Tips and Advice | Successful Traders

[Mary Z]

Hello Dear Traders,

I have started this thread to discuss some advice and tips to becoming a successful professional trader!

First and most important point: Follow Your Own Strategy!

I cannot exaggerate this enough. Build your own strategy, Find a system that works for you!
It is so important for traders to find their unique way of trading. I could have a strategy that works for me but when other traders come and try it, it may fail for them.

Traders can build their strategies on many basis. Whether you trade based on Technical Analysis or Fundamental or Positioning. (THE ADVICE) Always interpret risk management in your strategy! Always make sure your trades don't loose a certain amount of money based on your balance and always calculate the pips in the trade and make sure your making more than you are loosing!

 

[Mary Z]

Hello Traders,

Today's Topic is how to know if your broker is a market marker or an ECN Broker!

Many Brokers these days show traders that they have an FCA Licence and tell them that their account is open under the ECN licence.. But many brokers have more than one regulations, many tend to make their traders believe that they are trading under the ECN.

How to tell if your under the ECN?
1. Your platform should not freeze while taking a trade and the trade should always go near the price you executed.
2. You should not face any problems with Deposits and Withdraws.
3. ECN Brokers do not give any bonuses or deposits for you.

Always trade safe and make sure your investment is secure!

 

[Mary Z]

ECN brokers are brokers that use electronic communication networks (ECNs) that help clients directly access currency markets.While they offer transparency and deep liquidity, ECN systems are more expensive as compared to traditional Forex systems.

Yes Mauk. Expensive for the broker or the client?
ECN Brokers are safer for traders to Invest in. Market Makers have a goal to make traders loose their money so they can profit.

 

[Ary Barroso]

Yes Mauk. Expensive for the broker or the client?
ECN Brokers are safer for traders to Invest in. Market Makers have a goal to make traders loose their money so they can profit.

Yes; this is why we should avoid market maker brokers; they are very dangerous to use!

 

[Adam Jackson]

In this business of currency exchanges, we as stakeholder of world market place can dream of making revenues easily. But almost all the successful traders have passed the difficult path of hard work, patience, strong psychology and yes, proper thinking. And yes, to be efficient and successful each trader must try to stick with proper planning and adoption of right trading strategies so that he can make successful employment of his hard capital.

 

[momo3HC]

3 tips form me also:
1. The right mindset is essential.
2. Use the right risk/money management.
3. Do not risk what you can`t afford to lose.

 

[Dictorsto]

I find that becoming a professional trader is not at all easy job. It requires a lot of previous knowledge about market and ways to analyse its moves. Based on that knowledge,trading strategy is created with aim to bring continuous profitability. Sometimes it takes several years to reach this stage

 

[37riched]

I can only repeat what Momo3HC have written. Basically you should have put aside some money for that matter and work directly from there with everything basically. Don't make it on your last money - that's really is for sure. Come on and continue

 

[Ary Barroso]

3 tips form me also:
1. The right mindset is essential.
2. Use the right risk/money management.
3. Do not risk what you can`t afford to lose.

And obviously using the SL; because I see a number of new traders aren’t interested on SL; as a result huge lose!

 

[Jason Martin]

Important tips can be given by anybody however it is fundamental not to take it from everybody as that will never lead into great outcomes. We ought to be hoping to have tips from ones who have encounter not one who tries to be over keen as that will likewise influence us to fate and that will be bad for our capital. I will give one tip and it's extremely straightforward which is to simply to work with a quality Brokerage organization

 

[Pipscraper]

I have a couple strategies that work but require 24/5 screen time, I want to learn to write some code that will automate this but I don't know where to start. I seem to find ads to hire out the process but not much on how to do it. MLQ4 for MT4? Any ideas on where one could get some good learning on writing code for a simple strategy?

 

[Pipscraper]

And obviously using the SL; because I see a number of new traders aren’t interested on SL; as a result huge lose!

In every trade that I have lost more than I was willing to or thought I would lose, when I examine the data, the common thread was that those big losers had no stop loss and I closed to stop the bleeding. SL=Risk, so you can't be following any risk/reward or money management plan without a Stop Loss or other means of exiting at or below your risk level.

 

[Ary Barroso]

In every trade that I have lost more than I was willing to or thought I would lose, when I examine the data, the common thread was that those big losers had no stop loss and I closed to stop the bleeding. SL=Risk, so you can't be following any risk/reward or money management plan without a Stop Loss or other means of exiting at or below your risk level.

In addition, traders should use the SL in a logical level based on the support/resistant level! Otherwise, it will be costly!

 

[momo3HC]

And obviously using the SL; because I see a number of new traders aren’t interested on SL; as a result huge lose!

Of course. I`ve pointed the main ones and SL is a subpoint but also vital.

 

[Onanak]

If you dont think that there is any importance in SL order then I would advise you to sit one day in front of your chart and watch what is happening with currency price during important news releases. Be smart traders and keep your capital safe by using at least SL always