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What helped you the most to be profitable?

  • #101
  • Apr 18, 2015 4:34pm Apr 18, 2015 4:34pm
DISCIPLINE help me the most in trading.
I've tried a lot of trading strategies but the only one that works was the one I developed personally
  • #102
  • Apr 20, 2015 3:24am Apr 20, 2015 3:24am
Keeping on learning is what helps me the most in my trading, since it helps me to understand better the trends, indicators and analysis (mainly fundamentals). Also patience is a factor to have in mind.
  • #103
  • Apr 21, 2015 2:39am Apr 21, 2015 2:39am
What helped me to be profitable is losses, but what keeps me doing profits is sticking with my strategy and control my emotions
  • #104
  • May 12, 2015 6:44pm May 12, 2015 6:44pm
WOW this is a great questions. Really more people should ask this one question and write a book about:

"What actually helped the most to be profitable?"

The key to becoming profitable is "Understanding Money Management" and most importantly being Comfortable with your risk.

If you can do that you will become a great consistent trader.
  • #105
  • May 16, 2015 6:26am May 16, 2015 6:26am
Quoting pro4Xtrader
DISCIPLINE help me the most in trading. I've tried a lot of trading strategies but the only one that works was the one I developed personally
What does discipline really mean? Do you have specific schedule for trading or particular lists of trading courses you have to take or some exersises you have to do?
  • #106
  • May 16, 2015 9:49am May 16, 2015 9:49am
How do you see the importance of risk management? I once saw a presentation of some guy who took random entries and only made money by management risk and trades in a specific way.

Is it true that by adequate risk management alone, one can become a profitable trader? Is a trading strategy really secondary?
  • #107
  • May 16, 2015 1:37pm May 16, 2015 1:37pm
Risk management is the obvious answer. Other answers include discipline, patience and controlled greed.
  • #108
  • May 16, 2015 1:40pm May 16, 2015 1:40pm
I'm still learning to be completely honest. After reading everyone's wonderful replies I feel a little more confident.
  • #109
  • May 18, 2015 1:24am May 18, 2015 1:24am
Heavy drinking.
  • #110
  • May 18, 2015 3:12am May 18, 2015 3:12am
Quoting Dunno67
{quote} What does discipline really mean? Do you have specific schedule for trading or particular lists of trading courses you have to take or some exersises you have to do?
I can only speak for myself.

I have a specific schedule, yes. Discipline can be many things and it probably also depends on your trading style. No distraction, staying calm - example: no impulse trades, don't hunt the market wait for it to come to you ... these are all things I would call discipline. I'm trading early morning, so I'm relatively early to bed, too.

Quoting RexTexas
HIs it true that by adequate risk management alone, one can become a profitable trader? Is a trading strategy really secondary?
To be honest, I struggle a bit with the term "strategy". From my angle the strategy includes risk or money management and a few other things. Good entries and exits is something I call a method. It's a method to extract pips out of the market. With risk/money management you win a bit of control over the outcome if its not going in your way.
To answer your question: Theoretically speaking NO! Practically it may be enough to handle your risk right and then do some gambling but you will definitely have a better (and more secure) outcome by having proper entry/exit and money management. Having said that: There is still no guarantee. All businesses fail over time and so also a good trader can blow his account. If it's client money you start from scratch by looking for new clients, if it's your own money you had better made enough withdrawals before.
  • #111
  • May 18, 2015 9:12am May 18, 2015 9:12am
Quoting JensG
{quote} I can only speak for myself. I have a specific schedule, yes. Discipline can be many things and it probably also depends on your trading style. No distraction, staying calm - example: no impulse trades, don't hunt the market wait for it to come to you ... these are all things I would call discipline. I'm trading early morning, so I'm relatively early to bed, too. {quote} To be honest, I struggle a bit with the term "strategy". From my angle the strategy includes risk or money management and a few other things. Good entries and exits is something...
Thank you JensG for your explanation. It makes a lot of sense and helps me understand the matter a little better.
  • #112
  • May 19, 2015 2:34am May 19, 2015 2:34am
A perfect understanding of my trading plan and what I'm doing. I try to be disciplined and stick to my plan as much as possible, although sometimes it is not easy and it gets on my nerves.
  • #113
  • May 19, 2015 5:35pm May 19, 2015 5:35pm
Quoting abidurrahman
Risk management is the obvious answer. Other answers include discipline, patience and controlled greed.
Combine risk management with probability and you got yourself some profit!
  • #114
  • Edited 1:26am May 20, 2015 1:00am | Edited 1:26am
Two words: james16 & mbqb11 (Mike)
  • #115
  • May 20, 2015 1:37am May 20, 2015 1:37am
Became profitable after getting a real job.
Even flipping burgers at McDonald's is more profitable for 99.99999 % of all retail forex traders...
  • #116
  • May 20, 2015 1:45am May 20, 2015 1:45am
Quoting Mingary
Became profitable after getting a real job. Even flipping burgers at McDonald's is more profitable for 99.99999 % of all retail forex traders...
You are meant to keep the grail secret. Fuck sake.
Congratulations ScalaFX for coming out of the closet!
  • #117
  • May 20, 2015 1:55am May 20, 2015 1:55am
Quoting nubcake
{quote} You are meant to keep the grail secret. Fuck sake.
oops .. (:
  • #118
  • May 20, 2015 2:50am May 20, 2015 2:50am
Quoting Mingary
Even flipping burgers at McDonald's is more profitable for 99.99999 % of all retail forex traders...
True. But asking about advice instead of some magic EAs or clairvoyant indicators is one step in the right direction.

As I said many times before: It's a business, don't treat it like a spare time activity.
  • #119
  • May 20, 2015 5:40am May 20, 2015 5:40am
I trade mainly by using fundamental analysis; however, I've tried to learn technical analysis. I think sentiment is the most important
  • #120
  • Jun 1, 2015 12:30am Jun 1, 2015 12:30am
Well that's a good question I have been in this market for sometime and studied many great systems and strategies some were complex and some were different in their own way and i just looked almost all of them and finally somehow i found that simple strategies are the most powerful.That was my Turning point (Off topic) today is my birthday by the way
No one ever Discovered anything new by colouring inside the lines.
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