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Rules of Successful trader

  • #61
  • Apr 4, 2017 3:28am Apr 4, 2017 3:28am
in the forex rules that we must follow, and that must run it should be to need to run the trading well, by always running trading forex practice with understanding to be run properly to make it easier to gain can be obtained
  • #62
  • Apr 4, 2017 6:50am Apr 4, 2017 6:50am
When trading Forex, it is prudent to always follow a simple rule, to always solicit a bigger reward than the loss you risk. This is a helpful piece of advice that I have found in nearly every forex trading book. If you follow this simple practice, you can be accurate in the direction of just half of your trades & still earn money because you will make more profits on your winning trades than losses on losing trades.
  • #63
  • Apr 5, 2017 7:12am Apr 5, 2017 7:12am
Quoting JamesFx007
When trading Forex, it is prudent to always follow a simple rule, to always solicit a bigger reward than the loss you risk. This is a helpful piece of advice that I have found in nearly every forex trading book. If you follow this simple practice, you can be accurate in the direction of just half of your trades & still earn money because you will make more profits on your winning trades than losses on losing trades.
That is actually pretty great advice, I had never seen it formulated this way before.
  • #64
  • Apr 5, 2017 11:26pm Apr 5, 2017 11:26pm
to succeed in forex it had to be more to apply the rules, and we are also required to be more realistic in understanding and analyzing the movement of the market to make a profit target right. In the forex business it is necessary to the process that we run and takes a fairly long time
  • #65
  • Apr 7, 2017 4:28am Apr 7, 2017 4:28am
Rules were meant to be broken... But don't break them...
Laws cannot be broken... Unless they are man made...

The law of gravity cannot be broken... Yes, you may jump, but gravity pulls you back down... You can go into a space, but gravity is still in effect...

Supply and demand are not known as rules... They are known as laws...
Statistics and probability:
The axiomatic definition of probability. Let a space of elementary events E be given and such single number Р ( А ) corresponds to each event А http://www.bymath.com/studyguide/blng.gif Е , that:
Attached Image


This is something that cannot be broken...

Price will change... You will not know (for certain) the direction... But, price will change...
The change in price is what gives us opportunity to make money...

When selling a candy bar, you change the price from your initial purchase price to a higher price... You set the price... But you need to find buyers at this higher price...

In the Forex market, you do not need to actively find buyers... But you do not dictate the change in price... The price still changes based on wheter people are buying or selling... That's too expensive (nobody buys, but those who can, sell) That's cheap (Nobody sells, but those who can, buy)

Laws... not rules....
  • #66
  • Apr 8, 2017 6:06am Apr 8, 2017 6:06am
Quoting cakrajaya
rule no 1. preservation of capital rule no 2. preservation of capital rule no 3. always remember rule 1&2
And nobody is going to work on a strategy and give it to you or even sell it to you in its entirety. It is either in a black box, which doesn't work for you eventually or the information is given in half measures. I have found after years of losing money, that you have to piece together information through these forums on You Tube etc. Even your broker won't tell you the story, because I am not sure that he wants you to win. You have to find it out for yourself, through education, dedication and trial and error, until you get that aha moment. And even then you will have to keep tweaking until you become consistent, like I am hoping to be
As I look back over the years, I realize how dumb I was, by being taken in by some of these guys..
  • #67
  • Apr 9, 2017 5:52am Apr 9, 2017 5:52am
Quoting lloydie
{quote} And nobody is going to work on a strategy and give it to you or even sell it to you in its entirety. It is either in a black box, which doesn't work for you eventually or the information is given in half measures. I have found after years of losing money, that you have to piece together information through these forums on You Tube etc. Even your broker won't tell you the story, because I am not sure that he wants you to win. You have to find it out for yourself, through education, dedication and trial and error, until you get that aha moment....
That is why I have never been willing to pay for strategies, indicators and the like. If it's so successful why are they selling it? Can't they make more money off it by trading with it?
  • #68
  • Apr 9, 2017 10:48am Apr 9, 2017 10:48am
step:
1 make pips
2 keep pips
3 repeat
  • #69
  • Apr 10, 2017 5:31am Apr 10, 2017 5:31am
Quoting nextwong
step: 1 make pips 2 keep pips 3 repeat
I think most people here are wondering how to do that, to be honest, rather than whether they should do that.
  • #70
  • Apr 10, 2017 7:17am Apr 10, 2017 7:17am
Successful indeed there are rules, such as by discipline, patience, and more, because by running trade with greed, and discipline that we do not apply it will not be maximal in the run. And that will be good to do in a study carried out as in demo trading for forex practice correctly we run
  • #71
  • Apr 10, 2017 7:49am Apr 10, 2017 7:49am
Quoting mlawson71
{quote} I think most people here are wondering how to do that, to be honest, rather than whether they should do that.
It's really a patience thing. Focus on the news aswell as technical analysis.
"Hardest thing to do is admit you were wrong."
  • #72
  • May 12, 2017 12:53pm May 12, 2017 12:53pm
Quoting gabanda
Successful indeed there are rules, such as by discipline, patience, and more, because by running trade with greed, and discipline that we do not apply it will not be maximal in the run. And that will be good to do in a study carried out as in demo trading for forex practice correctly we run
Agree with you, but I think besides all these important trading things we the traders have to make sure a reliable support from a credible trading broker , because the trading broker can affects the result of our trading with certainly.
  • #73
  • May 13, 2017 6:57am May 13, 2017 6:57am
Quoting MarkFxAnde
{quote} Agree with you, but I think besides all these important trading things we the traders have to make sure a reliable support from a credible trading broker , because the trading broker can affects the result of our trading with certainly.
True. If you're working with a scammer all your good trading wouldn't matter because you wouldn't be able to withdraw your profits anyway.
  • #74
  • May 13, 2017 1:27pm May 13, 2017 1:27pm
Quoting mlawson71
{quote} True. If you're working with a scammer all your good trading wouldn't matter because you wouldn't be able to withdraw your profits anyway.
But is it possible for a broker to be a scammer even if they allow withdrawals? But they alter your trading so you never really profit long term?
"Hardest thing to do is admit you were wrong."
  • #75
  • May 15, 2017 2:47am May 15, 2017 2:47am
1. Never let the winning position/euphoria makes you blind and forgot to manage the other.
2. Never take revenge after losing
3. Always prepare 2 plans. When 1 plan has been compromised, go with the other one immediately and cut loses.
4. Focus 1 pair is enough. No need to trade on all of the pair.
5. Do not over trade
6. If possible do not sleep or sleep less
7. Eat alot
8. Read trading books or from internet resources
9. Do not follow news. Let say if today news has high impact on EUR. Then trade on EUR pairs.
10. Get religion and start praying
This is not investment/trading advise. Will not hold accountable for loss
  • #76
  • May 15, 2017 7:26am May 15, 2017 7:26am
Quoting yousername
1. Never let the winning position/euphoria makes you blind and forgot to manage the other. 2. Never take revenge after losing 3. Always prepare 2 plans. When 1 plan has been compromised, go with the other one immediately and cut loses. 4. Focus 1 pair is enough. No need to trade on all of the pair. 5. Do not over trade 6. If possible do not sleep or sleep less 7. Eat alot 8. Read trading books or from internet resources 9. Do not follow news. Let say if today news has high impact on EUR. Then trade on EUR pairs. 10. Get religion and start praying...
I agree with most of these but I am not sure how sleeping less helps. The less you sleep, the less your mind will be focused and clear afterwards.
  • #77
  • May 15, 2017 9:19am May 15, 2017 9:19am
Quoting mlawson71
{quote} I agree with most of these but I am not sure how sleeping less helps. The less you sleep, the less your mind will be focused and clear afterwards.
This is a real business ma fren not working 8hrs a day or a picnic. Boss always go home late at night. I my self most of the time do not sleep for 2 to 3 days and no shit hits the fan yet and never will.
This is not investment/trading advise. Will not hold accountable for loss
  • #78
  • May 16, 2017 2:37am May 16, 2017 2:37am
its not easy trying to and contain the rules of success in a simple post but i live by simple rules that might apply to forex as well

love what you do and it will love you (we all love money anyway)
put the right amount of time into it
success is not a one trick pony, rather tons of failures piling up.
  • #79
  • May 17, 2017 8:37am May 17, 2017 8:37am
Quoting jiggz
its not easy trying to and contain the rules of success in a simple post but i live by simple rules that might apply to forex as well love what you do and it will love you (we all love money anyway) put the right amount of time into it success is not a one trick pony, rather tons of failures piling up.
I agree. It's important to actually enjoy trading Forex. It's not something that should feel like a chore, because it takes a long time and a lot of effort to perfect, and if it felt like a chore you wouldn't want to put in the necessary effort in it.
  • #80
  • May 17, 2017 9:30am May 17, 2017 9:30am
Quoting mlawson71
{quote} I agree. It's important to actually enjoy trading Forex. It's not something that should feel like a chore, because it takes a long time and a lot of effort to perfect, and if it felt like a chore you wouldn't want to put in the necessary effort in it.
You have to know the difference between doing something you love and doing something for fun.
Doing something for fun is picnic.
Doing something you love = you are willing to die for it because it is so precious to you infact far more precious than your own life, you'd sacrifice for it.
This is not investment/trading advise. Will not hold accountable for loss
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