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What is needed to be successful in forex trading

  • #1
  • First Post: Oct 9, 2015 12:25pm Oct 9, 2015 12:25pm
Thinking and talking about forex trading, what is very important to be discussed. Please speak as the conscience in order to be understood. Because sometimes I think forex trading is talking about power (dominate the market, money, technology and company / individual and group interests. Sorry if I seem quipped when personal interests / groups.
The Average Discount Everything
  • #2
  • Oct 9, 2015 12:36pm Oct 9, 2015 12:36pm
4 things.

1: Money :-)
2: setting a goal and stick with it
3: Patience.
4: presistance continuaty.
  • #3
  • Edited 12:43pm Oct 9, 2015 12:42pm | Edited 12:43pm
Quoting attilafx
4 things. 1: Money :-) 2: setting a goal and stick with it 3: Patience. 4: presistance continuaty.
Thank you for saying a few things, is there a more detailed explanation
The Average Discount Everything
  • #4
  • Oct 9, 2015 12:49pm Oct 9, 2015 12:49pm
Hi all
for me ,i am ill with bipolar disorder and i just had my medicine before half an hour (an injection ) i have no choice but to try to make something in this market and love it and be patient and patent so that what i advice you to do .
have a nice day please
focus while relaxed to see better
  • #5
  • Oct 9, 2015 12:57pm Oct 9, 2015 12:57pm
Quoting orabi
Hi all for me ,i am ill with bipolar disorder and i just had my medicine before half an hour (an injection ) i have no choice but to try to make something in this market and love it and be patient and patent so that what i advice you to do . have a nice day please
Thank you, wish you happy greetings.
The Average Discount Everything
  • #6
  • Oct 9, 2015 2:01pm Oct 9, 2015 2:01pm
For trading you should have a big interesting for it. You must be hurt by the market and you have to love money but not be greedy . But this is mental things. If saying about material aspects, you must have money, ofcourse Trade doesn't suffer haste you should always remember it.
  • #7
  • Oct 9, 2015 2:05pm Oct 9, 2015 2:05pm
Quoting hesron
{quote} Thank you, wish you happy greetings.
thankk you ​
have a nice day please
focus while relaxed to see better
  • #8
  • Oct 9, 2015 2:44pm Oct 9, 2015 2:44pm
To be successful in this vicious market, you need the following ..
1) at least $2000 in your account
2) money management . with your 2k, do not trade more than .2 lot which is 2 dollars per pip. better to break it down to .02 x 10 times and trade at fib levels.
3) discipline, discipline and more discipline. do not overtrade and do not over leverage.
4) have a lot of patience to let the trade reach your target levels. ( levels can be obtained by fibonacci).
5) learn at least the basics of Elliot wave and fibonacci ratios else follow top EW traders for confirmation. I would suggest a few websites...
a ) http://www.forexfactory.com/showthread.php?t=433520
b ) http://clubdecapitales.com/elliottwave/ (use english translation as it's spanish)
c ) www.wavetrack.com
d ) http://ewminteractive.com/
e ) www.elliotwave.com
6) do your own charting and compare it with the above professionals.

I use bill williams awesome indicator and a currency strength meter to help me in my analysis

fibonacci is a great tool to obtain targets and setting of stop losses as it is pure math and deals with the sentiment of traders. The most important fibs are .618 and 1.618. At these levels you can see the traders sentiments shift and you will either get a resumption or a reversal of trend. Learn the use of this tool with expansion and retracement. google it and you will see a lot of info on it.

Last but not the least, update yourself everyday with the fundamentals of the instruments that you trade. check forex factory for the economic calender. check CNN money,investing.com, bloomberg,reuters and CNBC for forex news.

P.S sometimes most of the professional traders are also wrong in their analysis like now-a-days everybody is waiting for a long on dollar. Most EW analysts are expecting a 5th wave down on eur/usd and a 5th wave up on US dollar but on my analysis, i see the opposite. I see a long term 5th wave down on US dollar and a 1st wave up on Eur/usd, so there is a contradiction ... so i go with my own analysis and will be long eur/usd until 1.2 at least.
All the best to your trading success. Just my 2 cents..
Regards
STING
  • #9
  • Oct 9, 2015 8:18pm Oct 9, 2015 8:18pm
Quoting hesron
Thinking and talking about forex trading, what is very important to be discussed. Please speak as the conscience in order to be understood. Because sometimes I think forex trading is talking about power (dominate the market, money, technology and company / individual and group interests. Sorry if I seem quipped when personal interests / groups.
Hi Hesron,

Success in trading is akin to success in life. It involves finding and following your calling regardless of financial gain.
  • #10
  • Oct 9, 2015 11:19pm Oct 9, 2015 11:19pm
If you're a retail trader, your chances of success in forex are extremely slim. I'm sorry to say that, but it is a fact that most traders fail. Forex is controlled by big banks and they will hunt your stops mercilessly.

So what advice would I give? Don't bet the farm and keep your day job.
  • #11
  • Oct 10, 2015 6:34am Oct 10, 2015 6:34am
Quoting gravitist
If you're a retail trader, your chances of success in forex are extremely slim. I'm sorry to say that, but it is a fact that most traders fail. Forex is controlled by big banks and they will hunt your stops mercilessly. So what advice would I give? Don't bet the farm and keep your day job.
Or have enough money so that you can set similar stops and goals as them? I.e. 500 pips in either direction.

You basically need money to earn money. 2K Haha, try 50K or even 100K to start. Consider long term investment as well such as stocks. Thanks to my stocks, even if a fx trade went in red for a long time I could still gain through my stocks.
  • #12
  • Oct 10, 2015 6:59am Oct 10, 2015 6:59am


Quoting stringfx
To be successful in this vicious market, you need the following .. 1) at least $2000 in your account 2) money management . with your 2k, do not trade more than .2 lot which is 2 dollars per pip. better to break it down to .02 x 10 times and trade at fib levels. 3) discipline, discipline and more discipline. do not overtrade and do not over leverage. 4) have a lot of patience to let the trade reach your target levels. ( levels can be obtained by fibonacci). 5) learn at least the basics of Elliot wave and fibonacci ratios else follow top EW traders...
not euphoria follower
  • #13
  • Oct 10, 2015 7:04am Oct 10, 2015 7:04am
1 - Its ok to make mistakes but you must learn from them.
2- Money Management.
3- Trading Plan.
4- Know your Setups.
  • #14
  • Oct 10, 2015 7:46am Oct 10, 2015 7:46am
Trading FX is very hard! it's neither easy nor simple.
Without an edge MM is useless!
  • #15
  • Oct 10, 2015 9:30am Oct 10, 2015 9:30am
Quoting afhacker
Trading FX is very hard! it's neither easy nor simple.

That is very true! I can vouch for that
  • #16
  • Oct 10, 2015 2:20pm Oct 10, 2015 2:20pm
Quoting coldvinc
{quote} Or have enough money so that you can set similar stops and goals as them? I.e. 500 pips in either direction. You basically need money to earn money. 2K Haha, try 50K or even 100K to start. Consider long term investment as well such as stocks. Thanks to my stocks, even if a fx trade went in red for a long time I could still gain through my stocks.
Buddy, everyone is not as rich as you are.. if i could afford 100K in forex (which of course should be money that i can afford to lose), i guess i would have most of my fairy tale dreams come true lol . you might be one among millions who could afford to do that. In any case if i don't think i would let my equity to reach 100k, i would have withdrawn 90% of that and invested it in fixed assets which would give me guaranteed returns. with retail trading, the risk is a lot higher as we are at the bottom of the food chain and every predator out there is gunning for us... anyway, this is my view so no offence and peace.
Good trading to all.
STING
  • #17
  • Oct 10, 2015 3:23pm Oct 10, 2015 3:23pm
That is why I said 50K as well. At least with that amount of money you can take a standard lot and still have good R:R.
  • #18
  • Oct 10, 2015 3:48pm Oct 10, 2015 3:48pm
People here are in love with 'stating the obvious' or repeating market mantras like: " Trend is your friend, Money management is more important than a system or the most important component of a system....etc" But those mantras won't get anywhere...Let me tell you about another mantra that not so many traders sing or mention...It's the mantra of 'consistency' Forget about all the worthless threads and advises you read on forums...Just focus on one and only one thing..Consistency...No matter which system you're going to use, make sure it's consistent...The more consistent it is, the better and more stable your profits will be....Another useful advice is developing the ability to detect bullshit or worthless threads/systems/advises...etc....You'll be able to develop that skill after gaining some experience in trading...I've read like thousands of threads on Forex forums, out of each 1000 threads I read, only 10 at max were useful and out of those 10 maybe 5 at max would provide real value, so you can imagine...I am not saying that I know everything here, but what I am saying here is that 99.5% of all threads and advises on all Forex forums are worthless, and that's based upon my 8-year trading experience...Regards
Simplicity is the key to brilliance.
  • #19
  • Oct 10, 2015 8:21pm Oct 10, 2015 8:21pm
Quoting hesron
{quote} Thank you for saying a few things, is there a more detailed explanation
I will try instead of him, because I agree with him:
1: Money :-)
2: setting a goal and stick with it
3: Patience.
4: presistance continuaty.

1. Some are playing with 100 usd to try every risky ideas. They know is is a high chance to loose so they play small.
Other are playing with they account, usually 500-20k usd.
Others collect founds from few investors and has 10k-5M
There is a very big difference for me to try 3% / day or 3% / month or 3% / year.
Just wrote an EA tested the best, optimized result. From 1k usd the EA made 325k in less then a year. I was a bit suspicious, and I have checked and it had 80% DD. I lowered the DD to 20%. Now the best result gave me 8k or such.

If you loose 80% of 5M maybe your investors will kill you, while from 100 usd no problem at all.

2. Those consecutive loss and the -80% can say it is bad the system,but if you you you have "earn" the -80% instead of 325,000%
3. Same as point 2
4. keep doing don't stop at +10k. It was a report with a home trader who makde 117M from 10k as I remember, not sure anymore. He could stop at 50k sice he made 500%, but he continued.
I want to buy PATIENCE
  • #20
  • Oct 10, 2015 9:02pm Oct 10, 2015 9:02pm
Brain... : ) And needs to be in your genes ...when you good the x amount of money x size lot x years blogging on FF is not important if you could make steady gains you made it!!!! if you can't you can't ...wit the 1dollar or 100k.... that is the beauty of forex and think called compound.... NO green light red light is going to do it for you just common sense...


my 2c
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