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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. #211
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    Quote Originally Posted by Ehis View Post
    Discipline cannot be sidelined when we are talking about the requirements that are needed before someone can become a successful forex trader, it plays one of the most important roles we can ever think about, why I believe we are losing every now and then is just because we have failed to curtail our excesses in the aspects of self control, this can destabilize anybody in trading.
    [lang=ar]What we dream about in Forex can only be achieved through discipline. Discipline is required in anything, not just Forex, but it is required in all things of life which makes man successful in his life. In Forex, it is the work of an excellent and organized work plan on the chart.[/lang]

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  3. #212
    Trader sniper007's Avatar
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    We can become a good trader which is the best thing to have done, because by being a good trader we can face the market properly and make good trading decisions. The traders who don't have the good quality of being disciplined will always face a lot of losses and then failure. Being a good trader should come from discipline most of the time.

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  4. #213
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    the most important thing for becoming a successful trader is the good decision making at the time of trend changing so we should be good in this aspect with this if we have proper knowledge about money management than we can able to save and make more money through our efforts and hard working .

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  5. #214
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    Quote Originally Posted by sniper007 View Post
    We can become a good trader which is the best thing to have done, because by being a good trader we can face the market properly and make good trading decisions. The traders who don't have the good quality of being disciplined will always face a lot of losses and then failure. Being a good trader should come from discipline most of the time.
    How good traders we can get to become is depend on how much work we do and how smart we are in taking decisions. We should not be dreamers but doers and we should try to utilize better means of trading like the long term trading. However only those who are confidence and have a good and tested strategy and plan, they can go with long term trading.

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  6. #215
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    Greed is the main enemy that is the most difficult to overcome by traders, and the only way to avoid it is to make money management planning before starting a forex business, and always discipline to implement it, because there is no 100% perfect strategy so that one trader will meet losses and to get past the difficulties is only a discipline in planning.

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  7. #216
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    patience and discipline are things that must be owned by traders who want to succeed in forex trading, we must work in accordance with the planning that was made at the beginning of forex trading, we should not be greedy to make big forex business fast, because it will force us to take risks big too, let the forex business grow according to strict planning and money management so if at any time you encounter an account loss we will stay safe and continue this forex business.

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