Become a Successful Forex Trader.

[moonletter]

Being a success is very necessary that the process does not require instant. It applies to all businesses, including in forex trading. You have to learn a lot about forex trading, ranging from trading strategies, market analysis, psychology and good money management. Once you learn seriously still require substantial time to be successful, it takes experience and an accurate analysis. The time needed to achieve success in forex trading every trader is different.

[khanforex]

Most people�s experience in the Forex Market is relatively short and in no way profitable. They hear about the currency market and think it is an easy way to make a lot of money in a very short space of time. Now, I am not saying this can�t be done, because for some this is true, but for the majority it�s certainly not the case. Let me explain in more detail �
In the early stages of most FX trader�s careers, the first forex trading decisions generally come from tips and recommendations from brokers, alert services, forum threads or sometimes even mutual novice trading friends. Then, at some point, traders decide to study the market and attempt to find the perfect system or method to trade with. I am sure you can relate to the following statement; for many traders, the Forex market and it�s nuances truly become an obsession that takes up countless hours of searching on the internet and books, forums and DVD�s , in the hope to find the holy grail Forex trading system, which they eventually find out, simply does not exist.
Traders develop or buy a system and start trading way to soon. Sometimes it is profitable, but when it has a few losing trades (which is normal), they change the system, read a new trading book, etc. or go back to looking for tips and advice, back to the forums, back to Google, searching for more information. After some time, and after more losses and frustration, most give up and stop trading altogether. Or, they go on the analyzing merry-go-round, keep paper trading and never get any financial success from their trading; this is the case for 90% of newbie and intermediate traders.
A few realize that the trading method they are using is not the actual problem and the most important ingredient in their trading is actually themselves. In addition, they soon realize that a sound set of trading rules is essential to trading profitably. But if the rules are not followed, they are of no value, and an average trader will have difficulty making a profit with a good trading system. Ironically, a good trader who has skill and a good mind can make a profit with even an average system. Put simply, even with a perfect system, the human mind can stop it from making money!
Statistics from surveys of US traders indicate that once a trading methodology is developed by a Forex trader, then 80% of the effort in trading is actually trading skills (that includes things like Forex trading psychology and Forex money management).
When the trading system is developed and trading skills are learned, a person starts finally trading properly. Most traders encounter a setback at some stage; either the market conditions change or they don�t follow their rules. However, if good money management is followed, this is not a serious problem. Often, even after winning for several months, after a small set back, many great traders stop trading to evaluate what has happened. This is often a mistake, and is again, the ever-present emotional element which plays in the back of our minds every day we trade. It�s a mistake to interfere with the consistent day to day trading routine, even in the face of losses, the trader has to press on and believe in what they are doing.
Here some common traps that traders fall into, this is where the real decision about the trader�s future is made:
1. They stop trading all together
2. They find a new system, read a new book, and do another course. This can go on forever and successful trading will never happen.
Or
3. They evaluate what really happened. Mostly it will be that market conditions had changed or they didn�t follow their rules.
The the forex traders who go on to achieve greatness:
(a) Monitor the markets and start trading again but trade small amounts and don�t force trades, they then resume trading normally once they get back on track.
(b) Wait for market conditions that suit their trading style.
This is an important process to go through. Most traders go through this experience 2 or 3 times before they develop the skills to achieve their trading objectives.
Trading success is a result of consistency, discipline and patience and most importantly self belief� When you have a forex trading plan that involves clean price action strategies, and that is built on practical workable parameters and it suits your personal and financial requirements, and you stick to it, then your Forex trading will become more enjoyable and more profitable.

every body wants a success in this business because we see money is quickly running and flowing infront of our eyes but it is not necessary that we can be successful so increasing the analysis of the market will increase the rate of success.

[Md Ratul]

to become a successful forex trader you must know about forex.and maintain the ruls.and always do the demo account after use real.it helps you to know about forex trade...overcome your emotion.

[boniez]

one more thing,, that to be a successful trader also takes a lot of things you should be the main is that you must add to the experience of trading and trading experience to know that it includes some important things where it all is not as easy as you think.

[bu'd]

to become a successful forex trader you need to make urself a good money management as well as risk management plan. and also, always make a trading plan before putting on the trade and dont change the plan on the go..

I agree with you. a brief explanation of solid and clearly motivated me in trading today. as a beginner I really want to become a successful trader. and me as an unemployed is expected to be here for my employment and unemployment in my area.

[sammy]

to become a successful forex trader you need to make urself a good money management as well as risk management plan. and also, always make a trading plan before putting on the trade and dont change the plan on the go..

[budado]

All of those examples of how to be a successful trader will never be useful if you don't try to practice it. What the use if you have skills if you funds knowledge about fundamental and technical analysis if you don't have timing. Sometimes its all about timing. You know the price is going down. But do you know on what price you need to open a position in order to make profit? Because what the use of opening a sell position in bearish market if you don't know that its already reach its oversold point.

[fumina]

There is no instant success in any business, including in forex trading. If you want to become successful traders so you must follow
the process and it couldn't be done in short time. Traders must learn how to trade well from gaining knowledges, training to implement
in real trading using demo account and then train psychology in real account. It will take time at least 2-3 years to become successful
traders in forex.

[sovon420]

All trader can not be a successfull trader for success he should flow some rules:
1.Make a good trading plan.
2.Make descipline
3.Do hard work.
4.learn forex well
5.We should know aboul concepts of forex trading.
6.Visit many websites,forums, blogs.

[kalia]

When you necessary to success in the forex trading then it is obligatory to set your strategy and moldiness run according to them, intimately notable roughly forex trading, to knows near the trends of market , uses of signals and indicators then you are prospering trader in forex trading.