The best way to be successful in the forex market

I think study first, then try to find a mentor. Before you tackle challenges, you have to know your challenges.

Thanks for that reply, Michael. I think we all have different styles of learning and we all know which style fits to our personality…

True. It’s different for everyone.

Studying I understand…finding a mentor, not so much. How would you recommend finding a mentor?

To get a mentor, you have to get very, very, very lucky. It has to be someone related to you or your closest friend.

In the six years that i’ve been trading live I have yet to meet a successfull trader with the time to trade for themselves and mentor a newbie. If one can be found worth listening to then consider yourself lucky. The whole point is to create a system for yourself that fits your personality not to retro fit a mentors thinking into yours.

While studing on thier own it is important that they grasp the laws of trading forex and learn correctly. Nothing will delay your progress more than unlearning trading methods that are all wrong. Once a newbie feels that they have the basics down then live trading with micro lots is a great way to jump into the fire. Demo trading too long will only distort the realities of what you will feel trading live.

Read everything you can get your hands on. view as many videos on the web you can but do not copy just observe and read some more. Chart time X 100. Find a live chart and watch price action. visualize trendlines S&R. Study as many charts as you can. Scroll forward on pasts charts to see price action playout. Taking a course is a good idea if you can find a good one.

Finding a mentor can be quiet “dangerous” for every newbie… I’m trading now for several years, and now for the past year pretty succesfully… That of course got the attention of one of my friends, which started trading now. I’m something like his mentor, BUT he thinks that I can kind of “tell him how to get rich”, so that he doesn’t even try to study the basics. I’m telling him again and again that he should try to read throw some schools, like the one of babypips, without any success till now. I mean ok, he isn’t doing that bad, but we’ll see how he is doing in the long term, and if I’m not looking over his shoulder all the time.

Be suspicious of any “Mentor” that comes your way. If the mentor is a genuine, rare person- great. However, probably more than 95% of “mentors” are scams of some sort. Most everything a mentor can teach you, the internet can as well.

You have to have the right entry points at the right time.

Get over your fear of losing and let your profits run so you do not exit prematurely. Have confidence in your trade else do not take it. When in doubt stay out!

Trust your own decisions and sometimes be unwilling to listen to anyone else. You trade according to your own personality.

Learn to take a loss – Don’t be greedy ~ Better to be right and lose less than be wrong and lose more – Know when NOT to trade.

  1. Study by yourself and get experience.
  2. Find a mentor or experienced trader to help you.
  3. Develop your own trading system and strategies.

I agree, and I would also add “Have faith in yourself.” It baffles me how many traders will get excited about their system and the potential future profits and as soon as the first loser comes, they turn their back on a system they were very excited for 30 hours ago. A Trader who believes in their own ability will have the strength to push through the losers.

Great comments in this thread! Very true and speaking loudly of mature experience.

Once having made the decision to perform in the forex trading investor industry, you need to be conscious of the primary attributes you need to obtain to create it a effective project. With many guides and content to information you, the specialized and essential research can be clearly determined. But, over and above these statistical computations, as a forex trading investor, one must be in ownership of the following characteristics:

Trading Forex Currency

As we know, we all have different styles of learning and we all know which style fits to our personality. So use it according to that. i think

1 self experience more teach us
2 find the mentor
3 develop our own system

this is the correct way.

for more : Currency Online - Foreign Currency Exchange, Money Transfers, International Payments

Our learning ability varies. In order to succeed, you must;
Study on your own and learn the basics
Open a demo account with a good broker and trade for one month
Develop your own strategy and if possible get a mentor
Open a live account and deposit a very small amount of money to test your ability after demo trading for one month.
Continue to ask questions, read articles, join forum discussion.

If everyone keeps talking about finding a mentor and not getting burned. Well where are these mentors? There’s supposedly lots of people who know how to trade successfully but won’t help others out beyond telling a person to read a book or go through the babypips school (which I’m sure like most of us has already been done numerous times). Where’s the mentor that will actually help a person be successful side-by-side, or that will wait until money has been made in the market before asking for their $10k? It’s obvious that a person trading with a $500 account is probably not rich and doesn’t have $10k laying around to blindly give someone who has yet to prove themselves.

Let’s make it a team effort why don’t we? If the mentor successfully teaches a person to trade and the first month the trader is up $2000, then let’s talk percentage. Would 25-30% of the profits earned for the month be appropriate? This allows for the account to continue building so that even more money can be made for both trader and mentor; and if the trader doesn’t pay the mentor then there won’t be a next month of mentoring. So it seems to me that a partnership such as this would work out for everybody, but I have yet to come across a ‘mentor’ who doesn’t sound like they are in need of money.

So where are all the honest mentors? I would be very happy to pay someone a percentage of profits that were made as a result of their mentoring. Or some kind of arrangement could be worked out.

Except for the mentor part, I am agree with you

Avoid self proclaimed experts

These typically do the following

  • Regurgitate generic old information that doesn’t work
  • Claim to be rich full time traders
  • Try to sell you books, signals, systems, etc.

screen time + good knowledge = success
ps. patience is also very helpful :slight_smile:

…and emotions. I am sure this is most traders problem. I have more successful trades controlling my emotions and this I had to learn and apply. :13: