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  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. #11
    Trader techboy's Avatar
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    I just want to point another important aspect in trading is commitment, if you really are serious in your trading and want to succeed you have to dedicate time in looking in your chart every time candle closes because one missed trade setup can make a different in the overall results of your trading, just like today I was away from my chart for almost the whole day, and I just missed big moves from the Eur/Jpy and Gbp/Usd, luckily I was able to catch the move on Eur/Usd since I have a previous open trade, otherwise I can miss a very good move on this particular day.

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

  3. #12
    Trader sniper007's Avatar
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    Quote Originally Posted by techboy View Post
    I just want to point another important aspect in trading is commitment, if you really are serious in your trading and want to succeed you have to dedicate time in looking in your chart every time candle closes because one missed trade setup can make a different in the overall results of your trading, just like today I was away from my chart for almost the whole day, and I just missed big moves from the Eur/Jpy and Gbp/Usd, luckily I was able to catch the move on Eur/Usd since I have a previous open trade, otherwise I can miss a very good move on this particular day.
    I don't look at the chart all the times because I try to keep my trading method simple as possible, Therefore that has made me to be such a trader that does the trade with the daily time frames, because it helps me to actually make good trading decisions. I get to make good analysis once or twice a day, quite simple.

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  4. #13
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    Quote Originally Posted by sniper007 View Post
    I don't look at the chart all the times because I try to keep my trading method simple as possible, Therefore that has made me to be such a trader that does the trade with the daily time frames, because it helps me to actually make good trading decisions. I get to make good analysis once or twice a day, quite simple.
    i find that the basic essence for successful trade is our learning process and good understanding to this business , we should trade by getting good trading abilities with proper idea to achieve a bet trading plan for make it more desirable trade for us by gaining the best experience ,its the basic essence of this business for glorify this business .

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  5. #14
    Trader Lyon's Avatar
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    Quote Originally Posted by bilal786 View Post
    i find that the basic essence for successful trade is our learning process and good understanding to this business , we should trade by getting good trading abilities with proper idea to achieve a bet trading plan for make it more desirable trade for us by gaining the best experience ,its the basic essence of this business for glorify this business .
    Having the good mindset will also be a plus on how we get to become profitable. You know a trader that understands the market will actually know how to handle things. It is essential that the trader gets to have strong trading methods. The concept has to be well learned on the demo acount to enable profitability.

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  6. #15
    Trader famousfx's Avatar
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    Actually it is not many strategies that dictate what a trader would earn in trading, but at the same time we can not be undermine the issue of having good strategy to be using by trader,as we have our strategies we still need to inculcate other things like discipline , patience and contentment.

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  7. #16
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    Yea even if we have a good strategy at hand but fail to follow the rules of the strategy and also fail to trade with discipline the strategy won't work before a strategy will work for us we need to follow the rules of the strategy properly and also trade with discipline we should not do anything we feel like doing because that will only make us lose our investment.

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  8. #17
    Trader techboy's Avatar
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    Quote Originally Posted by bilal786 View Post
    i find that the basic essence for successful trade is our learning process and good understanding to this business , .......
    I agree on your points, but learning process is only the beginning, because almost all traders understand and has experienced in this market yet they still fail, knowledge alone cannot make you profitable in this market, the most important aspect in trading is how you implement what you learn, because in trading implementing what you learn in live market scenario is what matter most.

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

  9. #18
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    It's necessary anything we do we become successful at it. If we are really looking on the chance to make good profits from this business, then it's time to realize that building a profitable system is the right way for us. Learning on building the right system is necessary and here we can have good opportunity to make something special as we look towards becoming financial free.

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  10. #19
    Trader tfs2012's Avatar
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    [lang=ar]
    Quote Originally Posted by techboy View Post
    I agree on your points, but learning process is only the beginning, because almost all traders understand and has experienced in this market yet they still fail, knowledge alone cannot make you profitable in this market, the most important aspect in trading is how you implement what you learn, because in trading implementing what you learn in live market scenario is what matter most.
    I do not think that there lies the difficulty you may be able to achieve what you mentioned, but it will be difficult for you to commit to those things in the long term. Success depends mainly on controlling yourself completely (no fear, no greed or hesitation)[/lang]

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  11. #20
    Trader Toyen's Avatar
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    Quote Originally Posted by famousfx View Post
    Actually it is not many strategies that dictate what a trader would earn in trading, but at the same time we can not be undermine the issue of having good strategy to be using by trader,as we have our strategies we still need to inculcate other things like discipline , patience and contentment.
    There is no strategy that will decide the success of traders and what they will be earning with that strategy, it is the plan of traders with the strategy that will determine that earning. That is why we should not be using strategy only, there are other plans we can work with it, and we have to be discipline and patient with the way we work with our forex account.

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