Rules of Successful trader

I agree that psychology is a major hurdle. Trading can be exciting. I suppose there are a few individuals born with no emotion that don't experience the thrill of victory and the agony of defeat, but most will fall victim to the roller coaster ride of the thrills of a good win and the depression following a series of crushing losses. I have no magic trick to make the emotions instantly disappear, but I'll offer a bit of advice here to any who need it.

The best way to overcome the emotional aspect of trading is to make it matter as little as possible. I understand this is your dream, but you need to change your approach to achieve different results. Trade the minimum 0.01 lots per trade until you get three profitable months in a row. That will probably take years, but it will eventually happen if you remove the emotional aspects of your trades. These trades are so small that it really doesn't affect your future if you win or lose so at least in some sense, they don't matter. When the trades don't matter, you can let go of the emotions and concentrate on improving your system and skills. Once you get 3 months profitable in a row, increase your trade size by an increment so small that whether you win or lose, it still wont matter, like to 0.02 lots per trade. When you get another profitable 3 months in a row, and that may take years, make another increase in your trade size, but always keep it small enough that it doesn't matter, that is it wont change your lifestyle if you win or lose.

By the time you make 3 or 4 tiny increases after being profitable for the previous 3 months in a row, you'll know how to avoid the emotional hell of being constantly whip sawed back and forth between the exhilaration of great wins and the deep depression of crushing losses. Of course there is always a price to be paid. The price of this method is accepting that it will probably take you years to reach your goals and when you do, it wont be nearly as much fun as you dreamed. It will just be a job where you show up to take on a bit of risk from the market and you are well paid if you manage it wisely. That's ok with me. My job may be mostly boring, but I'll get my fun in a few weeks on a beach in the Caribbean and my boring job of managing market risk will pay for it all.

One final bit of advice. When you are finally successful, people will constantly ask you about it and then beg you to invest their money for them. The way to avoid this is only tell your friends about your worst trades, how terrible market conditions are, etc. Otherwise, trading their money will spoil the entire process (because it matters) and it might take years to recover from that mistake. Best success! - G

I completely agree once you have a mathematical edge however small you have to focus on your psychology. Once you have your emotions in check you are able to apply it. There is one thing you need to factor in making mistakes. They are inevitable. Just don't be hard on yourself. Keep your head up

Discipline is the key to success for sure. Once I became disciplined I became profitable

If found mathematical edge then program EA acording to that. Why fight emotions? Let EA work for you. Zero emotions. And continue to find another mathematical edge.

Understand your emotions and how the brain works. You will realize what your lizard brain is reacting to, and can adjust accordingly.

Rules for a successful trade:

Learn the forex and get enough knowledge

Have discipline
Have patience
Should be emotionless

Should follow the market rules

I believe successful trading is part of a balanced life. Success is so much more than being a profitable trader. You can not neglect:

1. Health
2. Wealth
3. Family
4. Love
5. Lifestyle
6. Spirituality

The best traders keep a balance between these; they know focusing on only one of these does not equal success.

Rules of successful trader according to me:

1. Focus on enhancing knowledge and skills
2. Avoids over trading
3. Is emotionless
4. Maintains trading journal
5. Follows the trading strategy

Be sure that you are comfortable with the type of trading conditions you will experience in different time frames. For example, if you have determined that you are not the kind of person who likes to go to sleep with open positions in a market that is trading while you sleep, perhaps you should consider This means that you have to know when to buy and sell. Base your decisions on your pre-planned strategy and stick to it. Sometimes you will cut out of a position only to find that it turns around and would have been profitable had you held on to it.

I believe there is a book titled How to become a successful trader for dummies. I think they are releasing a fifth edition soon. Give it a read, enjoy.

Disciline is very important. If you have no dsicipline then rules and plan do not have any importance in forex trading. So should have discipline and patience to become a successful trader.

Very wise thoughts! I agree with everything!

I would say money management and solid psychology.

No matter what strategy you have, you won't be able to succeed without both of them

https://www.tradingview.com/x/2Sgizl4P

If there is trend
Buy the sweep after a bar confirms to the trend's direction.
Don't be too greedy.

https://www.tradingview.com/x/Wd9d5OGy

If there is trend
Buy the sweep after a bar confirms to the trend's direction.
Don't be too greedy.

https://www.tradingview.com/x/WKN1DecA
If a red bar forms, you have potential for a short. If bull and closes above Friday's bar, then gg. Wait another day.hehe

The idea is simply, there must be a trend, and then there must be a sweep, and then there is a bar for the trend, and from there the order is made.

Absolutely, your perspective is very insightful. Trading is indeed similar to mastering any other sport or business. It's about understanding the fundamentals, respecting the rules, and most importantly, having a well-thought-out plan. Just like diving or starting a business, success in trading requires preparation, practice, and adaptability.

Discipline and consistency. It's what its all about. You don't have to have the perfect plan, but you have to trade your plan perfectly. Because if you are not following, that means you don't have a plan, and without a plan, you are not guaranteed to have any kind of good or satisfactory results.

Consistent practice, discipline, and adherence to a set of well-defined rules are required to become a successful trader. Even then, there are still factors that are out of the trader's hands that may result in losses. Here are some of the rules traders should follow:

Sign up with a regulated and trusted broker: The foundation of successful trading starts with choosing the right broker. A regulated and trusted broker not only facilitates your trading but also provides peace of mind by ensuring your funds are secure and trading practices are fair. Regulatory oversight means the broker adheres to strict standards set by financial authorities, which protect traders' interests. ThinkMarkets, for instance, is regulated by 10 financial bodies, including the FCA, CySEC, and the DFSA.

Do your own research (DYOR): Successful trading is underpinned by thorough research and analysis. Whether you're trading EUR/USD, Bitcoin, or gold, understanding the market dynamics, including how events like the NFP can affect prices, is crucial. Always base your trading decisions on solid analysis rather than speculation, hearsay, or market hype.

Implement strong risk management: One of the common qualities of successful traders is their ability to manage risk effectively. Losses are inevitable, but you can always mitigate this by setting stop-loss orders, only risking a small percentage of your capital on a single trade, and never trading money you can't afford to lose. Proper risk management ensures longevity and sustainability in trading.

Develop a trading plan and stick to it: A well-thought-out trading plan outlines your strategy, entry and exit points, and risk management rules. Successful traders are disciplined about sticking to their plan, even in volatile markets, which helps avoid emotional decision-making and ensures consistency in their approach.

Continuously learn and adapt: The markets are constantly changing, and successful traders commit to lifelong learning to stay ahead. This includes keeping up with market news, learning from trades (both successful and unsuccessful), and adapting strategies as necessary. The willingness to learn from mistakes and successes alike is what differentiates successful traders from the rest.

What does that have to do with the thread?

This is pure spam, and you’re increasingly filling the forum with it. You’ll put more people off than you can ever attract, with this kind of behavior, so you’re only damaging your business (as well as pissing off so many other members).

Your commercial motivation is blatant, so why aren’t you a "commercial member"?

Markets do not change and can be with little amount of time exploring between history charts and today charts. The human behaviour not changes at all.
What is changing, are the concepts reading through the price time informations.

Don’t chase bad money. I’d spend weeks and months with daily gains and wipe them out in 4 hours chasing bad money. My losses were never small. It was always 30 days of gains with one day of losses to get me to even