How to be successful in Forex Trading

Trading Discussion
1

Today’s topic is on how to be successful in Forex Trading,
which I believe is what all of us here are working towards
…

Knowing how to trade in Forex is simply just not enough to
be successful. In this largest and the most liquid
financial market in the world, you need to have more than
the knowledge and skills to be successful. You need to know
about the different things involved in Forex to earn huge
amounts of money.

Simply knowing how to trade Forex and about the major
currencies traded, like the US dollar, the Japanese Yen,
and others are just the basics. Knowing when to trade and
what to trade is equally essential to be successful in
Forex.

Fore these you need to have a trading strategy. So, what
exactly are the trading strategies involved in Forex? There
are a number of money making strategies that you can use
when trading in the Forex market.

If you use these strategies correctly, you will earn huge
amounts of money in a very short time. Firstly, you have to
realize that Forex trading is very different from stock
trading. Therefore, strategies are also very different.

The first strategy that you can use to earn a lot of money
in the Forex market is the leverage Forex trading strategy.
In leverage Forex trading strategy, it allows you, as an
investor in the Forex market, to borrow money to increase
your earning potential.

With this strategy, you can easily turn your money to 1:100
ratio. However, the risk involved can be great. This is why
there are stop loss orders you can use to minimize the risk
and also to minimize the loss. The leverage Forex trading
strategy is one of the most commonly used strategy by Forex
traders to maximize profits.

In the stop loss order strategy, the Forex trader creates a
predetermined point in the trade where the investor will not
trade. As mentioned before, you can use this strategy to
minimize risk and minimize loss. However, this strategy can
also backfire to you, as the Forex trader. This is because
you may run the risk of stopping your trades when the value
of the currency goes higher than expected.

It is up to you to decide if you will be using this
strategy or not.

These are some of the strategies you can use when trading
in the Forex market.

Forex trading is a 24 hour market where you can trade
anytime and anywhere you are. If you think that the Forex
market conditions are good at a specific time, then you can
trade at that specific time.

Also, the Forex market is the most liquid market in the
world. This means that you can enter or exit the market
anytime you wish to. This is to minimize the risk and there
is also no daily trading limit.

Here are other tips that you should remember in order to
earn money in the Forex market and be good in doing so:

  •   The first and the last ticks are usually the most

expensive. So, for most traders, the rule of thumb is
getting in late and get out early.

  •    When you are losing, you want to minimize the risk of

losing more money. So, don’t add money when you are
losing.

  •   Select trades that move along with the trend. This can

minimize the risk of losing money and maximize your chances
of profits.

There are quite a few tools you can use when trading in the
Forex market. One is the Forex charts. For the speculator,
the chart is the most important tool that you can use to
determine market trends and accurately predict the future
value of the currency. Although it isn’t actually 100%
accurate, you can use the Forex charts as a guide to
what’s happening in the market.

You need to know how to read the different charts involved
in the Forex market. There are daily charts, hourly charts,
15 minute charts and even 5 minute charts to get you closer
to the action. You can compare each of the data in the
chart to spot market trends and at the same time, spot
potential money making trends.

This can also help you minimize the risk when trading in
Forex. Learn how to read charts effectively and you will be
well on your way to become successful in the Forex market.

These are some the strategies and tips that you should keep
in mind in order to minimize the risks in Forex trading and
maximize your earning potential. Depending on your skills
and how you apply your strategies, you can really make a
lot of money in the Forex market. However, to be a truly
successful Forex trader, you need to accept the fact that
you will sometimes lose money. Never get discouraged when
you do. Analyze where you made your mistake, think of a
solution to get back what you lost and continue trading.

To your Forex Trading Success !

ola

2

if you want to be successful in forex just get the robinhoodfx system. you are 100% guranteed to be rich in less than 1 year.

3

AHAHAHAHAHHHHAhAHAHAH!

That’s so funny kanoo. That’s some gooooood advice. :slight_smile:

4

Yeah, I heard somewhere that it’s complimentary right now, but you’d better hurry cause that offer won’t last long!! :smiley:

5

Yeah, I heard somewhere that it’s complimentary right now, but you’d better hurry cause that offer won’t last long!!

its complimentary for now but soon they will start charging for this gem :smiley:
And all you will have to do is give them your email and name so they can solicit you with future crap ea’s.

6

I actually filled out the form and downloaded the system just to see what it was.

It’s basically a stupid system that someone made up so they could use the pdf file to advertise their unregulated bucket shop.

The basic idea of the system is to buy when Stochastics are above 90 and sell when they are below 10. And I did not write that backwards!!

7

buy when Stochastics are above 90 and sell when they are below 10

to be honest with you i don’t use indicators but if i did i would use stochs like this. i think most people use stochs wrong and when stochs is showing oversold or vise versa it is acually an indication of a strong trend. so depending on the settings maybe this is good use of that indicator. but i still think they suck :smiley:

8

If we knew this we would all be rich, right? Hihihi:p:p

10

Yes there are multiple ways help in successful trading . Each trader will share his unique and different experience . main rules to get success are
Basic knowledge of trading
Enough practice on demo
Learn risk management in trading
Control your emotions.

11

Funny :))

Hahaha

12

If you want to be successfull and do not know how to trade, many ways there. I have information about great program from Mayzus broker, this program called “Sync_Trading”, this program make our account attached to the best trader in Mayzus, this account will trade automatically ans same with the trader we choose there. You have known that Mayzus is place for professional trader there

13

Tip 1: Preset your goals and then choose a style of trading which you feel comfortable with and make sure that it suits your personality.
Tip 2: Choose a methodology and be consistent in its appliance.
Tip 3: Choose a wide frame for trend and direction analysis and short frame to entry or exit points.
Tip 4: Carefully pick your account type and leverage ratio accordance with your needs
Tip 5: Perform a weekend analysis.
Tip 6: Focus on your trades and learn to ignore or embrace minor losses.
Tip 7: Automate your trading as much as you can.
Tip 8: Study the fundamentals and technical factors leading to price action
Tip 9: Manage your money efficiently.
Tip 10: Most importantly, don’t give up!

1 Like
15

A very good list but its not easy to follow all these tips, a trader will have ups and downs in this journey to become a good trader. Patience is they key towards success in forex market.

1 Like
16

You need to understand the market movements.You learn this after many years by just watching the charts.

17

Define ‘success’:

there is a stereotypical media image of

success that is very limited to people who

are very wealthy (e.g. millionaires); this is

often an unrealistic target that sets new traders

up for failure.

You need to set goals that are relative to

your account size, your life commitments,

and your temperament… If you achieve those

goals, not those portrayed by the media, then

you will have truly been successful.

Truly, we would all love to be wealthy, but

it is not enough to ‘work hard’ to get there:

even smart, driven, hard-working people can

(and do) fail in this attempt… You need an edge,

whether it is a large up-front capital to reinvest,

or a well-paid career that starts from a young age,

or an innovative brain that comes up with a business

plan that attracts venture capital…

Becoming wealthy often means that you

have been successful; however, being successful

does not equal being wealthy…

You can trade a small forex account

successfully for years but never become

wealthy through it… It all depends on

how you define ‘success’…

18

Being successful in forex is all about combining the right trading strategy with good money management techniques. Practices like using a good risk reward ratio, applying stop losses to your trades, being moderate on leverages are very helpful. Then also the emotional profile of the trader is important too. Greed is very dangerous here, before you open a position,don’t only think of what you stand to win if the trade goes well but also what you could lose if prices don’t move in your direction. This way you ensure you are not risking too much.

19

Have knowledge on how the market flow and maybe it can help you create effective plans for profitable trading experience.