What is needed to be successful in forex trading

I appreciate all the opinions that have been given. please add more detailed opinion so that I better understand.

Passion + Discipline + Resilience
I believe it is just a skill anyone can learn as long you love what you doing. If you just going for the money, it will definitely drive you crazy before you even profitable. Be successful in trade mastery and money will come naturally. The moment you detached yourself from money making and be attached to skills honing, you are half way there...

Agreed. Great post.

I still read article
1.http://www.investopedia.com/articles...#ixzz3oEGJ2IPA
2. http://www.forexfraud.com/forex-articles/forex-trading-tips.html

one thing to make Forex profitable is to have more profits than losses. simple. In order to do that, you need to learn one important skill. To get out when you know you are wrong or trade is going against your disciple. If you can master it, you will have more chance of making money in forex than others

First of all patience and calm.
Don't deviate from chosen strategy or combination of strategies.
Of course depo.
Temper the greed and to start with smaller to become profitable.
I always look at my real account like on the demo as much as possible

Excuse the grammar

It's real simple

1st - don't trade to earn money (many traders want to make money, but I only know of one "Individual " that makes money legally and that is the US Government - the rest of us earn it - ) trade for points, pips or ticks, but never for money

2nd - You must have a systematic approach to trading, leave your emotions outside of trading (very difficult to do), however easier when you have a set of steps automatically done for you

- Best way for me is a simple a minimum 2 lot /contract approach to break even (I learned this from Joe Ross many moons ago and has turned my trading around 180 degrees)
- Have a set up, automatically that when entering the market, targets are set up as well as risk - again AUTOMATICALLY - when you do this, you will magically see that you will no longer gamble to hope and wait for the trade to turn around - when you get stopped out for a loss - it be minimal and you will have a fighting chance to continue, rather than taking a huge hit that will wipe you out -

Hard to believe but most traders can actually "predict" the correct way the market will be heading when entering the trade and YES have profits by more than 60% of the time - yet most traders will end up on the losing side, why is that? The losses are greater than the gains, and why is that? When the trader has "paper loss" (has not exit the market) and no set ups were placed prior to entering the market, the trader is " gambling and hoping and waiting for the trade to turn around" and rarely will it ever happen.

When good trader knows his potential risk FIRST, before his potential gain - and when trader has an automatic set up by the click on the mouse, the trader will start the process of mastering Trading

Again, trading is NOT about money - and so much more. More than you can imagine. Take any method you like and you will see that the majority of those traders turn that method into a loss - and yet a very small handful of traders will take the same method and turn it into profits.

Again so much more

A pair of eyes.

So you can buy when price goes up and sell when price goes down.

PS... don't DEMO

I know, it may sound crazy, but if the trader does DEMO, it's because he is familiarizing himself to the platform, nothing else - If you DEMO to "trade", the psychology when trading with REAL money will be the opposite of what you did on the DEMO. But not only that the real-time execution, widening spreads, lags of data on fast market - slippages, and cancelling your profits will be much different -

Add to this the nerves and spontaneous decisions.
And deviation from the tactics of trade as a result get high losses...

You have to be ready for hard working, because Forex isn't for lazy people. Also you need to be concentrated and love what you're doing

What is needed to be successful in forex trading

I underlined successful in your thread title because success is subjective.
Some people trade forex as a side job, some trade it to make a living, some are money managers and some are investors ... etc.
Required balance for each group vary, and so is risk vs returns.

Which type of trader you want to become ? And how much monthly return is considered success for you ?

I like your signature....

And a index finger.

An edge

Same as with anything in life - knowledge and experience combined with the real desire to make it work.

Of thought.

Consistency and discipline