Tips for being a Successful Forex Trader

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Still many hope to become good trader because forex business still never end, maybe during experience and practice any trader they facing many obstacle and failure, but if they can learn well and always struggle to making effort and good learning, keep discipline with risk manageent and money management still possible will become better trader.
 

RichardTrade

Trader
Mar 15, 2016
18
0
7
39
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?
Hello,
I am personally searching for a Broker based on:
  • Spread/Liquidity
  • Ease and speed of withdrawals
  • Support (professionalism, quality of service).
  • Execution Speed
Any suggestions are highly appreciated
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
I am use instaforex and withdraw money transfered less than a day already processed, but sometime need waiting two day, and lowest spread is three pips on majr pair ike as gbpusd
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
I think all trader they want to become sucessful trader, but this is risky business and not all trader will able being sucessful trader, and how to survive in forex business also need high dedication and always practice in daily trading to learn the movement in the market
 

MillerTrade

Trader
Mar 15, 2016
19
0
7
43
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!
hi, can you suggest suggest any tutorial on the money management? also do you have any suggestions about this subject? Thanks
 

fxapex

Active Trader
Jun 7, 2013
258
7
29
I think all trader they want to become sucessful trader, but this is risky business and not all trader will able being sucessful trader, and how to survive in forex business also need high dedication and always practice in daily trading to learn the movement in the market
Yea forex trading is a complicated job and you should understand it very well and for that you have to spend a lot of time in the market.
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Yes actually not easy to become success in forex trading, although seems very simple in theory, what we need in trading is just buy at low and sell at high, this simple theory but in real condition to determine high area and low area still need deep understanding with the market behaviour, so many factor the cause price being move
 

micro

Newbie
Mar 15, 2016
7
0
2
34
Yea forex trading is a complicated job and you should understand it very well and for that you have to spend a lot of time in the market.
You are right, there is a great need to understand properly about forex trading before you can start making money from it. There is no point in thinking that you will start making immediate profit after joining forex market.
 

myfxpt

Master Trader
Nov 13, 2012
395
50
74
58
Melbourne, Australia
gazfxsite.wixsite.com
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!
Totally agree! The best strategy in the world is useless if you don't limit losses and don't protect profits. Flip a coin 100 times and you will come up with roughly 50 heads and 50 tails. Win $1 on heads and limit losses to 50-cents on tails and you'll come out in front; let losses run to $1.50 on tails and you're sure to lose. Same number of coin flips with same number of heads and tails outcome, but totally different profit outcome. Money management makes money!
 
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Totally agree! The best strategy in the world is useless if you don't limit losses and don't protect profits. Flip a coin 100 times and you will come up with roughly 50 heads and 50 tails. Win $1 on heads and limit losses to 50-cents on tails and you'll come out in front; let losses run to $1.50 on tails and you're sure to lose. Same number of coin flips with same number of heads and tails outcome, but totally different profit outcome. Money management makes money!
Exactly, and this is the basic of understanding probabilities and statistics. Unfortunately most traders don't get it
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
Exactly, and this is the basic of understanding probabilities and statistics. Unfortunately most traders don't get it
Maybe still many trader want to making quick money in trades and ignore about money management and have tendencies to become greedy, in fact if trader trade with strict risk management and then trade with greedy, hence result that will obtained will longer life use low risk
 

myfxpt

Master Trader
Nov 13, 2012
395
50
74
58
Melbourne, Australia
gazfxsite.wixsite.com
Maybe still many trader want to making quick money in trades and ignore about money management and have tendencies to become greedy, in fact if trader trade with strict risk management and then trade with greedy, hence result that will obtained will longer life use low risk
Wanting quick money and greed are human traits that we all possess. In fact, it is this that drives the human race forwards and upwards, and why people like you and I trade Forex...we can never eradicate this internal instinct, nor should we...it's what we are! Rather than try in vain to remove this side of the human personality, we should be adding to it the desire to protect what we already have. Preservation, whether of the Earth we call home, or the capital in our trading accounts, must always be of the highest priority, but sadly, most of us don't recognise this until it's gone. If we will direct the same energy and enthusiasm as we have for quick money and greed into capital preservation, then balance is achieved.
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
ill just stick to the topic tips

- follow the plan, if uncertain try it out first on demo
- never over trade, if you find your self in profit that day then learn to stand up and walk away
- missing on a winning trade is not a lost, break even is better than lose
- never trade when you are not in the right mind set, like under stress or drunk
- always be wary of a good broker to join, brokers like hotforex or lmfx are good, i trade with them
- always go back to basic when you find your self too deep in a confusing pool of information, i mean there will come a time where all these strategyies pile up and gets the traders confused then take two steps back and stick to the basics
- fight greed with all your might
- keep a journal and best of luck
 

radex78

Active Trader
Nov 15, 2015
670
17
34
41
I think as trader also need focus on risk management and not only focus on profit target, sometime any trader beginner imagine easy profit with little experience, but most of them get fail eventually, risk management and trading low risk is safier than use high risk taker
 

Brads

Active Trader
Jul 4, 2016
295
4
29
30
India
Patience and Discipline are the keys to become a successful trader, you need to be calm and trade, or else you may suffer a huge loss.