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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. #21
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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.
    I just do know that one and only good trading strategy is enough for success. We shouldn't have too many trading strategy because we are to keep the way we are trading more simple and then trade with discipline. I am working on having just one trading strategy, whereas knowing that what leads to success in the business is being good with the use of discipline then we can succeed with any strategy.

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  3. #22
    Trader techboy's Avatar
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    Quote Originally Posted by Darkhorse View Post
    I just do know that one and only good trading strategy is enough for success. We shouldn't have too many trading strategy because we are to keep the way we are trading more simple and then trade with discipline......
    I agree, it is not necessary to have many trading strategies in order to succeed in this market, what is important is that you have a good trading strategy that give consistent profits over years of trading, although using two good strategy at the same time may give traders more profits but it is not advisable for new traders to adapt this approach, being focus in one strategy is better to avoid some confusions.

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

  4. #23
    Trader simpleman's Avatar
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    A successful trader is someone that is able to trade win and keep the earning in the market, this is not easily achieved but by paying attention to all learning and practicing in the market, trader at the same time need to be discipline, follow good money and risk management all the time. Irrespective of our strategy we still need to be using stops for us to be among the successful traders.

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  5. #24
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    the essence of becoming successful and make money in the market and become respectful in this field coz respect is more than money if you respectable in this field money will come automatically due to your personality.to become a successful we have to need a good strategy and need to do good practice always focus on learning not on earning. one day you will become successful.

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  6. #25
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    I think the essence of becoming a successful trader is hard work to spend time in learning and training because only with that a trader can gain knowledge and experience so that can continue to improve the skills of forex market analysis by looking at the movement of the chart on the computer monitor, every trader must have patience and high discipline because the process will be able to time up to yearly.

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  7. #26
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    It's a good lead to think on becoming a successful trader. This will help our growth and this is what is likely to give us great chance of becoming successful. Any good trader who is hoping to enjoy this business must build a good system for themselves and practice good with the demo account to see they have the chance to make good profits for themselves once the time is right.

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  8. #27
    Trader layigold's Avatar
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    Everyone in trading business desires to be at his best and finds steps moving up higher to the summit of success but in reality , it is only very few traders that have been able to realize and actualize this dream. Becoming a trader is not a feat that anyone can achieve overnight , it follows a gradual process through learning and constant practice . Getting one of the best trading strategies of the experienced trader would not automatically make you a trader though it is always good to have a trading strategy of your own but you need some other things beside that like discipline and patience and good risk and money management skills .

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  9. #28
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    I would like to say that good strategy and the discipline in implementing it all the time will make us a successful trader, keep in mind that in order to become successful we have to need a good strategy and need to do good practice always focus on learning not on earning, so it is always good to have a trading strategy like discipline, patience and good risk and money management.

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  10. #29
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    Quote Originally Posted by techboy View Post
    I agree, it is not necessary to have many trading strategies in order to succeed in this market, what is important is that you have a good trading strategy that give consistent profits over years of trading, although using two good strategy at the same time may give traders more profits but it is not advisable for new traders to adapt this approach, being focus in one strategy is better to avoid some confusions.
    We could have some later on, but then the most important thing is that traders should learn to have just some limited strategy the one that they have really been able to learn so good. That is how the market works. A trader that has been trading with the use of one strategy that they understand more better will be more profitable. That is how I have got to learn and see the market works.

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  11. #30
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    Quote Originally Posted by Azeem View Post
    I would like to say that good strategy and the discipline in implementing it all the time will make us a successful trader, keep in mind that in order to become successful we have to need a good strategy and need to do good practice always focus on learning not on earning, so it is always good to have a trading strategy like discipline, patience and good risk and money management.
    its true , the most desirable trade can be achieved by working on a good trading plan with good understanding about the working system , a trade with demo accounts is also very important for us to make a good trading system for us by giving more knowledge and information and enhance the chance of work and converted our trade into a good trade.

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