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How to Become a Successful Forex Trader

  • #21
  • Jun 10, 2008 8:18am Jun 10, 2008 8:18am
Quoting blunderbuss
Greetings. I'm new to the forum, but I have lurked in the past.

I have the feeling that most things about forex will be easier to
figure out once you read the "Mission Statement" thread. Once
you can state your trading objective in a sentence, it will
help you determine which strategies to use, how much to trade
at one time, which currencies to use and what hours to trade
(Big Ben Breakouts and all that).

Why Having a Mission Statement Behind Your Trading is so Critical to Your Success


Also, I pass these along when I come across them: avoid
forex pitfalls.

Good luck all.
Thanks very much for your input.

Al Parsai
  • #22
  • Jun 10, 2008 1:23pm Jun 10, 2008 1:23pm
To be successful, simply watch the same pair for 3-5 years. Watch it all day and always learn from your mistakes. Watch the price action on 1 minute charts all the way to daily charts.

Never give up. You can turn $50 dollars into a fortune in a relatively short period of time once you've made every mistake in the book---several times over, as long as you are learning from your mistakes.
  • #23
  • Jun 11, 2008 11:43am Jun 11, 2008 11:43am
to become a good trader first you must study how to trade and test

strategeis in demo account to get a profitable one for 3 or 4 years and

then start with some real account with low amount and after that if you

get profit start your main forex account
  • #24
  • Jun 12, 2008 2:45am Jun 12, 2008 2:45am
Dear Friend,

Yesterday i posted three post in this thread along with chart showing price movement and how price progress.
I have posted Blog link where i shown setup. and was thinking to update further. But since No one interested i deleted post's.
I am again posting link to show you how price moves.

http://forextradingwithsma.forummotion.com/index.htm

I am trying to show way to those who lost in jungle of Indicatores and forget what is basic.... once i was lost in jungle of indicatres and it takes me long time to come out of it. and it was painful process.

You can visit blog and see some chart what i shown.
I have posted this post since some people might have miss my yesterday's post..


Best Regards
Ramdas
  • #25
  • Jun 12, 2008 3:52am Jun 12, 2008 3:52am
Quoting ramdas
Dear Friend,

Yesterday i posted three post in this thread along with chart showing price movement and how price progress.
I have posted Blog link where i shown setup. and was thinking to update further. But since No one interested i deleted post's.
I am again posting link to show you how price moves.

http://forextradingwithsma.forummotion.com/index.htm

I am trying to show way to those who lost in jungle of Indicatores and forget what is basic.... once i was lost in jungle of indicatres and it takes me long time to come out of it. and it was painful process.

You can visit blog and see some chart what i shown.
I have posted this post since some people might have miss my yesterday's post..


Best Regards
Ramdas
Nice to see your post and your Charts. Later...


Bruce
{Promotion Removed}
  • #26
  • Jun 13, 2008 9:11am Jun 13, 2008 9:11am
Quoting Zappa
To be successful, simply watch the same pair for 3-5 years. Watch it all day and always learn from your mistakes. Watch the price action on 1 minute charts all the way to daily charts.

Never give up. You can turn $50 dollars into a fortune in a relatively short period of time once you've made every mistake in the book---several times over, as long as you are learning from your mistakes.
Isn't this approach similar to using an indicator? The difference is that you are doing it manual and you are doing it in 2 to 3 years instead of a few seconds.

I'm not against studying charts and I'm not promoting indicators. I'm just saying that while this approach could be useful not everybody would find it practical.
  • #27
  • Jun 13, 2008 12:34pm Jun 13, 2008 12:34pm
Read all you can about money management, and market psychology. Once you master these you will make a 'simple moving average strategy' work wonders.
  • #28
  • Jun 13, 2008 5:34pm Jun 13, 2008 5:34pm
Quoting MackS10
Read all you can about money management, and market psychology. Once you master these you will make a 'simple moving average strategy' work wonders.
I quite agree with the Money Management and Market Psychology part.
  • #29
  • Jun 14, 2008 2:52pm Jun 14, 2008 2:52pm
Quoting Rosscub
“Luck is what happens when preparation meets opportunity.” - Seneca
"Luck is winning the lottery with no preparation." - tdion
  • #30
  • Nov 16, 2016 5:41am Nov 16, 2016 5:41am
The key to successful trading is consistency and emotional discipline. There is also a need to have a well strategized plan. Once you have one, stick to it even when things are going bad. Do this, and in no distant time, you'll success that comes with Forex trading.
  • #31
  • Nov 16, 2016 7:57am Nov 16, 2016 7:57am
1. Be Biased.

Have an opinion on the direction that price in the short/medium term will move, based on fundamental analysis. Don't trade against your bias. Only trade one pair, get to know that pair inside out.

2. Never over leverage.

Indeed don't use leverage at all, 3:1 maximum. Leverage is poison and will kill you.

3. Grow your account steadily.

30% ROI on 100,000 and you're way ahead of the crowd. People new to Forex expect far too much.

IF you can stick to the above 3 points you are set for life. Trading this way is boring and stress free. Work mainly on your bias. The only thing on your chart should be fundamental analysis notes, remove all indicators, and don't over trade.
  • #32
  • Nov 18, 2016 4:35am Nov 18, 2016 4:35am
For you to succeed as a Forex trader, you need to have a trading plan and then stick to it. It is also encouraged to wWrite a journal when you have a bad trading day and write down what you did wrong. Try not to make a repetition of it. When you have a god day, also write down what you did well so you can try to learn from that and stop making it a guess, but more of a routine approach.
  • #33
  • Nov 18, 2016 6:06am Nov 18, 2016 6:06am
Practice is the key element to become successful in Forex Trading. You need to practice a lot to become successful trader.
  • #34
  • Edited 8:20am Nov 18, 2016 6:32am | Edited 8:20am
Trade in most boring ways, then at least you will be in black. Whether it can justify your time spending doing this is a different story though.....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #35
  • Nov 18, 2016 6:33am Nov 18, 2016 6:33am
Hi,

I am sure, you will find valuable insights in following link.
http://www.forexfactory.com/showthre...84#post8538084
Prachait Saxena
  • #36
  • Nov 18, 2016 7:34am Nov 18, 2016 7:34am
Quoting L33
1. Be Biased. Have an opinion on the direction that price in the short/medium term will move, based on fundamental analysis. Don't trade against your bias. Only trade one pair, get to know that pair inside out. 2. Never over leverage. Indeed don't use leverage at all, 3:1 maximum. Leverage is poison and will kill you. 3. Grow your account steadily. 30% ROI on 100,000 and you're way ahead of the crowd. People new to Forex expect far too much. IF you can stick to the above 3 points you are set for life. Trading this way is boring and stress free....
I agree with some things you say, but not about leverage. Unless you already have a fortune to invest, not using leverage or very low leverage is not an option. As long as you use proper money management, leverage is beneficial for people with smaller accounts. It's certainly not poison.
  • #37
  • Last Post: Nov 22, 2016 8:04am Nov 22, 2016 8:04am
Quoting exiled-brit
{quote} I agree with some things you say, but not about leverage. Unless you already have a fortune to invest, not using leverage or very low leverage is not an option. As long as you use proper money management, leverage is beneficial for people with smaller accounts. It's certainly not poison.
But trading a small account is temporary right? if not then what's the point in trading? Everyone's aim is to be trading a large account in the future. Leverage is fine against a relatively small account, because a wipeout doesn't matter. But not against a relatively large account, this is where it matters and new traders should be simulating trading a large account, not over leveraging a small one.

Trading less than 100k is a difficult proposition. Trading currencies should be boring, 99% fundamental analysis and 1% clicking buy or sell. If you can achieve 20 - 30% ROI on 100k then believe me you are ahead of most.

Too many people have been suckered in to technical analysis which was born from stock trading. Because of the way price moves in currencies technical analysis is almost useless. Completely different kettle of fish with stocks; I use technical analysis to trade stocks with a cursory glance at the fundamentals of a company.

Even more have been suckered in to leverage and they wonder why they can never get past trading a small account.

Q. How can you make a million dollars trading currencies?

EASY ....

A. Have a Billion dollar account.
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