Successful traders have acquired certain skills and habits that they have finely adapted and tuned to their interactions with the*unique environment of the market. Why do some forex traders succeed and others fail, what sets the winners apart from the losers?
What it takes to become a successful forex trader?
- Thread starter Rambo35
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Becoming a forex trader requires:
1. Ability to control emotions- some forex traders make alot of profit because they have the ability to control their emotions even when they are losing while some traders make a lot of loses because they lack the ability to control their emotions when trading.
2. Impatience- when wise forex traders can analysis the market and wait for the appropriate time to execute their trade, the lazy once will say it does not matter whether the market is good or not they would want to execute their trade and when the market go against them, the make great loses.
1. Ability to control emotions- some forex traders make alot of profit because they have the ability to control their emotions even when they are losing while some traders make a lot of loses because they lack the ability to control their emotions when trading.
2. Impatience- when wise forex traders can analysis the market and wait for the appropriate time to execute their trade, the lazy once will say it does not matter whether the market is good or not they would want to execute their trade and when the market go against them, the make great loses.
You need to follow some instruction to become a successful trader. Remember that the first key is not to make too much greed. Also you should not wish to earn a lot in a short time.
Follow following steps:
-Learn forex via tutorials.
-Read articles
-Create demo account and active in some forum
-Analysis indicators from your own
Do not make forex trading by borrowing money with this thinking that you will make profit all time. You will see that many expert traders make loss.
Follow following steps:
-Learn forex via tutorials.
-Read articles
-Create demo account and active in some forum
-Analysis indicators from your own
Do not make forex trading by borrowing money with this thinking that you will make profit all time. You will see that many expert traders make loss.
I agree. One should have a strong held discipline because it is a control of our selves while trading.
I would say Patience and perseverance. Skills can be acquired quickly but patience and perseverance is one virtue you need to develop gradually to become successful. Always remember goal is to be successful for long term not short term.
In my opinion a newbie should learning first and then practice more and more on demo account about six month , practice makes a perfect man,without learning forex trading cannot give you profit ,if you keep learning then you can become a good profitable trader.
It take quite some time to master FX very well. It is very broad. You need to study and practice with a live account say micro account and avoid demo account cos there is no emotion involve.
LOL, I know, the catch is that no trader starts off with this "discipline", it is more of something that you pick up as you trade..
There are a lot winning approaches to a successful trading and no ideal one. For me the key is hard work and patience in the widest sense.
First of all trading knowledge & then the experience; these 2 are the main pillar here; no one can make huge money here instantly after joining here, it takes time to learn Forex;
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