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Additional Username
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Joined Jul 2020
|133 Posts
Success in the forex market mainly depends on trading strategy. If you can make a profitable strategy, you can make money from this risky market. A wrong decision can put you in great danger.
Success in the forex market mainly depends on trading strategy. If you can make a profitable strategy, you can make money from this risky market. A wrong decision can put you in great danger.
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Good trading ideas (creative trading) are only 1 of the 3 things you need, risk-management and proper psychology are the other 2 that make up the "holy grail," miss any one of these and you will struggle.
Personally it's taken me years! - Around 4 to be exact. I've failed, stacked up many losses and given up the whole thing many times too.
But I always come back! And I'm glad I did. I'm getting better and better by the day. Slowly compounding my wins.
One that was hard to accept was that - Less is more. I use to overkill time on the charts even on the weekends.
I found that I needed time out. Fresh head and a few hours total at most on the charts a day is the key for me to consistently win and minimise my losses.
Joined May 2020
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Status: ༄ Balanced Trader
|678 Posts
I personally found success when I started to adopt another type of strategies, I explain, at the beginning i was trading with the common strategies like patterns, support and resistance, trend line ecc... and I continuously loses money, but after I adopted a more complicated strategies that involve profile chart, depth chart, volume ecc.. and also after 20 years of backtest per pairs I started to become profitable, mean that I start to trade a pairs on my real account only when I finish 20 years of manual backtest.
My entire life in one sentence: it didn't go as planned, and that's ok.
Good question.. I'd like to know as well. I had joined a community and took their advice and bought some program that taught me the basics. (Don't do that) it was a waste of cash. 2nd bad advice was to start with 2k$ in my trading account (also bad advice). Sure I won a lucky trade or 2 by falling asleep on it the first day. I believe I banked near 1.4k but that was the one and only time. The next 8k over 2 years just went to "paying the forex bill". I've revised my strategy countless times, bought different books, marked charts; studied countless hours, wasted many hours of sleep, and blew my savings as well as many accounts. The little advice I can give is to have enough capital in your account and trade with mini lot sizes. If I practice on my demo account, I can be labeled a knowledgeable and semi profitable trader. But when I put real cash in and stick to my rules, it'll be better if my cat placed the trade (like he did before) lol that one lost too. So good question. I'd like to know. Or maybe it'll better for me to try something else.
Personally it's taken me years! - Around 4 to be exact. I've failed, stacked up many losses and given up the whole thing many times too. But I always come back! And I'm glad I did. I'm getting better and better by the day. Slowly compounding my wins. One that was hard to accept was that - Less is more. I use to overkill time on the charts even on the weekends. I found that I needed time out. Fresh head and a few hours total at most on the charts a day is the key for me to consistently win and minimise my losses.
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This is the key for me too. Persistence. There is no other way to be successful at anything other than hard work and not giving up!
I'm finding some degree of success by not looking my balance till the end of the month or week. Hence i focus more on the trade and less on the money. Since i have no idea how much money is left, i remove the fear and greed aspect that was haunting my mind while i was trading previously. It helps me focus solely on the trade which should be the case.
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This is really good advice, I will take this onboard myself, thank you
You don’t find success, you earn it through consistent efforts and hardwork. It takes years to be profitable. Since every person has different goals it takes different time to get successful. In the beginning, success for me was to earn huge profits but now I’m happy if I earn profits by following my plan, because in the long run you can only earn consistently if you know how to build the right trading plan.
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Joined Dec 2021
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Status: Junior Member
|2 Posts
What I found most helpful was NOT SELLING at the first sign of a small profit but just holding for a
longer period. You will notice on many good quality coins or token you look at that they surge and
drop in waves over time. Look at longer term charts.
When in doubt, zoom out. Using this is very helpful.
The first step to finding success is knowing what success really means to you. Don’t measure your success with others. Different traders have different goals and trading is entirely a personal journey. Set small goals and try to achieve them. It will keep you motivated. Try to recognize the reasons behind your failure and your successful trades. Reaching success is a slow ongoing process. There’s no magic pill to make you successful, you have to find your own path through hit and trial methods.
The first step to finding success is knowing what success really means to you. Don’t measure your success with others. Different traders have different goals and trading is entirely a personal journey. Set small goals and try to achieve them. It will keep you motivated. Try to recognize the reasons behind your failure and your successful trades. Reaching success is a slow ongoing process. There’s no magic pill to make you successful, you have to find your own path through hit and trial methods.
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It seems to me that you can start with a simple statement, if you are in the black at the end of the month, then this is a success. further only to develop it.
success is a very short time issue , its not a big deal to bring success from trading , the big deal is how long you can sustain this success ratio . market is so unpredictable , you can be successful in this week and can be the loser on next week. this a reality. thanks
