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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. #31
    Trader techboy's Avatar
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    Quote Originally Posted by layigold View Post
    .......Becoming a trader is not a feat that anyone can achieve overnight ....Getting one of the best trading strategies of the experienced trader would not automatically make you a trader........ discipline and patience and good risk and money management skills .
    Maybe trading is one or only profession that dont just requires knowledge and experience just to be successful, but requires constant discipline and consistency of actions in a day to day basis, in trading one mistake can wiped out everything in your account, you may perform at your best in the past 6 months of your trading but with just one wrong move it can wiped our all your gains. That is why many traders still failed in this market even if they have more than 10 years of experience.

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    Quote Originally Posted by Darkhorse View Post
    .....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.
    In general using one strategy is enough to make a trader profitable assuming that particular trader implements the rules of his strategy consistently and follow proper risk management, but having another strategy may bring advantages to your trading because it may help neutralized the loses of the other strategy, one intraday and swing strategy will work best in this situation, but again a trader should only do this once he is able to master his trading using one strategy.

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

  3. #32
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    You can become a successful trader when you dedicate your time to learn how to trade forex properly on the demo account and acquire a good knowledge, skills and experience of trading forex, the essence of becoming a successful forex trader is for you to learn and understand how the forex market work and having a very good strategy to trade.

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  4. #33
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    To me everyone can become a successful trader, but i think that the reason why there are good traders and bad traders is simply because of their mindset. So sorry, i discovered that most of those traders that fail have the wrong mindset, for example i have friends who each time you see them discuss FX trading they will always tell you that trading is a game of chance, they see it as one of there local bets. Tell me what do you think of such a trader who does not believe that trading need some skill and knowledge first. Well let me say that life is built by LAWS, PRINCIPLES and for any one to be successful in whatever they do, you must find the right LAWS or PRINCIPLES. no matter how long someone has been trading if he must apply the laws and principles of trading to be successful.

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  5. #34
    Trader simpleman's Avatar
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    Trading and every strategy and skills possessed by traders in the trading business are all based on the ability to follow all the rules and regulations of the business, for all our strategies to work best for us , we must not deviate from the instructions and the rules needed to be followed , this is the best way to make us to have good success and make our efforts to be crowned.

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  6. #35
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    For this business we need to look about becoming successful and we need proper timing to see we can make good profits. Every trader here can make good plans to manage their risk and create a high standard of developing a good trade. To earn success is important and would give us the opportunity for which we can manage our trade and see we have lots of profitable means to make up for a good kind of trading.

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  7. #36
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    We all plans to become successful but most traders fail because they are not doing the necessary things that will make them become successful, forex trading is a very risky business and it is hard to trade without a good knowledge and experience, before you start to trade in the real account you need to prepare yourself in the demo account understand all that have to do with this business before trading in the real account.

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  8. #37
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    Quote Originally Posted by davido View Post
    We all plans to become successful but most traders fail because they are not doing the necessary things that will make them become successful, forex trading is a very risky business and it is hard to trade without a good knowledge and experience, before you start to trade in the real account you need to prepare yourself in the demo account understand all that have to do with this business before trading in the real account.
    in order to get the profitable trade than we must fulfill all the requirements which are necessary to make a successful trade , the main essence which is important for making a best trade is good learning for earning profits ,and no doubt practices o demo accounts also an important essence for making a successful trade .

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  9. #38
    Trader layigold's Avatar
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    The essence of becoming a successful trader is to make money and be of help to other traders who might be having it tough with trading .I need to say that becoming a successful forex trader is not a feat that can be achieved within a day . Most beginner traders feel that once you have finished demo trading , you have become a successful trader, that is far from the truth . In fact , you do not graduate from learning and practice in forex trading . No matter your present status in trading , you must remain committed to learning and practice and so doing , you will be improving on the ways you trade the market

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  10. #39
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    Quote Originally Posted by techboy View Post
    In general using one strategy is enough to make a trader profitable assuming that particular trader implements the rules of his strategy consistently and follow proper risk management, but having another strategy may bring advantages to your trading because it may help neutralized the loses of the other strategy, one intraday and swing strategy will work best in this situation, but again a trader should only do this once he is able to master his trading using one strategy.
    That is what I am doing exactly, I am not trying to load my self up with so many trading strategy. I am sure that with the use of just one trading strategy is enough to make me the profits I need. Becoming successful as a trader isn't when we have used so many trading strategy due to that could cause so much confusions.

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  11. #40
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    Quote Originally Posted by Darkhorse View Post
    That is what I am doing exactly, I am not trying to load my self up with so many trading strategy. I am sure that with the use of just one trading strategy is enough to make me the profits I need. Becoming successful as a trader isn't when we have used so many trading strategy due to that could cause so much confusions.
    i agree with your point of view , we choose a single strategy and working on it , our good efforts and struggles can helpful for making it possible for achieving success ,but if the single strategy never make desirable results than we move on to work with trading tools for making a good trade.

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