Tips for being a Successful Forex Trader

Adam Smith

Trader
Dec 14, 2015
42
9
24
35
A forex trader does not always have the right information about this interesting and challenging industry of forex. A trader should always be aware of the difficulties in a forex market. This will make him/her confident about his/her decision. Here are a few things discussed below that you should keep in mind if you want to be a successful forex trader:

Understand your needs

You must recognize the markets if you want to gain profit in the market. To recognize the market, you have to know yourself first. To gain self- awareness you must ensure that your risk tolerance and capital allocation to forex and trading are not lacking or excessive. If you want to engage in forex trading, you have to study and analyse your own financial goals carefully.

Stick to your plan

Once you are sure about what you want from your trading career, you should define a timeframe and a working plan. What would be called as a success? What is a failure? How much time can you dedicate to trading? Do you want financial independence, or want to generate extra income? These are the questions that you should be able to answer before you enter forex trading.

Choose the broker wisely

It is very important to choose the broker carefully. An unreliable broker must always be avoided. It is essential that your expertise level and trading goals match with the offer provided by the broker.

Choose a single currency pair

In the world of deep and complicated currency trading, it is difficult to master all the various types of financial activities that go on in this trading world. So it will be better if you stick to the currency pair that you already know and understand. It will be great if you start the trading using the currency of your own nation. If you don’t want to do so, you can stick to the most liquid and widely traded currency pairs.

Begin with a small amount of money

When you start trading in forex, you may begin with small sums and low leverage. Once you start gaining profits, you can add up to your account. The idea that a larger account will enable greater profits is not true. If you cannot make money through your forex account, there is no point in keeping pumping money to that account.

Do what you understand

If you think that you are not sure of what you are doing, don’t do that. Do not trade on the basis of what you hear. Always be sure before making any trade.

Hold back your emotions

Emotions such as greed, fear, panic, excitement should have no place in a trader’s calculations. Traders are human beings too, so they can try to minimize and control the effect of such emotions.

Study your failure and success

Take notes from your failure and success. In this way you can find out what works best for you.

The above information is shared by [URL removed].
 
Last edited by a moderator:
Dec 28, 2015
7
1
2
34
Interesting article. You mention 'choose your broker wisely' would you recommend some tips on how to choose the broker wisely? Also, why only one currency pair and not 4-5 that you really know about?
 
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Lawrence

Active Trader
Aug 20, 2015
169
7
34
There are just too many forex trading brokers in the market, but only a few are truly competent and effective. Choosing the right and appropriate trading brokers is very essential in ensuring the overall viability and success of your investment efforts. Here are six guidelines on how you could find the best forex trading brokers in the market.
  • Look for brokers who offer spreads around 3 to 5 pips
  • Choose brokers who are facilitating online payments and transactions
  • Brokers should be highly educational
  • The best brokers are those using a good and effective trading platform
Yes they are True :) and the most important of them all is that we should be trading with a ECN Forex Broker that has access to High Liquidity pool :)
 

Jack72

Trader
Jan 11, 2016
15
0
6
47
United States
Thanks for sharing! All the tips are true. Maybe you can add a few more:

Plan your goals
Know yourself
Pick the right account for you
Do not add to a losing position
Don't give up
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Yes to become sucessful trader is required strong mental and never give up and always keep learning, because forex trading is not easy business to get rich at shor time as trader also ned built up good mindset if this is risky business and as trader need carefully to analyze the market if they on doubt hence better waiting in clear movement.
 

Ryan Gardiner

Trader
Jan 14, 2016
8
0
6
49
Forex trading is not easy if you don't know how to read the trends or have a very good strategy, you can lose all of your money. It even took me years to practice and learn Forex until finally I can be the expert in Forex trading.
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Forex trading is not easy if you don't know how to read the trends or have a very good strategy, you can lose all of your money. It even took me years to practice and learn Forex until finally I can be the expert in Forex trading.
Yes of course to making profit as trader they need to learn about the trend market, reading many article that discuss about analysis market is good way to broaden insight from different view how any trader they making analysis and practice with own selves will giving more insight because will faced with real market condition
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Being sucessful trader is not easy task, here required good learning how to analyze the trend market with good accurate, experience and high dedication also motivation in business will help much tro survive in certain business, no shortcut success in forex business, sometime required sacrifice before achieved success.
 

Neesh James

Newbie
Dec 21, 2015
1
0
1
30
Hello, I would like to give few tips on how to make a fortune in forex:

1) Pre set your goals and then choose a style of trading which you feel comfortable with and make sure that it suits your personality then you choose a methodology and be consistent in its appliance.
2) Carefully pick your account type and leverage ratio accordance with your needs.
3) Do as much analysis you can.
4) Choose a good Forex broker with high level of functionality and ability.
5) Keep your leverage minimum in the start and then slowly increase it.
6) Start with small amount and embrace minor loses.
7) Dont give up!!

I feel, these points if kept in mind every time during trading, gaining in Forex would be easy!
 

RaviSarao

Trader
Dec 22, 2015
21
0
12
31
Kenya
Make sure you have studied about the currency pair to an extent that you know the momentum and trend of the currency pair. Do study the market and grab small profits, then you will win for sure.
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
In forexs trading as trader will get profit from differnce price movement and as trader they must having good knowledge to analyze the market, if they have good understanding with the trend market and not hurry in trading might success will easily to obtained, but as trader also need pay attention with the risk management to maintain their acount.
 

Lawrence

Active Trader
Aug 20, 2015
169
7
34
In forexs trading as trader will get profit from differnce price movement and as trader they must having good knowledge to analyze the market, if they have good understanding with the trend market and not hurry in trading might success will easily to obtained, but as trader also need pay attention with the risk management to maintain their acount.
Many times we will see that the moves that are actually taking place in the currency markets are not we have actually seen before so in that time we must remain careful and do only selective trading :)
 

suede

Newbie
Feb 7, 2016
4
0
2
49
A forex trader does not always have the right information about this interesting and challenging industry of forex. A trader should always be aware of the difficulties in a forex market. This will make him/her confident about his/her decision. Here are a few things discussed below that you should keep in mind if you want to be a successful forex trader:

Understand your needs

You must recognize the markets if you want to gain profit in the market. To recognize the market, you have to know yourself first. To gain self- awareness you must ensure that your risk tolerance and capital allocation to forex and trading are not lacking or excessive. If you want to engage in forex trading, you have to study and analyse your own financial goals carefully.

Stick to your plan

Once you are sure about what you want from your trading career, you should define a timeframe and a working plan. What would be called as a success? What is a failure? How much time can you dedicate to trading? Do you want financial independence, or want to generate extra income? These are the questions that you should be able to answer before you enter forex trading.

Choose the broker wisely

It is very important to choose the broker carefully. An unreliable broker must always be avoided. It is essential that your expertise level and trading goals match with the offer provided by the broker.

Choose a single currency pair

In the world of deep and complicated currency trading, it is difficult to master all the various types of financial activities that go on in this trading world. So it will be better if you stick to the currency pair that you already know and understand. It will be great if you start the trading using the currency of your own nation. If you don’t want to do so, you can stick to the most liquid and widely traded currency pairs.

Begin with a small amount of money

When you start trading in forex, you may begin with small sums and low leverage. Once you start gaining profits, you can add up to your account. The idea that a larger account will enable greater profits is not true. If you cannot make money through your forex account, there is no point in keeping pumping money to that account.

Do what you understand

If you think that you are not sure of what you are doing, don’t do that. Do not trade on the basis of what you hear. Always be sure before making any trade.

Hold back your emotions

Emotions such as greed, fear, panic, excitement should have no place in a trader’s calculations. Traders are human beings too, so they can try to minimize and control the effect of such emotions.

Study your failure and success

Take notes from your failure and success. In this way you can find out what works best for you.

The above information is shared by www.fibogroup.com.
thanks
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Being sucessful trader is becomeall wishes among trader, to achieved this goal I think required high dedication and keep learning without give up, because success is never come easily like as turn around back our palm hand, forex trading is risky business, we need adequate experience and also knowledge with strong mental if want t survive here
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Become successful trader is become goal for all trader I think, and how to achieved this goal any trader they must having high dedication and also keep learning with never give up, because no instant success in every business they need practice and learning
 
Good list. There is one very important element that is missing though. One of the most critical thing which people tend to underestimate is understanding money and risk management and knowing how to apply a proper strategy. It has been proven in any possible way that you can have the best method in the world, a great broker, and be super disciplined. But you will certainly lose eventually if you don't know how to use a decent money management method. So my advice - take the time to learn the The mathematical and Probabilities aspects of trading. It's really not hard, it's actually interesting and fun. Do it before dealing with other aspects. And believe me and any other experienced trader - this is the key for a successful trading. Good luck!
 
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