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What's the tool that helped you most in trading? 49 replies

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Attachments: What helped you the most to be profitable?
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What helped you the most to be profitable?

Changing my leverage to 25 to 1 stopped me from overtrading and was essential to my trading also stop the unrealistic expectations you are not going to make a million dollars in a year have patience and don't trade if you are desperate to make money think of trading as a side line that maybe one day might become an extra source of income I have no idea how to trade 5 min charts it doesn't work for me so I started moving to the higher time frames I check the monthly for perspective and then work my way down but I never go below the 1 hour chart but everyone has there different style
Which trading simulator have you used, could you share?
Another thing that helped me was gaining confidence in my own abilities. I still make mistakes, of course, but even so I think it is important to stick to one's decisions and not be too prone to outside influence.
good money management it should be to determine the value of its risks in advance, if we have set the value of its risks, then we divide by the value SL is ready to accept, will see the value of lot, if we are now mostly used to define a lot of new SL
To me, self-discipline and control over emotions helped me to some extent. If some trades seem to go to hit stop-loss, anyway it is a must to stick to trading plan. many such trades were closed by me with some profit
True, one should always stick to their trading plan. However, one should also work on having the best possible trading plan they can come up with, because no amount of discipline can make up for a bad one.
What helped me be a better trader ( starting from scratch ) was this websight honestly, learning to trade the news and learning from other traders on the forums here and on another trading website called alps social, both these sites are filled with other experienced and beginner traders who help each other and give ideas! i find this very helpful when i am unsure of how the markets react to news!
I have learned Forex by self and none has helped me expect me to gain knowledge about Forex and being skillful for it. I have read so many websites and strategy online according which have develop my system and working on it.
Quoting Butterscotch
I have learned Forex by self and none has helped me expect me to gain knowledge about Forex and being skillful for it. I have read so many websites and strategy online according which have develop my system and working on it.
learning course must be with all the time we did, because without a good study would be very difficult to run a forex business, and with the risk of reminding should be maximally optimize the skills and abilities
Quoting Butterscotch
I have learned Forex by self and none has helped me expect me to gain knowledge about Forex and being skillful for it. I have read so many websites and strategy online according which have develop my system and working on it.
I really admire people who are entirely self-taught. I had the help of someone close to me who offered to teach me, I am not sure I could've done it without them.
The most difficult part was changing the mindset from 'how much can I earn' to 'how much can I lose'. In short: controling the risk was the most important lesson for me.
I agree, it's better to first and foremost focus on not losing money, rather than profiting. Once you learn to cut your losses then profits will come trickling in.
Quoting Lilly88
The most difficult part was changing the mindset from 'how much can I earn' to 'how much can I lose'. In short: controling the risk was the most important lesson for me.
100% agree on this one.
Be carefull to red news and be patience
Knowing when the news comes out is very important. Not trading before the news immediately saved me a load of money
Quoting RalJo
Knowing when the news comes out is very important. Not trading before the news immediately saved me a load of money
this is a must for all new traders
in helping to be profitable in forex business is certainly a way to learn to do, because the more to continue to learn in doing, the better the science that will be obtained, success also depends on his knowledge of each trader
I became profitable after a pulled my arse into gear and realised I simply wasn't working hard enough.

I thought i could open a chart, reply on a few indicators or price action signals and simply trade it. I had become lazy.

I went back to doing proper analysis on my markets top down. Start on the daily charts and work my want down. Every Sunday evening I ready for the week. I know what levels i'm looking for and i know what i going to do when those levels are reached. I have a plan!
Quoting Brixton
I became profitable after a pulled my arse into gear and realised I simply wasn't working hard enough. I thought i could open a chart, reply on a few indicators or price action signals and simply trade it. I had become lazy. I went back to doing proper analysis on my markets top down. Start on the daily charts and work my want down. Every Sunday evening I ready for the week. I know what levels i'm looking for and i know what i going to do when those levels are reached. I have a plan!
Great response! Newbie traders need to understand that Forex trading requires a lot of hard work in order to be profitable. It’s not a get rich quick scheme, and if someone’s trying to present it to them like this they’re probably trying to scam them.
A question to Jumb0 - setting TP higher than SL. Sorry did not mean to hijack this thread.

What I have come across in demo trading is though the price touched (tail) the TP, order does not get closed. However, tail in SL region - seems to close it without fail. I tried to do limit orders, though the tail was at the price I had specified, order did not get executed.

I am wondering if other's face similar issue. How can one rely on SL or TP and sleep in peace if it is a live account?
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