Key for a Successful Trading
- Thread starter Sweet Diane
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- ecn broker forex broker
It is important to gain knowledge in the Forex trading business before starting trading with it. You will need a broker to help you with regards to trading. They will help you in familiarizing with the platform that you will be using with the entire business. You must seek for a reputable broker that will always be there to guide you all through out your trading career.
ECN and STP both are useful, traders need to select their trading platform based on their personal choice! By the way, in Forex knowledge is the key point of success! Besides, long-experience always helps trader to avoid similar mistakes!
ECN/STP/NDD + Reputed and Regulated Brokers should always be given some thoughts in my opinion.
One must have will to learn about forex. Then need to practice as long as possible & most importantly practice with "Money management". No matter which strategy has been used one must have a proper money management otherwise it will be a failure.
You're so right, Arif. This is such a general statement, but a true one. It also illustrates well how wide of a field forex trading in and how much effort it takes to know it, let alone master it.
Your question looks little confusing to me. If you find a broker who makes money for you, would you call it your success or his? And when you say “key for a successful trading”, is finding a good broker key to successful trading? To be a successful trader, YOU have to enter the market, not just entrust a broker to trade on your behalf.
I use an ECN broker and have nothing but good experience with them the only complaint i have is sometime the broker platform wil freeze for 2-3 secs which is more than enough time for a trade to go against you but it honest doesn't happen that often....But anything education is vital. I would not even begin to trade unless I was formally or self educated about the Forex markets and have practiced for at least 6 months to 1 yr.
That's a good list, ansdrewbob, I 'd add purposefullness and insistence. Things happen and you can lose deposit. In this case you shouldn't give up and must have a sense of purpose.
Hi BipsMore
I think Andrewbob miss some steps so here I am sharing:
- Always Use a Trading Plan
- Treat Trading Like a Business
- Protect Your Trading Capital
- Risk Only What You Can Afford to Lose
- Develop a Trading Methodology Based on Facts
- Always Use a Stop Loss
- Know When to Stop Trading
- Learn everything
- Learn to love the process
- Don’t give up
You see, trading is a complicated process with a lot of shades and peculiarities. That’s why trader should have a complex of skills to succeed. Of course, knowledge is important, but not enough. Knowledge, experience, emotional stability, trustworthy broker, suitable strategy – trader needs all of it (and even more)!
I completely agree with you to be successful in trading, knowledge, emotional stability, a reliable broker, good trading system and LUCK all these play vital role.
The key to a successful forex trading career is a combination of multiple factors like knowledge, skills, patience, dedication, curiosity, prudence, passion, learning from your mistakes and rising from your failures, knowing how to strike a balance between your forex life and regular life, discipline and an amazing broker. And if lady luck is shining nice and bright over you, then there’s nothing quite like that! J
Sound knowledge of forex world, a good trading strategy, proper money management, discipline and patience a good broker and luck are the keys for successful trading.
Help of advisory who have Research Analysts and Mentors sufficient technical & fundamental experience in trading filed is important for successful trading.
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