Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Typical backround of a successful Forex trader? 16 replies

How many pips does a "successful" trader collect weekly? 140 replies

The turing point in becoming a successful trader 19 replies

The mentality of the successful trader 3 replies

Essential Elements of a Successful Trader, by Jimmy Young 0 replies

Attachments: Rules of Successful trader
Exit Attachments

Rules of Successful trader

1) Protect your capital by not risking it until you have a profitable strategy that you have proved (to yourself) works.

2) Never risk more than 2% of your capital at a time.

3) Plan your trade, and trade your plan.
Quoting Forex-Jedi
1) Protect your capital by not risking it until you have a profitable strategy that you have proved (to yourself) works. 2) Never risk more than 2% of your capital at a time. 3) Plan your trade, and trade your plan.
I would add 4) Always analyze your losses and learn from whatever mistakes you made.
Trade your plan
eg:

1) Central bank policy statements (change of bias) (300 pips per month)
2) Large deviation from major economic indicators (100 pips per month)
3) Fade certain events (100 pips per month)
4) Trade speeches (heads of state, govenors of central banks) (200 pips per month)
5) Prepare for above events
6) Risk reward at least 3:1
7) Never more than 2% on each trade
8) Protect your positions
9) Get in on pullbacks,s/r, pivots- and look for confluence (dojis, long wicks, supply or demand being swamped)

Also go on courses to refine things- iron out bad habits (overtrading,overleveraging etc..)

Cannot think of anything else to be honest
Quoting mlawson71
{quote} I would add 4) Always analyze your losses and learn from whatever mistakes you made.
Good comment, but I would add that even a successful and highly profitable trading strategy will have losses, and these are perfectly acceptable, as long as they fall within expected parameters.

For example, say you develop a strategy where you know that statistically you have 1 losing trade for every 4 profitable trades. But even then, you know that the plan will still be profitable at 1 loss for every 3 profitable trades.

Only if your loss rate (1 in 4) starts to creep up, to approach the 1 in 3 level do you need to start re-analysing at your strategy.

if it stays down at 1 in 4 you can just accept those losses as part of the strategy, and know that it's working within the established parameters.
Quoting Forex-Jedi
{quote} Good comment, but I would add that even a successful and highly profitable trading strategy will have losses, and these are perfectly acceptable, as long as they fall within expected parameters. For example, say you develop a strategy where you know that statistically you have 1 losing trade for every 4 profitable trades. But even then, you know that the plan will still be profitable at 1 loss for every 3 profitable trades. Only if your loss rate (1 in 4) starts to creep up, to approach the 1 in 3 level do you need to start re-analysing...
Losses do happen, I agree. A good strategy accounts for that. I still think it's good to be aware why exactly the loss happened. The more self-aware the trader is, the better.
The successful trader always not founding in Forex , because mostly are loser . by the way, can anyone ensure which is the different between successful trader and professional trader ? There is any different between two ? i get confused . please explain more about if you have right information
Quoting MarkFxAnde
The successful trader always not founding in Forex , because mostly are loser . by the way, can anyone ensure which is the different between successful trader and professional trader ? There is any different between two ? i get confused . please explain more about if you have right information
A successful trader is not always a professional, he can just be very lucky. Such success is usually maintained until the first big loss of money.
Quoting Kuznec
{quote} A successful trader is not always a professional, he can just be very lucky. Such success is usually maintained until the first big loss of money.
Successful trader is a big deal in Fx because so many traders are loser. By the way any successful trader doesn’t depend on high luck . he always trade with his most powerful analyzing trading knowledge with great discipline and brings profit with certainly almost every trade.
There is any successful trader in Fx market place who depend on luck ?
Quoting TrueStoryfx
Rules of a Successful Trader: To always follow the rules that you set. Never break the rules and try to justify the reason. Sometimes easier said than done.

Couldn't agree more. Once you start breaking your rules, even the slightest, you are messing with your formula. When I'm trading, equity management is always one of the most important factors I look at. If you start risking more than your rules allow for, you're headed towards blowing your account.
A trader can have rules but the discipline is needed more than that. I lost a fair sum of money before i realised the difference as with most people when they start out in forex. This is needed for a trader to grow i think. So basicaly i compounded my rules down to 6 its actualy 5 but number 6 holds them together

1. A trader always mans up to his losses as well as humbling himself after wins.
2. A trader must have the fear to say no to 90% of trading oppertunities and the strength to pull the trigger when the 10% presents itself.
3. Trading should be fun and gain in percentage must be the goal not amounts.
4. No trading capital, no trading so protect it at all costs which logicaly means only allowing yourself to lose what your comfortable with.
5. Remember who, what and why the markets move before risking money.
6. Have the conviction and discipline to stick to the friggen rules man. Its like disobeying yourself and losing money in the process. - Stupid but makes sense man.
Why are you trading?
Buy low, sell high

Ride winners, cut losers
1. Educate yourself.

2. Test yourself.

3. Make money.

4. Educate yourself more.

5. Don't be stupid.

6. Make more money.
Have a second edge to confirm your primary edge. Close and reverse if you get head faked.
You cannot be extraordinary by being normal
Quoting pickle
1. Educate yourself. 2. Test yourself. 3. Make money. 4. Educate yourself more. 5. Don't be stupid. 6. Make more money.
Very good points but I want to add more.

Manage your money l
earn how to manage risk
try to control emotions
and never try to take revenge from here. that’s all
Just maintain trading discipline and don’t trade with emotions, if we can ensure just two things we can be successful from here even though many of us loser from here.
you have to maintain by yourself. if your bad trading habits maintain you , then it is not possible to lead a successful trading life. i always practice in demo account where i try to remove my bad trading habits
I feel sad, Always, all the time, any pairs, when I enter go stright to red, not even once went to profit , I am really sad and the funny thing is as soon as I close in red it go opposit and never come back, its like the market just want I lose and then go back. what is this? I mean is it normal?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20170815-072439.png Size: 214 KB
10 pips SL and 60 pips TP is what usually happens in market so when we enter trade is important I mean when market has enough volume and confirmed trend
A trading plan is a written set of rules that specifies a trader's entry, exit and money management criteria. Using a trading plan allows traders to do this, although it is a time consuming endeavor. In order to be successful, one must approach trading as a full- or part-time business - not as a hobby or a job. Trading is a competitive business, and one can assume the person sitting on the other side of a trade is taking full advantage of technology. Those are some rules I followed to achieve success.
0 traders viewing now