Actually, practice, practice and once again practice. Nothing will help you to develop skills than practice. Of course, theoretical base is neccessary as well, however the most important part particularly in trading is practice. The more you will practice, the more experience you will get and the more chances to become successful you will receive. All the activities in the world requires practicing, you know, sometimes practice is beneficial than learning and tradding is the case when practice exceeds learning theories.
Remember, that the best way to become good at trading is to practice and learn thoery simultaneously. This is a blowing combination.
Traders should keep on trading and refine their trading skills. Traders should not hesitate taking risk if any genuine trading opportunity comes up.
I think scalping on a retail account is a marginally loosing business, as the trading costs (call it spreads or commissions) are way to high for the profits scalpers are after.
You should give more details about your trading stats, so we can properly advice you.
What’s your average TP?
What’s your average SL?
What are the trading costs involved in your broker for the markets you trade? For example, my broker charges 6€ per lot, and spread is about 0.8
If a trader wants to be good at trading, he must keep practicing as much as possible. The reason is nothing except for practice can develop a trader’s capability. He should read different e-books, watch video tutorials and go for reading other articles to learn every single aspect of trading. It’s because it works ultimately.
The key to success in the forex market is to focus on the currency pairs you trade when you have time and use strategies that do not require 24/7 monitoring. An automated trading platform may be the best way to achieve this, especially for new traders or traders with limited experience.
I’d not suggest automated trading to new traders as it inhibits the learning process. This can restrain traders from achieving success eventually.
In my opinion, one can get good at trading with consistent hard work, practising and learning.
Yeah right!
Would like to add one more point - Right mindset.
I agree with this, emotions play huge part in our success in the market. Learn to control your emotions and you will go far.
The only way to get better at trading is by trading and learning. This might sound like a cliche. But there are no shortcuts in forex trading. Only your understanding of the market takes you ahead.
Exactly!
It’s really important to follow the process in order to excel in forex trading.
In order to be good at trading, traders should be inquisitive in nature. Traders need to have an optimistic attitude towards mistakes. Instead of getting disheartened, traders should learn from their past trading mistakes and avoid making them in their future trades.
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I learnt this by constant practice on my demo account. When I was a beginner, there was always a fear in me which eventually vanished when I started focusing on learning different strategies and techniques instead of being worried about making profits every time because I think once you are good at your skills, you can make money easily.
I couldn’t agree more, you can’t cut corners. You must face the realities of what is involved in the market and follow due process.
Most days I wonder if anyone actually makes money in forex. Sure there might be a handful of guys doing it but the vast majority of those flexing on the internet are just marketing their baloney (which is how they actually acquired the items to flex). Seems like the markets are designed to destroy everyone who dares throw their money at it. It’s taken me 2 years of 10 hour days to even sniff breakeven. I doubt I’ll ever be profitable on a consistent basis.
For all those who are prepared to tell me how wrong I am, make sure you list your day job when you reply to my comment.
Struggling is needed to get good at trading. A trader should invest more and more time in trading to learn about it. He should derive techniques and check them out whether these techniques bare flourished or not. If flourished, then traders should apply them in the market. This is how traders can develop themselves step by step.
I have seen many traders who are doing the hard work and after some time they will be able to understand the real nature of the Forex markets and also in the process start making the profits.
Trading development is not a matter of a day rather it’s a long term process. Traders should find out their lacking and recover them step by step. The progress that is done slowly stays for long. Traders should watch video tutorials and read e-books to develop their basics of trading.
Organizing your trade is essential for bringing discipline in your trading. Success remains a far factor as long as traders can’t make themselves disciplined in trading. Proper strategy based trading, maintaining risk management policy are essential factors for bringing success in trading.
To become good at forex trading, it is best to use a live account instead of a demo account to begin with. Switching to a real account is a total advantage. It will teach you how to control your perception of the market, and help you grow your forex account, resulting in better trading results.