Rules of Successful trader

regulation of broker trading greatly influence the success of our trading, we must adhere to MM and RM is good so that will make-us-able to trade with the maximum. MM and RM good is important in forex trading, with MM and RM is better, it will make-us-able to trade with the maximum. we can train MM and RM to try trading with small capital

discipline and patience are the rules to be successful in forex. Forex is a business that has a high risk, with the risk that it is to be successful we need to always discipline and patience so that we will find the right time to make order

phychology and emotional factors come in to play because you do not know your stats! if you do not know the odds of your strategy, what is the expected hit rate and return, you cannot possible know what is normal performance for your strategy and when it is not performing.

people suffer from greed, uncertainty of when to close when to hold. change their entry tactics because they simple do not have a system.

unless you can measure your strategy performance you cannot improve it. come up with a strategy you could explain to a 12 yr old. record stats, devise new ideas based off those stats and evolve your strategy. you statistics should be your phychology.

stop focusing on single trades. trading is a grind.

If you cant relax, youre probably pushing your limits. I would bet the trade size is too large and/or you havent got enough comfort with your analysis, strategy, etc.

If people realise they can drop their position size to where it finally feels like they CAN relax, they will be able to take a longer, clearer view of their trades entries, exits and overall strategy. Obviously you can't just be "casual" with trading...as you might with a bet on a horse race for a whim...but as we arent prof. traders, thus we don't need to produce results for anyone but ourselves.

I agree. It's not a good idea to be constantly on edge and constantly anxious about one's positions. I think it's best to be calm, I don't know whether relaxed is the right word for it.

to be successful it is not an easy thing for us to achieve degan for granted, but it was all that was needed to carry out the process that we need to run, and we as management of risk must be properly managed to survive longer in the running forex trading as well as the gains could be we get

The successful trader is a trader who is able to predict the market with certainly and can make profit with great consistency, basically we think only good trading knowledge is quite enough for being a successful trader, but practically besides good trading knowledge we have to be disciplined when trading with proper money and risk management if we want to be successful in Forex trading.

I know money management is important in Forex trading for avoiding loss . but what actually money management in Forex ?

money management is important for a well-run, and for it to do with learning in a demo account to manage MM and RM well be able to perform trading well

One of the rules to apply for traders to be successful is trading with profit objectives is a reasonable way to approach the forex markets. Doing so enables you to build risk-reward ratios ahead of making a trade. The next thing to do is accept or refuse a trade on the basis of how much benefits you can fairly expect based on the danger you have secured for the trade.

Hello. I've been trading for about 2 years now privately and with friend guidance but I still just can't get consitently profitable. I don't use sl too often because I've got around a 80% win rate but I still find myself blowing accounts. I use harmonics, and only trade high volatility trades that are high probability. Yet I still can't turn x account into xx. I would appreciate some tips or so. I've learned everything I can now I'm just studying the same stuff over and over but I'm only taking longer to blow accounts

Top 10 Rules of Good Trading
1/ DETERMINE WHY YOU WANT TO TRADE
2/ SET OBJECTIVES AND REALISTIC GOALS
3/ SELECT WHAT TIME FRAME YOU WILL TRADE IN
4/ ADOPT OR DEVELOP A METHOD OR SYSTEM
5/ DETERMINING THE SIZE OF YOUR TRADES
6/ DRAWDOWN (DD)
7/ STICKING TO YOUR PLAN
8/ LEARN TO BE CALM AND HEALTHY
9/ NETWORKING
10/ RECORD KEEPING

I agree with the above stated message that the discipline and psychology of trade is very important. + My trading strategy. Or modified any other. (Customize it for your trading style). Well, do not overeat your body. (Do sport, relax...)

To that I would add - make sure to go back and analyze your trading periodically. Figure out what you did right and what you did wrong, then figure out how to improve that which you did wrong.

always trying to improve the trading skills better, and always learn the error will be better able to execute trades to be even better than before. It is necessary to run the trading process is executed in the run, because of the risk it should always learn with patience

If you stick to any business you will learn and gain experience for sure.. so is the improvement come in trading skills IMO!

True, a lot of people learn by doing, so to speak. It's both the best and often the most painful way to learn to trade profitably.

I am a new trader, but my husband has been trading for years now. I do not think there are specific rules to trading, but there are levels of importance when first starting out.

First and foremost, psychology. If you are prone to "going on tilt" or getting emotionally attached to every negative outcome, you will likely not last very long in Forex. This is a very volatile market in which you MUST accept you will lose from time to time (and more often the less experienced you are). If you cannot keep your emotions in check, no system, risk management technique, money management, ect... will save you as you will continuously "justify" your bad decisions and why "this trade" is worth breaking one of your system, mm, etc... rules. If losses to your account cause you to make bad decisions, you may need to analyze your mental state or possible the amount of money you have at risk (you may be using more money than you can afford to risk).

Secondly is money/risk management. If you are "stable" as it pertains to using logic instead of emotions when entering and exiting trades (emotion can never be completely removed), you need to understand proper risk and money management. There is no such thing as a perfect trading system in which you will be correct all the time. You will lose on trades. You need to understand and follow a proper risk and money management techniques to keep your account intact during the draw downs. Remember, we are investors not gamblers.

Lastly, I would say you should practice with whatever system you are using to determine the feasibility of it in the long run. Everyone on this forum has some system they are following. Whether it be fundamentals, technical analysis, following another trader, measuring the distance between the earth to the moon, ect... Ensure you are consistent and understand the well defined rules of your system. Consistency is the only way to properly know how well the system you are using is working in the long run. This is not to say you should not make changes to your system based on negative results. But, if the negative results are because you were not consistent with your trades, money and risk management, etc... then you probably need to look at psychology again.

New member here,

great thread eat and I have been on the outskirts for some time reading and drawing knowledge and ideas from others, predominantly my father over the past few years in regards to system use, money management and most importantly mental state. I believe this plays the most important part of trading, keeping cool and sticking to your rules, whatever they may be...

more reading, more reading and more reading....

Thanks for having me.