Key for a Successful Trading

Sweet Diane

Trader
Jun 29, 2016
22
1
12
Illinois
www.jafxbreakdown.com
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?
 
  • Like
Reactions: Mike_Wah

hayseed

Master Trader
Jul 27, 2010
422
101
109
usa
hayseedfx.com
I wonder nowadays on what should really be important to become successful in trading. Does finding an ECN forex broker be more advantage?
//----

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
 

BigMikey

Newbie
Feb 12, 2017
15
0
2
40
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
 

jameswilliam

Trader
Jan 31, 2017
32
1
7
33
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?
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.
 
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.
 

Twin butterfly

Active Trader
Apr 11, 2016
366
6
29
31
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.
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
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
 

Twin butterfly

Active Trader
Apr 11, 2016
366
6
29
31
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.
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
40
Berlin
ECN means that your transactions are transferred to the interbank. That's why they are good for all traders, both newbies and experienced ones
 

Aadolf

Trader
Jan 26, 2017
60
3
24
45
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.
 

ashouq

Active Trader
Feb 21, 2017
167
13
34
29
I think there is hardly a few brokers that are termed to be in ECN list.
 

Aadolf

Trader
Jan 26, 2017
60
3
24
45
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.
 

buzzfxbroker

Trader
Jan 30, 2017
31
0
12
44
www.buzzfx.com
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?
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.
 

Aadolf

Trader
Jan 26, 2017
60
3
24
45
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.
 
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.

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.
 

ema watts

Trader
Feb 2, 2017
22
0
12
38
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.
 

sharabela

Trader
Oct 19, 2016
49
0
22
40
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.