 5 pips higher) and HOPE (I'll buy another lot to average down so that I'll breakeven when it moves up 10 pips instead of 20).

Easier said than done.

I completely agree. First you need to prepare well. Start trading without having a good understanding, similarly to first time to drive a car and immediately try to drive around the city without having enough knowledge about the car. It's suicide.
The most important thing is your strategy and feeling of the market in smalest details.

Preserve your capital always and trade patiently; don't rush into trades, don't rush your entry - let the market come to your levels.

KP

Great advice. It is very important to trade when you see a good signal, rather than trade because you want and/or need to trade. One needs to learn when keep away from the market just as much as one needs to learn when to trade.

Wow. 10 years ! really ? as a senior trader I expect a better suggestions from you to make sure successful trading. not the ordinary suggestion that you have explained . Thank you

To be successful, maintaining yourself is important during your work and your life. Being disciplined and mature with your work is also needed.

Hi Senior trader, thanks for the comments.

As for me, DISCIPLINE is the key for successful trading. I'm not sure what you mean by 'better suggestion'.

I may have the best trading plan, the best money management plan, the best what not, but its all useless if i don't have the discipline to implement it.

I fully agree that discipline is the key.

In discipline includes hundreds of rules. You don't need to know them all. Some of them you are already following without knowing. But the most basic ones:

Don't trade with the money you cannot afford to lose. Be careful with high leverage or big position size, you should have the "risk money" in your bank account that corresponds to the position size money value.

Always use stop loss.

Don't risk more than 2% of your account's capital (the risk means that you will lose maximum 2% of your account if the price hits your stop loss, so you need to use a correct position size in order to risk only 2% when your stop loss gets hit. The stop loss should be set to a level where the market will continue to go to opposite direction, you will know that once you understand market behavour. Usually the SL is set a few pips away from last candlestick's high/low + the spread)

Learn a simple trading system and master it on a demo account before risking your money on a live account. It can take a few months.

Trade the signals that work and avoid the others.

Always go with the trend, that's why they say it's "your friend".

I think these are the most important. And then we have some more that are more or less important too:

Laptop battery. Internet backup. Have brokers phone number in case you need to close a trade right now and cannot access your account.
Check swap, commission and spread for every currency pair.
Before entering/exiting a trade, check if spread is wide. When market is slow or before and during news release, spread can widen. Also check volatility, and slow market because liquidity is lower, in that case maybe you should wait a little.
When market opens on Sunday/Monday, spread is usually higher. Wait 1-2 hours until spread has lowered.
If a strong setup forms on a Sunday/Monday and there is a gap because of weekend, it's safer to not enter because it is no normal market condition.
When having position opened during weekend, remember the spread can widen (when market is closed). Should not widen much. But some brokers widen very much. Better stay out, especially if there is president election or other big events because market can move several hundreds of pips to opposite direction and jumping your SL and then your position will be closed with bigger loss.
If several setups form, choose only the strongest and ignore the rest. If there is a sell AND a buy signal in various correlated pairs, take the sell (if it's strong), because down movement is stronger.
Avoid setups formed by an unusual big candle because price usually retraces.
When taking weaker signals use smaller position size.
Stay out of the market during a big/special event day like votes, president election, very slow market, big bad news etc.
Stay out of the market if there are major news in economic calendar. But this rule is for those who trade weak signals and smaller time frames.
Find a broker that does not cheat you and allows you to withdraw your profits.

Don't trade when:
environmental distractions, emotional times, abnormal market behaviors.
Market open/close. Monday near opening. Friday near close. Also during the exact closing times of major markets (London, New York, Tokyo) on Friday.
Bank Holidays. Dont trade a banks countrys currency.
Summer and end of December. Holidays for big players.
Asian Sessions. Slow market, low liquidity.
Prime time TV shows. World championships in Football, NBA or Super bowl finals, The X-Factor etc.

First of all we have to understand what actually discipline in Fx trading . for the newcomers to keep proper discipline is impossible due to emotions. Only the way , beginners have to pass a long time in here with great patience. Otherwise discipline cannot be acquired at all.

I think that most people understand that Forex requires discipline, it's just that some people, at least, don't know how to achieve it. It's a habit that needs to be created and maintained and that's not easy.

One good trick to do successful trading is what we do practice do with management. We should set a target and try to get it with plan . even small risks can help you to find your target. You can make small success that will turn to a big one.

This guy talks alot about having structure to trading...Mainly psychology https://www.tradersreality.com/

I have seen, successful Forex traders follow their trading rules so honestly! Ike, they don’t open any more trades after reaching their daily trading target! Discipline is the most important parameter here for being a successful trading personality!

Yes from all inevitable parts of successful trading discipline is most important. Basically we the beginners lost our trading discipline because of emotions. So the beginners who want to be successful trader first of all have to practice to trade devoid of emotions.

I always try to maintain my trading discipline for keeping survive in this volatile trading place. As like I never trade after completing my target and never use high leverage at all in live , I always use high leverage in my demo account to see the performance how it works. This approaches always helps me to avoid risk.

Two rules;

1 - win more times than you lose
2 - keep your wins larger than your losses

I agree. Usually the problem is how to actually achieve that. Most traders have a problem doing that even after years of trading.