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Thread: The essence of becoming a successful trader

  1. #1
    Trader techboy's Avatar
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    The essence of becoming a successful trader

    I dont know if this thread belongs here or not but I just want to give some opinion in as far fellow members posting some strategies in this thread. I just want to say that success in one's trading does not just rely on a particular strategy, one important aspect to it is the trader himself because he is the one will implement such strategy during trading and if he fails to follow such strategy at certain point of his trading it can really alter the results of his trading. So even if you have a very good strategy at hand but you fail to follow the rule with discipline and consistency you will still fail. Good strategy and the discipline in implementing it all the time will make you a successful trader, not just the other half.

    Now in as far as the definition of what is a good strategy is, that is also debatable because other traders may have other idea about it. But for me a good trading strategy is something that has well defined rule of entry and rule of exit at any market condition, plus it adheres to good risk reward ratio(at least 1:1, the higher the better), proper risk management. And remember this even if market can be very volatile at times but it cannot harm our account in any way if we wont allow it. Happy and profitable trading to all!

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  2. #121
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    A trader must know that success is part of the developing process and this is what we should all undertake to see that our plans are made. If we are indeed rooting for a profitable kind of trading then we should have quality plans to make steps to which we can improve more. Success in trading is for the best and its one part of the means to realize our goals. We need to maintain a good trade and we need to build a perfect opportunity to realize our goals in the very right way that will work out for ourselves.

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  3. #122
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    If we can follow the rules of the market and stay discipline to trade the market will really favor us, success doesn't rely on a particular strategy it what we do that most time lead to a profitable trading, you might have a good strategy but without following the market rules and discipline you can't achieve success this two basics aspects contribute to our success in this market.

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  4. #123
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    Quote Originally Posted by melan View Post
    its true , we should select a best strategy which is possible after struggles and complete hard work on the working systems , so its very important to become a successful trade by honest to work with best timing and efforts that is necessary for entry in this business , after it other factors matters to become a successful trader .
    Everything that can make a success for traders is what we should be going for, it is our training that will open our eyes to that, and we will surely be making the best in the market with it. It might take times though, but it is worth it, we have to always practice the best ways which will make us have the excellent trading experience and performance. Also, forex market will not yield easily to us, but we should not allow to ruin us either.

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  5. #124
    Trader famousfx's Avatar
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    Truly, our success in trading lie on the way we handle our strategy, what ever the strategy we rare using in trading the forex market we have to be cautioning ourselves to be abiding by the rules such as money and risk management , patience and discipline . this is the foundation of having good success in the business.

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  6. #125
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    As we advance to realize our full potentials, we must work hard to seek proper improvement that will give us solid time to maintain a good trade. Seriously if we plan on achieving success, we should work hard and plan on our very way to minimize risk. You can only have a good means of earning when you manage your trade and work on achieving your goals. We look to make success in forex and I think we must plan well for this to see we improve.

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  7. #126
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    Learning is the only way to become a successful forex trader, if you want to become successful you need to work hard work only hard work could make it possible for one to trade and make good money, if you are not hard working you cannot succeed in trading forex so make sure that you learn and construct a good system that's when you can succeed in trading forex.

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  8. #127
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    Quote Originally Posted by famousfx View Post
    Truly, our success in trading lie on the way we handle our strategy, what ever the strategy we rare using in trading the forex market we have to be cautioning ourselves to be abiding by the rules such as money and risk management , patience and discipline . this is the foundation of having good success in the business.
    There is nothing more, we have to be the one that will take the market with good approach. You have got to become able to understand the market. It is not a simple business. That is the reason why no one should trade on the market unless they have learned and followed the demo account so much better and know the approach towards making good trades.

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  9. #128
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    good money managements also skill will give us more chances to survive and even get the success at this business, and so we see these thing is the basic for traders where we need to learn and master them with well, stable psychologies become the factors for traders to read the market till decision is made for trading forex. then we know how to do something right with minimize the mistakes and just enter the market with good reasons behind it
    sometimes, we feel hard and always ignore about the risk managements before we really understand how much important the risk managements for trading or caused by big target where we just want to make it come true but at last, high target will bring us to face loses and loses
    we can set the risk managements between 1 % - 5 % or higher

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  10. #129
    Trader Obaforex's Avatar
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    Becoming a successful trader in the forex market is one task that takes a lot of knowledge and experience, but this is actually a very compulsory level that must be attained in this market to be consistently profitable because it takes a good and successful trader in this market to trade with a strategy (be it good or bad) and make profit with it since a trading strategy is only as good as its trader.

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  11. #130
    Trader famousfx's Avatar
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    Actually we know that all traders here do rely on their trading strategy to trade,success could come in such strategy the way the trader handled it, every strategy that trader employed in analyzing this market should be used in line with following all the rules of trading for it to be effectively use and making good success from them,there is no strategy that is bad provided the trader is patiently using them with money management and some other rules,

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