Key for a Successful Trading

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

  1. ashouq

    ashouq Trader

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    That maybe a good tip as we need to make a thorough research on the broker we are willing to start trading.
     
  2. Aadolf

    Aadolf Trader

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    Communicating with other traders as a beginner shouldn't be overlooked. Never feel ashamed because you're a beginner. Always remember that we all started out as beginners. Look for information that would be of great benefit to you as a trader. Of course, reading books that are about forex is necessary. They can afford you a fine ground to trade on.
     
  3. rikki

    rikki Trader

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    For me it's also very important that the broker be ECN, for me that's an index of credibility and that one doesn't have to expect a scam atleast.
     
  4. Alexfx79

    Alexfx79 Active Trader

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    But that ECN can be not a ECN at all :D The info about liquidity providers, documents and other evidences can be credible.
    As for ECN, I believe that many brokers pretend to be such, but they are none, in fact
     
  5. ashouq

    ashouq Trader

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    True! Broker selection is really tough..
     
  6. Hafizmd

    Hafizmd Active Trader

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    Though, it's not so tough as learning how to trade :)
    At least, there is full of information about all brokers, so you can get data about every company. anything you want. thankls to the internet
     
  7. Alexfx79

    Alexfx79 Active Trader

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    Really. Honest companies even can show people their documents.
    The info can be checked on the regulator's site as well
     
  8. smithyoung

    smithyoung Newbie

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    This is very nice tips for successful forex trading.
     
    Last edited by a moderator: Mar 31, 2017
  9. Aadolf

    Aadolf Trader

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    Exit preparation must deal with the good, bad & the ugly. In addition, keep a profit security strategy to exit winning trades, a stop loss plan to exit bad ones. You’ll need all two methods in every trade because something can happen once you click the order button.
     
  10. AlphaGroupFX

    AlphaGroupFX Trader

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    Fyi brokers use the term ECN as a method of enticing your money from your wallet. When in fact The true ECN's offer customer to customer cross matching trades. The way to tell if your broker is one of them.. Place a limit order. If your limit order bid is filled when spread dips bid 1/10th a pop below your limit bid then you're at a transparent firm.

    Unfortunately MT4 servers are built for mousetrap brokers who require you to buy on ask and prohibit you from using an advanced market making strategy.

    Get ECN out of your heads and equate it properly with STP where the broker does not interfere with executions and do connect to ECN's but they do NOT offer you ECN access. The exception obviously is a netted broker where you connect and trade on several venues and the prime broker service clears the trades with your credit lines.

    Good Luck Traders. It's all about transparency.
     
  11. Aadolf

    Aadolf Trader

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    It all depends on the level of your experience, you are advised to trade leverage which is an important tool to help you increase profits, or it can result in your defeat. It is not a tool to be considered casual. Hence, if you do not know how it operates, don’t make use of excessive leverage not until you do understand how it works.

    Recognize your failures, and try to accept them if they can’t be dismissed completely. While it is a great idea to also review your idea on the markets with others, you should be making your personal decisions. Examine the opinions of others, but make your own decisions.
     
    Last edited by a moderator: Apr 6, 2017
  12. ashouq

    ashouq Trader

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    This is information age and now we can find every useful tips on one single click and thanks to this forum it is really helping me a lot in learning forex.
     
  13. Martin Gaptil

    Martin Gaptil Trader

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    1st of all, you need to ensure your strategy’s quality! A profitable trading strategy is the core point here! Then, you should follow money management and risk management so sincerely; it’s a part of trading discipline! I see, you are concern about Forex broker! Don’t be scared, check your broker’s history before investing your real money through internet! And, don’t follow any shortcut way here!
     
  14. ashouq

    ashouq Trader

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    Forex brokers are really playing important role in the success of any trader so we need to do a little research before choosing any broker. Always go with those brokers who have decent repute in the market.
     
  15. darren greg

    darren greg Newbie

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    Agreed! Brokers are crucial to the success of a trader and should be chosen with utmost care. Well I feel choosing a broker depends upon our trading requirements. I would like to go with an ECN broker offering low spreads and no slippage. I always advise traders to test demo with any broker before going live.
     
  16. renez

    renez Trader

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    So, as it turns out, we traders have no way of knowing what kind of broker we are choosing. Whether it's ECN in actuality or if he just says he is. But on the other hand we can verify the information witht he broker's provider.
     
  17. Michelle Yeoh

    Michelle Yeoh Trader

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    1st of all, you can’t compare the value of trading knowledge with anything else! Yes, selecting is a good trading broker also important! But knowledge is the key point! By the way, I see ECN as well as STP both are reliable to use!
     
  18. ashouq

    ashouq Trader

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    When we stick to learn forex trading either by practicing demo accounts or going through webinars and other stuffs on consistent basis, we will gain knowledge and experience for sure and this experience is the only key to success in my opinion.
     
  19. David Smith

    David Smith Trader

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    knowledge and experience is the key to get success from Forex. You must need to give time to learn and practice on demo. Utilize your knowledge and make plan to make profit. Thus, you need to try again and again in forex to get success from this business
     
  20. Banni

    Banni Trader

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    In my view ecn brokers are more reliable, although I don't know how exactly to verify this fact. All there's left to do is take the broker's word for it.
     

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