I’ve always thought that successful trading is more about doing relatively straightforward things [I]very[/I] well and [I]very[/I] consistently and [I]very[/I] repeatedly than about doing very difficult or complicated things.
not really important how you do it. everyone has his/her own way. the only secret to suceffull trading is to earn more then you loose. to sum it up in the most simplified sentence.
10000% agree…try to minimise rules or,at least automate them as much as possible to save time in thinking…and become a machine in entering / exiting trades with zero,emotion and again without to much thinking or time wasted
It’s also important to read the market …if you can see what’s happening it can save you a fortune in wasted trades hitting your head against brick walls
And vice versa …you could spend 7 hours grinding out a few pips verses identifying that perfect 20 minute spell when the market opens up the coffers
The main thing to focus on is the time aspect. The amount of time it took to get “profitable”.
The reason why 99% of people who trade FX will fail is because they are looking for shortcuts and a way to print money. Trading doesn’t work that way.
It’s almost like, the harder you look for a shortcut and a lazy way to trade, the more money you’re going to end up losing. And, the more effort you put into being disciplined, respecting the learning process, and trading with a professional mindset the more money you’re going to make- over time. Realizing that when you step up to the plate, you’re trying to hit singles the majority of the time, not put the ball out of the park.
Chat with Traders is an excellent and FREE podcast. You have these experienced traders sharing their knowledge for free. It’s priceless. I always download MP3s and listen to these interviews while traveling. Kudos to Aaron for making an excellent resource.
My secret is to trade with low risk in trading and a good plan . I try to trade with just 1% to 2% risk . I experience one take risk easily but in bad markets he can loose much amount when he is unable to adjust trading according to market situations.
Never invest in Forex more than you can afford to lose. Don’t invest other people’s money, especially if they’re a loan. Don’t repeat the same mistake over and over – if a strategy doesn’t work, then it doesn’t work – look for another one.
Yeah, unless and until you don’t have enough confidence in your trades, never trade with large amount. First you need to practice your trades with small amounts.
Maybe the exact opposite, actually: probably better not to trade with a large amount unless and until you [B][U]DO[/U][/B] have enough confidence in your trades, really?
Indeed, we can say that good money management is the secret to successful trading. If you are meddling with you risk amount per trade, then you cannot make progress with your trading.
In trading there isn’t one secret to doing it well.
It’s a hard skill that has many aspects to learn and master, once you’ve mastered all these you’re still susceptible to losing money.
It’s important to find a metric for measuring success other than the money you make, many people get lucky and make a killing in a short period of time, only to lose that money just as quickly if not faster.
Sometimes people make a huge amount over 2 years and feel they are successful, then they lose it in a month or less.
You said right that money management is key point that pays an important role in success . If a trader knows how he has o use his capital and how to manage trading he can do good in trading. I must say without money management no one can be successful.
The true secret.
Never give up. Once you do that, your chances of success drop a little bit. eh! maybe down to zero! :26:
The next true secret.
Go learn something NEW today!
Yeah, exactly, there is nothing we could do to improve our trades than to get knowledge and experience and skill and for that we need lots and lots of practice.