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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. #41
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    Quote Originally Posted by layigold View Post
    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
    The money making aspect is the right reason we are working hard to build a profitable system that will really give us a great chance to become profitable. Right here we must know how to qualify to make a good trade and we should decide on the way to trade. Once you are successful, you can make this business as a place for your financial freedom and you could as well have the opportunity to make unlimited profits in forex.

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  3. #42
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    for profitable orders we need many things, we need to trade with full experience and patient as well, if we donot have control on mind and greed simply we can not earn here, so try to trade wisely otherwise it will be hard to settle in trade, for success our hard working matter nothing more then this

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  4. #43
    Trader YoyO_o's Avatar
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    Having a Forex trading plan is one of the key elements to becoming a successful Forex trader. Many traders never even make a trading plan, let alone use one regularly. It’s very important that you do both; make a trading plan and use the one you make…don’t just make one and then never look at it like many traders do.

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  5. #44
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    Trader will became a successful when he have knowledge about trade that is very important to trade successfully we have to trade well and with give importance to the level of entry and exit and all the important news which will effect market movement and it is not an easy thing for trader to build plan more good we are we have more opportunity to trade successfully .

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  6. #45
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    it,s everyone wishes to become successful in the forex market to achieve his her aim.question is that how it,s possible? it,s possible when we have good knowledge about forex and we do practice again and again.to becoming successful we have needed a strategy and having experience about it how to enter and how to exit etc.in forex market respect is more beneficial than money, always thought about becoming successful not about money.

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  7. #46
    Trader sniper007's Avatar
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    Quote Originally Posted by YoyO_o View Post
    Having a Forex trading plan is one of the key elements to becoming a successful Forex trader. Many traders never even make a trading plan, let alone use one regularly. It’s very important that you do both; make a trading plan and use the one you make…don’t just make one and then never look at it like many traders do.
    As it is so much important to have the plan, then at the same time we need to make sure that we have the good knowledge of executing the plans as well, because most of the traders has got god plans but then they lack the quality skills to enable them execute the plans they have got. That is the reason why experience is the most important thing.

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  8. #47
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    Quote Originally Posted by sniper007 View Post
    As it is so much important to have the plan, then at the same time we need to make sure that we have the good knowledge of executing the plans as well, because most of the traders has got god plans but then they lack the quality skills to enable them execute the plans they have got. That is the reason why experience is the most important thing.
    a best idea about the working strategy is more important for gaining the best income from this business , i would like to say that a good always resulted by the following of market trend with the use of trading tools and indicators which i more successful way to win big profits so every trader wants to make money in very short time than they should trade well by good efforts.

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  9. #48
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    Success won't be possible without emotional control, also if we don't have a good money and risk management apply on our trades it's impossible for us to succeed in trading forex, strategy is important aspect too but without psychology control it won't be possible for that strategy to work we need to learn and understand this three major part of this business before we can be successful in trading forex.

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  10. #49
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    Every traders who are hoping to make something big get in forex and they all look to see they can make some good profits in this very business in the right time. We all want to be successful in forex and the essence of it is to have a place where we can make our financial dreams come true. Forex is a good business and if we can make plans to learn and build a solid trading, we will achieve our goals so well.

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  11. #50
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    Quote Originally Posted by sniper007 View Post
    As it is so much important to have the plan, then at the same time we need to make sure that we have the good knowledge of executing the plans as well, because most of the traders has got god plans but then they lack the quality skills to enable them execute the plans they have got. That is the reason why experience is the most important thing.
    First trader will get knowledge and learning about trading then we can make trading plan with them , more good we are in trading we have more opportunity to trade well we have to give our best to make good strategies always and that will added more quality in our trading we can make profitable plan as well for good trade .

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