The essence of becoming a successful trader
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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. #2
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    You said that forex trading is 70% psychology, 15 % money management, and 15% strategy and i just have to agree with you on this. The most unfortunate is that a lot of people spend better part of their time working on strategy and looking for that perfect trading system that will give a 100% positive trades from the market. If you have a perfect trading system and you are not discipline in trading it, then you will likely fail at the end of the day because forex trading is all about been discipline a a trader to do the right thing at all time.

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  3. #3
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    The very right essence of becoming a successful trader is very important and what we should think on doing is to manage our means of making qualifying trade. Success is good and here we should build up great timing to see we can manage this trade well enough. Every trader must work hard to create a profitable system which will give them the opportunity to build up a good trade in the excellent direction. Since we all hope to become successful, we should continue to work hard and make sure we practice in the best level which is very important in this business.

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  4. #4
    Trader cutiekc's Avatar
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    Well, it is right, I like your definition of a strategy and then to add more to what you have said, a trader needs to know that a trading strategy isn't the one that makes you millions, but when a trader attains 60-70 percent winning with any trading strategy then the trader is having a good profitable strategy. Furthermore, it actually takes a whole lot of time to build such strategy that works in the market.

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  5. #5
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    Yes, i do agree with above tips is very essential if you want to become successful in the forex trading. To be successful in the forex trading get a method you have confidence in it. you can follow it with discipline, pick a simple technical method. Simple method were best, as they are mere robust in the face of brutal market condition. A technical trading system should work on any market that trends.

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  6. #6
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    Quote Originally Posted by Bemgold View Post
    Yes, i do agree with above tips is very essential if you want to become successful in the forex trading. To be successful in the forex trading get a method you have confidence in it. you can follow it with discipline, pick a simple technical method. Simple method were best, as they are mere robust in the face of brutal market condition. A technical trading system should work on any market that trends.
    To become a successful trader, we need to be consistent with the learning. Thereby always constantly checking on what we have done right and then what we have done wrongly so we can learn. If we don't keep on those informations there is no way we can improve in our trades. We all love too be successful at the same time we need to know what it takes.

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  7. #7
    Trader layigold's Avatar
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    This is really a food for thought especially for those who believe that success in forex trading is hundred percent dependent on the trading system being used by a trader. While it is good for a trader to have a trading strategy of his own, we must not overlook the fact that the effectiveness of a strategy lies heavily in the hand of a trader . The point I am making is very simple , trading with one of the best trading strategies belonging to another trader does not automatically guarantee success

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  8. #8
    Trader tfs2012's Avatar
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    [lang=ar]Honestly, I think that two people can not use the same strategy in the same way. There is always a part of the trader's experience that affects how he uses new ideas or strategies. So the trader needs to adapt to the strategy in his own way hi make mistakes sometimes but in the and hi will adapt to it properly and be able to generate profits through it.

    As for how to know the good strategy and without going into details as long as you can make good profits with it then it is successful, so the best way to know this is by testing it for a long period of time[/lang]

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  9. #9
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    A trader with self discipline and good risk management could trade forex easily, it's true that trading is not all about the strategy we need to have to discipline ourselves and implement a proper risk management before this market will be easy for us to trade, so we need to learn and understand all this basics aspects before we can be successful in trading forex.

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  10. #10
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    Most traders have good strategies but are not discipline enough to manage them properly. We have seen traders coming here with good system only for them to target fast money thereby activating their greed which in no time they find themselves loose this business. Becoming a successful trader is important and the essence for this is to have a medium to become financially free and see we can have the chance to make profits which is good.

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