Become a Successful Forex Trader.

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Originally Posted by jrajjaque

I think , practice is the key to success in Forex trading. So, I practice trading more and more in my demo account. Learning, discipline, regularity are also necessary to be success in Forex trading. To be a successful Forex trader , we need to be determined in Forex trading. I hope that someday I will be a successful Forex trader.

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If we know how to manage your trade and Your acc I don't think it would be a problem to handle trading success, whatever system we want to use we must be first risk and then we should not let greed and loss in our trade

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Originally Posted by Ramnit

If we know how to manage your trade and Your acc I don't think it would be a problem to handle trading success, whatever system we want to use we must be first risk and then we should not let greed and loss in our trade

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I have thought that if we want success in your trading that you have to do is how you can do this trade using money management to eliminate all forms of bad emotions,, greed, fear in our trade

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Originally Posted by pphashif

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.

:):):):yahoo:

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I agree that consistency is the determinant of the success of trading. And the proof of consistency is the discipline and patience. We all know about the importance of planning, then consistency is a must so that planning can be implemented well.

I think for success in forex trading is main secrete weapon is experience. If any trader continue trading 3 years then he must be success in forex trading. Also some other factors if any trader follow then he become success quickly. These are
1. Perfectly demo trading 6 months
2. To know about risk and money management
3. To know about basic of forex
4. Never use robot and indicator
5. Control emotion

dicipline is the key how we can success in forex trading... if we always follow the
rule i am sure that we will get profit consistenly...

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Originally Posted by didikebenaran

I have thought that if we want success in your trading that you have to do is how you can do this trade using money management to eliminate all forms of bad emotions,, greed, fear in our trade

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yeah very true so we will be more successful and can avoid larger losses, thanks to his opinion ...

must perservere and nevergives up us the key to success. do not afraid to try and always trying to learn forex. disciplined rigorous regulation inthe transaction must be owned by traders. do not be she to ask also the key to success

yes, you post is nice for being a successful trader specially who are newbies they do the same mistake what you have mentioned in your post.i think if someone can avoid fear and geed follow money management and have a good trading strategy he or she must get success in this market .

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Originally Posted by fandi

dicipline is the key how we can success in forex trading... if we always follow the
rule i am sure that we will get profit consistenly...

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yes rules maintain are more important for every trader to become successful in this business. Without following rule i think nobody can't be success in this business. because without following nobody can't control emotion and greediness.

To become a successful trader then takes the spirit and mental strength, because in forex trading psychology needed a capable, although the strategy you use in forex trading is very nice, but you are ugly then psychology can bring you to a big loss. To hone your psychology, it is necessary to learning and experience that takes quite a lot.