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Rules of Successful trader

Quoting jacksup
The secret to trading is paying attention to yesterdays price. simple $$
Could you explain it in more detail? Thanks
Quoting CndlstckChic
{quote} sorry neeshamjames, i have to disagree with your first couple of sentences. i do not think it is in the best interest of traders, especially new traders, to worry about the news so much and trying to acquire full knowledge about the economic surroundings. the best thing to do is to learn to read price action, imho, because price action tells you what it's likely to do...you don't have to worry about learning all that other stuff. when i used to pay more attention to fundamentals, and there was a time i was deep in to it, i would have myself...
I couldnīt have said it better myself...The only comment I could add to your post is that I pay attention to fundamentals news (only the most importants) just to avoid trading during them. It is easy for me since I trade 15 minutes time frame, so I usually leave news pass 15-30m depending volatility, then I see what price is doing and decide if enter o not the market. In contrast with you, I started using price action from the very begining, I think Ive been a privileged. Cheers
YOu should pay attention to news! best to marry the fundamentals and technical. usd fundamental for overall bias and use technicals for entry.

I.e. USD strong right now, commodity currencies weak.
so look for ways to sell AUD/USD, NZD/USD and buy USD/CAD

pair strong currency against weak. look for fresh reasons to enter. poor tier 1,2 data out of commodity currency and good data out of US

Read websites like forexlive to get in tune with what market is paying attention to .. Central banks TELL you what they are looking at
Also interested in knowing how yesterday's price affects today!
i think the important think to be a successful trader is always learning, learn from anything u do in forex trading, u can learn when u profit or u still can learn from ur loss. just keep learning will make u getting better and better for anytime u do ur forex trading.
  • Post #26
  • Quote
  • Edited 3:02pm Jan 11, 2016 12:03am | Edited 3:02pm
The less I know.
The less work I do.

The better I get.

Nobody told me it would be like this when I first started all those years ago.
The rules for successful traders are very much clear that they want to survive in the forex market and certainly surviving in this highly potential forex market paves the way for making money. Hence, survive and earn is the thing to go.
Quoting jacksup
YOu should pay attention to news! best to marry the fundamentals and technical. usd fundamental for overall bias and use technicals for entry. I.e. USD strong right now, commodity currencies weak. so look for ways to sell AUD/USD, NZD/USD and buy USD/CAD pair strong currency against weak. look for fresh reasons to enter. poor tier 1,2 data out of commodity currency and good data out of US Read websites like forexlive to get in tune with what market is paying attention to .. Central banks TELL you what they are looking at
For me the only important about fundamental news is when these are very relevant and impact highly in price making it very volatil, so when this happen I just stop trading for a while until price pace become normal.
I operate price action, and the only I pay attention to place an order is what price has done in las hours and where is it now...what happened yesterday, last week, etc...I really donīt care.
To exit I can see some other informacion like some support or resistence, Fibonacci, or some maximum or minimum in previous day...then with this information I figure out how long I leave a winning position cashing...
can anyone elaborate a little bit on the emotional factor in terms if its the biggest reason why most of the traders are failing and how important that factor is?thank you for your time
The emotional factor is, I think, a combination of fear and greed. "Am I doing the right decision? What if I'm wrong? What if I lose a lot?" and then there's the greed part, which is self-explanatory, I think. Both emotions can lead a trader to making poor, foolish decisions which in the end lead to financial losses.
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Rules of a successful trader
Number 1 rule,NEVER GIVE IN.
Number 2 rule,Master yourself ( Discipline ).
Number 3 rule, Pay the price in hours,the journey is not short.
Number 4 rule,Read number 1.
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Best of luck all,
GW
IMPROVISE ADAPT OVERCOME
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​Other helpful hints
1ick a strategy that suits you and master it.( Long term,short term,scalper,trend.IT dosn,t matter )
2:Remember,there is no one way through this jungle.
3:Remember,it can be done,it has been done and you can do it to.
GW.



IMPROVISE ADAPT OVERCOME
to succeed in forex then we have much to learn and practice trading. Forex is a business that has a high risk that we need to continue to improve the skills of good trading. we can use a demo account, forex forum to learn trading
Quoting FatCat33
The one single thing that every successful trader posses is: They Love The Market They don't love the spoils, or the potential riches that the market can deliver, these are bi products of their success. They love the sport of trading and have a strong desire to compete and conquer. The money is nice, but it's not the primary reason they trade. I'm a big believer if you do anything solely for money, you'll suck at it.
You are absolutely right about it.

rules of successful trader is we have to be disciplined and patient if it is to be a successful trader. Forex is a business that has a high risk that is not very easy to be successful. therefore, we must be disciplined and successful and continue to learn trading well
You mustn't relax. Don't think that if your trading is profitable right now, you will always be so lucky. Don't relax, keep track of the current situation
Quoting Alexa000
You mustn't relax. Don't think that if your trading is profitable right now, you will always be so lucky. Don't relax, keep track of the current situation

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success in forex is not easy because forex is a business that has a lot of risk. to be successful in forex then we need to learn a lot and practice trading so well that we will be able to minimize the risk of forex properly and we can improve trading skill
Quoting gabanda
success in forex is not easy because forex is a business that has a lot of risk. To be successful in forex then we need to learn a lot and practice trading so well that we will be able to minimize the risk of forex properly and we can improve trading skill

What a wisdom...!!


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I think it is very important for one's rules to be anchored on 3M's, in their exact particular order: Mind, Money and Method. I definitely need rules that speak to my mind set, before I can speak to my Capital and my trading system. It is very important to note that trading Psychology above all the faculties of forex trading, has to be upgraded conscientiously, continuously and delibaratetly. So here is my number 1 rule: KNOW YOURSELF AS TRADER! if you look into this rule, it is quite broad.
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