How to be Successful

huongphu1467

Trader
Jun 15, 2012
2
0
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36
VietNam
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Knowing how to trade in Forex is simply just not enough to be successful. In this largest and the most liquid financial market in the world, you need to have more than the knowledge and skills to be successful. You need to know about the different things involved in Forex to earn huge amounts of money.

Simply knowing how to trade Forex and about the major currencies traded, like the US dollar, the Japanese Yen, and others are just the basics. Knowing when to trade and what to trade is equally essential to be successful in Forex.

Fore these you need to have a trading strategy. So, what exactly are the trading strategies involved in Forex? There are a number of money making strategies that you can use when trading in the Forex market.

If you use these strategies correctly, you will earn huge amounts of money in a very short time. Firstly, you have to realize that Forex trading is very different from stock trading. Therefore, strategies are also very different.

The first strategy that you can use to earn a lot of money in the Forex market is the leverage Forex trading strategy. In leverage Forex trading strategy, it allows you, as an investor in the Forex market, to borrow money to increase your earning potential.

With this strategy, you can easily turn your money to 1:100 ratio. However, the risk involved can be great. This is why there are stop loss orders you can use to minimize the risk and also to minimize the loss. The leverage Forex trading strategy is one of the most commonly used strategy by Forex traders to maximize profits.

In the stop loss order strategy, the Forex trader creates a predetermined point in the trade where the investor will not trade. As mentioned before, you can use this strategy to minimize risk and minimize loss. However, this strategy can also backfire to you, as the Forex trader. This is because you may run the risk of stopping your trades when the value of the currency goes higher than expected.

It is up to you to decide if you will be using this strategy or not.

These are some of the strategies you can use when trading in the Forex market.

Forex trading is a 24 hour market where you can trade anytime and anywhere you are. If you think that the Forex market conditions are good at a specific time, then you can trade at that specific time.

Also, the Forex market is the most liquid market in the world. This means that you can enter or exit the market anytime you wish to. This is to minimize the risk and there is also no daily trading limit.

Here are other tips that you should remember in order to earn money in the Forex market and be good in doing so:

• The first and the last ticks are usually the most expensive. So, for most traders, the rule of thumb is getting in late and get out early.

• When you are losing, you want to minimize the risk of losing more money. So, don’t add money when you are losing.

• Select trades that move along with the trend. This can minimize the risk of losing money and maximize your chances of profits.

There are quite a few tools you can use when trading in the Forex market. One is the Forex charts. For the speculator, the chart is the most important tool that you can use to determine market trends and accurately predict the future value of the currency. Although it isn’t actually 100% accurate, you can use the Forex charts as a guide to what’s happening in the market.

You need to know how to read the different charts involved in the Forex market. There are daily charts, hourly charts, 15 minute charts and even 5 minute charts to get you closer to the action. You can compare each of the data in the chart to spot market trends and at the same time, spot potential money making trends.

This can also help you minimize the risk when trading in Forex. Learn how to read charts effectively and you will be well on your way to become successful in the Forex market.

These are some the strategies and tips that you should keep in mind in order to minimize the risks in Forex trading and maximize your earning potential. Depending on your skills and how you apply your strategies, you can really make a lot of money in the Forex market. However, to be a truly successful Forex trader, you need to accept the fact that you will sometimes lose money. Never get discouraged when you do. Analyze where you made your mistake, think of a solution to get back what you lost and continue trading.
 

angelnish

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Jul 24, 2012
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It is an honor to have the opportunity to participate in the discussion of this excellent post! I wish to extend my thanks for that.
thanx for your valuable notes.............
 

shere0901

Trader
Aug 23, 2012
6
0
12
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Follow this 10 tips below:
1.Tread Softly into Unknown Territory!
2.Hold on to your Capital!
3.Respect Your Stop Loss!
4.Create a System of Trading
5.Watch your Profits Grow!
6.Know when to Adjust!
7.Feeling Doubtful? Follow a Pro!
8.Plan Forward
9.Trend Basics
10.Taking a Loss? Get out!
 

Ary Barroso

Active Trader
Jul 9, 2017
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Thanks a lot for your guideline! I think, Forex business is one of the most challenging profession but not impossible! Besides, it’s a long time process! After using my demo for 1 year now I am trading with a particular trading system! Besides, in the weekend I do study on my current strategy for improving it’s performances!
 

JohnyIve

Trader
Feb 11, 2018
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Knowing how to trade in Forex is simply just not enough to be successful. In this largest and the most liquid financial market in the world, you need to have more than the knowledge and skills to be successful. You need to know about the different things involved in Forex to earn huge amounts of money.

Simply knowing how to trade Forex and about the major currencies traded, like the US dollar, the Japanese Yen, and others are just the basics. Knowing when to trade and what to trade is equally essential to be successful in Forex.

Fore these you need to have a trading strategy. So, what exactly are the trading strategies involved in Forex? There are a number of money making strategies that you can use when trading in the Forex market.

If you use these strategies correctly, you will earn huge amounts of money in a very short time. Firstly, you have to realize that Forex trading is very different from stock trading. Therefore, strategies are also very different.

The first strategy that you can use to earn a lot of money in the Forex market is the leverage Forex trading strategy. In leverage Forex trading strategy, it allows you, as an investor in the Forex market, to borrow money to increase your earning potential.

With this strategy, you can easily turn your money to 1:100 ratio. However, the risk involved can be great. This is why there are stop loss orders you can use to minimize the risk and also to minimize the loss. The leverage Forex trading strategy is one of the most commonly used strategy by Forex traders to maximize profits.

In the stop loss order strategy, the Forex trader creates a predetermined point in the trade where the investor will not trade. As mentioned before, you can use this strategy to minimize risk and minimize loss. However, this strategy can also backfire to you, as the Forex trader. This is because you may run the risk of stopping your trades when the value of the currency goes higher than expected.

It is up to you to decide if you will be using this strategy or not.

These are some of the strategies you can use when trading in the Forex market.

Forex trading is a 24 hour market where you can trade anytime and anywhere you are. If you think that the Forex market conditions are good at a specific time, then you can trade at that specific time.

Also, the Forex market is the most liquid market in the world. This means that you can enter or exit the market anytime you wish to. This is to minimize the risk and there is also no daily trading limit.

Here are other tips that you should remember in order to earn money in the Forex market and be good in doing so:

• The first and the last ticks are usually the most expensive. So, for most traders, the rule of thumb is getting in late and get out early.

• When you are losing, you want to minimize the risk of losing more money. So, don’t add money when you are losing.

• Select trades that move along with the trend. This can minimize the risk of losing money and maximize your chances of profits.

There are quite a few tools you can use when trading in the Forex market. One is the Forex charts. For the speculator, the chart is the most important tool that you can use to determine market trends and accurately predict the future value of the currency. Although it isn’t actually 100% accurate, you can use the Forex charts as a guide to what’s happening in the market.

You need to know how to read the different charts involved in the Forex market. There are daily charts, hourly charts, 15 minute charts and even 5 minute charts to get you closer to the action. You can compare each of the data in the chart to spot market trends and at the same time, spot potential money making trends.

This can also help you minimize the risk when trading in Forex. Learn how to read charts effectively and you will be well on your way to become successful in the Forex market.

These are some the strategies and tips that you should keep in mind in order to minimize the risks in Forex trading and maximize your earning potential. Depending on your skills and how you apply your strategies, you can really make a lot of money in the Forex market. However, to be a truly successful Forex trader, you need to accept the fact that you will sometimes lose money. Never get discouraged when you do. Analyze where you made your mistake, think of a solution to get back what you lost and continue trading.[/

Very interesting.. thanks for post :)
 

Lesiro

Trader
Mar 4, 2018
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Any headline saying ‘how to be a successful trader’ sounds so alarming. Rest assured, there are no short cuts. Remember, your chance of making profits is only 4% and everyone else in the business thinks himself to be as smart as you think yourself to be! BTW, are there people who have made a fortune by trading in not so common currencies?
 

Sforextrader

Active Trader
Mar 3, 2018
83
1
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Bangladesh
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Hello everyone,
I am new here. I am 21 years old and i took a master degree last year in finance. I'm human, so forgive me if i do some mistakes . Right now I'am in London and I am trying to get a job in "investment banking". I am trying to understand how the market works and for now i have no intentions to make money. Maybe i will put a little money on a platform but just for fun.

I read almost everything that you advise to begin in this forum but I have some questions.
How do u analyze charts? Do u use a program or just the trading platform?
What's the best platform for a beginner? I read that I have to chose it but there are so many of that....i would like to do dailt trading.
And...If u have any tips please tell me what helped u in the begin.
 

Leo Wilson

Trader
Apr 18, 2018
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Some people have answered well, especially the one who created this thread.
I would like to go off a bit: To be successful, not just as a trader but as combination of every parts of your life which is the main key here, and one needs to be:
  • Well-Organized person
  • Say no to greedy
  • Humbleness
  • Acceptance
  • Patience
  • Priority
And above all, LOVE.
 

Leo Wilson

Trader
Apr 18, 2018
20
2
9
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Can you please, explain on your last point? Yes I indicated ‘priority’. Thanks in advance.

Sure, thanks for asking. This last point is not entirely for trading view.

Priority is the only thing your kids and spouse are seeking or expecting from you, in fact, it's the only way to run the family. Having proper priority between family (more) and trading (manageable) makes a family life perfect, so follows a trading life.
You would not want the life when you trade successfully and had thousands fights with family.

If you have other necessary priority, like if you're in faith, you should also add this priority as well. Otherwise it would be dry life (spiritually). I hope you knew or understand the importance of priority.