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What is the key to sucessful FOREX trading?

  • #41
  • Mar 31, 2010 5:27pm Mar 31, 2010 5:27pm
Quoting speedster239
You don't need to trade a lot to make a lot.

HTD, or Hyperactive Trading Disorder, is a big killer for new traders. When I first started I found myself trading impatiently. I've now realized that the key to profits is choosing trades wisely and riding the profits on them as opposed to choosing a lot of mediocre trades which can oftentimes turn against you.
Good post
  • #42
  • Apr 1, 2010 9:16am Apr 1, 2010 9:16am
WOW!!! - 40 replies! Sorry to all of you for not returning to my thread for so long, and a BIG THX to all of you for your qualified input here.

I really appreciate you taking your time to help out, and I also now see what a well-qualified audience this forum really has. Great!

Anyway, hope this thread is / has been useful to other newbie-traders like me too...

So, the next question: if its really true that almost all traders lose money in their first year, I wonder what percentage of traders who start out with real money, actually succeed (for arguments sake, let's say that to "succeed" means they consistently earn enough money to make it worthwhile continuing).

I mean I am really wondering if this is all worth the time and effort on the learning-curve, if so many people fail (I have not gone live with real-money yet)...!

Again, awaiting your comments (I'm sure this will provoke some interesting replies, especially about the percentage of new traders who drop out)...
  • #43
  • Apr 1, 2010 10:09pm Apr 1, 2010 10:09pm
Quoting DanUK
The key to successful trading is understanding how the market works. Once you get that, and you don't need to be an economics professor, you can make any trading strategy work (assuming of course we are talking about a reasonably logical strategy!).
How long does it take to understand how the market works?
  • #44
  • Apr 8, 2010 1:00am Apr 8, 2010 1:00am
Open your eyes and quit on time.
Why do we fall? "So we can learn to pick ourselves up."
  • #45
  • Apr 8, 2010 8:57am Apr 8, 2010 8:57am
Quoting fxtradergirl
How long does it take to understand how the market works?
As long as it takes for you to make money on a coin toss.
  • #46
  • Apr 8, 2010 9:09am Apr 8, 2010 9:09am
Quoting davidleekiev
What are the golden rules for the beginner? What is most important? (Discipline, minimizing risk, analysis etc?)
- Read posts from reputable users
- observe and recognize methods, ideas, strategies
- don't expect to apply another traders winning strategy to be your winning strategy
- have faith in your learning abilities
- be prepared to put in effort
- understand that you will have to formulate your own winning methods / system.
Time flies like an arrow; fruit flies like a banana.
  • #47
  • Jun 29, 2010 6:49am Jun 29, 2010 6:49am
Hey people, just wanted to say that I'm now using:

- PT multistation

...since its a nice platform to trade with (easy to use, intuitive, flexible, many ways to do the same thing), although a bit complex - I have not used have the stuff it offers yet

(market depth, matrix, visual advisor, aut-trading on charts, programming IDE builder, account groupings, multi-connections, etc...)
  • #48
  • Jun 29, 2010 2:58pm Jun 29, 2010 2:58pm
Quoting davidleekiev
What are the golden rules for the beginner? What is most important? (Discipline, minimizing risk, analysis etc?)
Alot of people are good golfers, baseball players, and so on, but that does not mean they can make money from there skills or every one of us would be making money. The Forex market is the same, you can learn all you want, spend all the money on the latest and greatest teachings, but still will not get it in the end.
No matter what anyone says either you have what it takes or you don"t and only you will know.
Your parents and society have lied to you all your life. They tell you that you can be anything that you want to be.
Truth is, you only have so much God given talent!
  • #49
  • Jun 30, 2010 1:36am Jun 30, 2010 1:36am
Quoting davidleekiev
What are the golden rules for the beginner? What is most important? (Discipline, minimizing risk, analysis etc?)
Proper money management and years of profitable forex trading experience so that you can predict the markets movements.
  • #50
  • Jun 30, 2010 2:06am Jun 30, 2010 2:06am
I believe every one will agree with me that every one that would like to wet their feet in Forex Market should know some fundamental basics. The most and important is, to treat this as an investment not as a gamble. If you do not respect what you do, then gambling attitude will only put you in the sad statistics ... " lost money" kind. The other important thing is "know how" and with that I mean education, understanding the basics. I would suggest to newbies not to rush. First you crawl, then you learn how to walk later you ran. Distipline, is another factor. On this website you have unique oportunity to learn from those who do know what they are doing. Alot of folks here are experienced traders and who actualy took their time, try and learn etc, and will help. So my advice, Ask if you are not sure about somehting before you have a problem. If you got a problem well probably it is too late
  • #51
  • Jun 30, 2010 6:42am Jun 30, 2010 6:42am
Quoting Ronald Raygun
Learn to identify when a trade is going against you
This is honestly the holy grail, if you want one. All your analysis and entries and planned exits in the world mean nothing if you don't realize when a trade is going against you.

Learn when to cut them, learn when to let them develop.

Even people with the best entries are subject to spikes, and drawdown. Tonight was a perfect example, big spike sans news across the majors. Even the best entry is nothing without a good exit, whether it is an exit from a losing trade or a profitable one.
Thank you Lux!
  • #52
  • Last Post: Jun 30, 2010 7:11am Jun 30, 2010 7:11am
What about if I say, "Knowing what you do, and Doing what you know"

Can't that be the clue?? Well, I guess, for some yes. For others, is just another funda-tech-psych-babble.

Well, I sincerely hope that lil' phrase gonna give you ray of light enlightening your way.

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