Become a Successful Forex Trader.

[rmostak]

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.

If You will be successful trader then you have to need lot of experience from Forex market and you have to learn Leverage,Risk ratio analysis ,Money management, follow the different kinds of news and how to analysis of Market . Then you have to a successful trader of Forex market.

[riya]

In dictate to channelize a prospering trader staleness study how to cover this trader technical analysis first before you start in Forex
And staleness learn everything most capital management even knows when and how to begin and lose of deals and is entered into by the ratio of the intensity of capital

[taufiqbd]

Everyone has the potential to learn to trade Forex quickly, learning a method that can make money easily and if you adopt a disciplined attitude, your ready to enjoy a three-digit income in about 30 minutes per day.

Goood Luck and Have a Nice Day

I think forex is not a game or money making machine. If you a trader think that forex is money making machine then he must be loser in forex. To make profit a trader have need huge time and hard work. When a trader perfectly know forex then he learn forex.

[topmaster]

bhai ek safal trader banna aasan nahi hai iske liye bohot time lagta hai aur bohot knowledge aur experience chaiye aur successful trader banne ke liye humko bohot hi mehnaat aur knowledge experience gain karna chaiye jisse hum successful trader ban sake.

[shabu0200]

can you become really rich as in tens or hundreds of millions dollar worth, by just trading forex market? I mean these funds managers are doing many other markets, have access to people in the biz.

[Arara]

Irf or sirf sachi lagan says rona mehnat say hi kee aik banda ban sakta Hay traders successful. in order to trade forex ko koi serious nae layta to wo kabhi bhi acha nae ban sakta trader. consistency says kaaam kernay say achi ki jaa sakti Hay trade.

[adeusi]

you can become a successful trader by stick to the system that you think it is the best for you, after you have learn trading in reading the books and in trading the demo, syick to your system that you know very well.

[khanforex]

There is no short cut to success and success percentage in this trade is very less so it becomes all the more difficult to achieve success in this trade.A trader must trade with basic rules and always stick to them while trading to become successful and should follow trading discipline.

a successful trader always update himself.. may be its his stratagy, indicators, advance indicators. ebooks, or news..more important things is they control their emotion.. they have the patience, they trade for long term..use money mangemnt.. and they are constantly overall gaining profit every month

[hasan0012]

Forex is serious business, and is no place for fools. True, those who just want to gamble away with their money would serve themselves better at casinos than forex brokers. And no, currency trading is not a game, a pastime, or a sport for those with a lot of leisure time to spare.

[boniez]

I'm very supportive if you want to be a successful trader, because to be a successful trader is not easy in fact, but every trader should be to have such a desire as well as us.