Key for a Successful Trading

Discussion in 'General Forex Discussion' started by Sweet Diane, Feb 11, 2017.

  1. Sweet Diane

    Sweet Diane Trader

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    I wonder nowadays on what should really be important to become successful in trading. Would knowledge be enough to succeed when you want to personally work with it? or, would it be more successful to find someone to work as a broker? Does finding an ECN forex broker be more advantage?
     
    Mike_Wah likes this.
  2. hayseed

    hayseed Master Trader

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    hey diane..... i have no experience with ecn brokers so my input on them would be limited.....

    as far as what should be important nowadays, that probably depends on how far along the progressive learning curve someone is.... much of what i struggled with 12 years ago has long since been overcome..... surely that can be said for many of us.....

    commitment, discipline, patience, planning, practice and never-ending study will always on the path of the successful trading quest......h
     
  3. BigMikey

    BigMikey Newbie

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    I would say that an ECN broker is a must if you want to take your trading seriously. Low spreads and no funny business that you get with bucket shop brokers
     
  4. jameswilliam

    jameswilliam Trader

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    First of all I will always recommend going with an ECN broker, as these brokers provide direct spreads from the liquidity providers without any markups and requotes.

    However, to become successful you need to be self determined, disciplined and passionate about trading. You can start with understanding concepts, and then applying them onto demo account. After trading for at least 3 consecutive months on demo, then you can go for live trading. And I always recommend to start with small real accounts like ECN account type with $200.
     
  5. Hough Stafford

    Hough Stafford Trader

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    ECN is great for starters. They offer good and low amount and it's interesting that it would be much better to find brokers which offer a tailor-made trading solution. But what is more important key in becoming successful in trading?- is that you would have the ability to become positive and hardworking despite of the ups and downs in trading.
     
  6. Twin butterfly

    Twin butterfly Active Trader

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    I have not work with ECN brokers so i dont have any idea about them but as every body is posting here that they are good choice for starters then i would like to learn more about them.
     
  7. Hough Stafford

    Hough Stafford Trader

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    Well, so far, I have been working with ECN brokers and they are good enough for starters.
     
  8. inggo

    inggo Master Trader

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    there are keys, more like lets say, the keys to sucess are almost the same number as the keys to each cell in alcatraz. and its a lot. lol but seriously it takes much dedication and hard work to push though in forex, and simply never give up. keep on learning
     
  9. Twin butterfly

    Twin butterfly Active Trader

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    I will try to work with them, i already having broker and happy with his work so right now not finding any new broker for investment.
     
  10. Alexfx79

    Alexfx79 Active Trader

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    ECN means that your transactions are transferred to the interbank. That's why they are good for all traders, both newbies and experienced ones
     
  11. Aadolf

    Aadolf Trader

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    The key to successful trading is hard work, patience and a good money management policy. Talking about money management, not letting your losses get out of hand is the primary thing that good trader consider important.
     
  12. ashouq

    ashouq Trader

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    I think there is hardly a few brokers that are termed to be in ECN list.
     
  13. Aadolf

    Aadolf Trader

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    So many a broker claim to be on the ECN list even though they are not. But to ease the stress, if you are a newbie, why not read carefully the broker's agreement? Most naive traders usually don't know how to do that. Doing that helps you find out if the broker is a true ECN or not.
     
  14. buzzfxbroker

    buzzfxbroker Trader

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    Knowledge is power in this aspect. Make sure you're up to date with trader insight and find a decent broker with low spreads. It's also about you own motivation and dedication, you've got to be in the right mindset to be successful.
     
  15. Aadolf

    Aadolf Trader

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    To be successful in trading, you should determine the kind of order you should use based on your trading method. If you are a day trader, you should make use of a limit order since it defends you against being charged at a price that is far from what you anticipated. You can always manage not to open a trade. However, when exiting a position, and particularly a losing position, use a market order because you cannot bear to stay in the losing trade.
     
  16. Hough Stafford

    Hough Stafford Trader

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    I agree! No one can be wronged if you are well-equipped for anything that will come your way. As a starter, I have also been working on research and feedbacks wherein a lot of people I talked within communities. We exchanged ideas and strategies and even helped me finding good deals on brokers. What you need to do I supposed is that you should able to connect with fellow traders. Exchanging ideas and feedbacks are far better. Also, they would help you encouraged and find solutions if needed.
     
  17. Hafizmd

    Hafizmd Active Trader

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    Well, I prefer ECN cause I am calm when I'm sure that my orders reach the liquidity providers. :)
     
  18. ema watts

    ema watts Newbie

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    With commitment to trading plans and application of your forex knowledge in the trading you can unlock the doors to success. Also avoid emotional trading which mainly kills the profit and erodes a trader’s confidence.
     
  19. Hough Stafford

    Hough Stafford Trader

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    Well, looks like someone I can count on! I'm glad there's someone who is also in line with the kind of broker I have.. Maybe we can update? :) I have been into JAFX recently, how about you?
     
  20. sharabela

    sharabela Trader

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    You have given us two option 1. is knowledge important? 1. is an ECN broker necessary to be successful
    I would say both are important. To be able to keep our money and not to get manipulated,we have to choose a good broker. To be able to make money by trading, we do need knowledge and dedication and seriousness towards this business.
     

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