How To Become a Successful Forex Trader

Defining Success:
What do you want to achieve?
Now 10 Steps to Becomes fx trader:

1: Set aside expectations

“Earn the money you need and don’t stress about earning more.”
As an alternative to focusing only on how to earn money in Forex, try to focus on learning a trading strategy and researching all the trading tools that are within your reach.
By setting a high profit objective, you create great emotional pressure.
forget unrealistic goals and objectives. The prospect of earning money in Forex with just a few quick trades is extremely unlikely.

2: Define your trading risk profile

Read Other traders testimonials.
Research the market and Pairs
Feel Comfortable
Your risk profile:
Moderate? Aggressive? Conservative?
Prepare to lose. Its your market

3: Choose a trading strategy:
There is no right or wrong way to trade, what really matters is that you define the strategy you will use in different situations.
To become a successful Forex trader, try to focus on harmonising your online trading strategy with your risk profile.

4: Set aside your emotions:
Emotions are the worst enemy of people who want to become traders.
trading is not a game.
Forex trading is a financial activity that is a mix of analysis and discipline. You should not blame the market, or worry about your losing trades.
be knowledgeable about your mental state. Excessive trading confidence can cause great losses.

5: Set your stop loss and take profit:…

6: Keep up with the markets:
Even if you are a technical trader, meaning someone who makes trades based on chart analysis of a market instrument, you should still pay close attention to the fundamentals, since such events are a key factor in market movements. For example, if you have a reliable trading strategy and several technical indicators that indicate a long trade, check the forex calendar anyway to make sure your order matches current events. Even if your technical trading strategy works perfectly, the fundamental news can change everything.

7: Avoid overtrading:
In investments, you have to wait until the opportunity is clear.
There is no harm in waiting for more than a day for an opportunity to arise. You can simply wait until favourable price action arrives, and this shows that you really know what you are doing, and that is when you enter the game. You just need a couple of trades.
The lesson is clear: a trader does not have to make a lot of trades to be successful, they just need to make the correct trades.
When you are trading on a live account, you must have a strategy with specific, pre-established conditions for the entry and exit of trades. Simply follow your plan.

8: Accept that, eventually, you’re going to lose:
In reality, ‘success’ does not mean that you always win in each trade, but that the average across all your trades end up with a positive balance.

9: Develop a trading plan
There has been much talk about discipline in trading, but very little about being an organised trader.
How can this person become a successful trader if they repeatedly leave the result of their trades to luck?

10: Choose a broker that matches your risk profile

Summary
Develop a trading plan and always adhere to it.

Set stop-losses for every trade. Otherwise, failure is almost certain.

• Don’t risk more than 2% of your margin per single trade.
• Keep your emotions separate from trading.
• Never trade to compensate for your losses.
• Only trade when you feel it’s the right moment.
• Don’t be afraid of losses, every trader has them.
• Try to achieve more profitable trades, and have less unsuccessful trades.

14 Likes

Great post! Nicely summarized and covered almost all major points.

1 Like

Very good post. It will help every trader especially new traders to set up their goals.

1 Like

I agree with all the points you’ve mentioned here, as we all know good traders don’t grow on trees. We are to find new ways to be effective. From my experience, we should not exclude the platforms, especially if we know nothing about them. The first platform that comes to my mind is Instaforex review.
Also you can enlarge the withdrawals from your accont very fast.

1 Like

Nice one, thanks

1 Like

You pretty much covered all the points. A traders should follow these set of rules while trading.

1 Like

Thank you for reading. :hugs:

2 Likes

all the point is very good and contains very logical information , from all i like most avoid over trading , this habit always make us loser and greedy.

2 Likes

Thank you for reading and for sharing your comment

The information presented here is really important and looks complete but the point is you’ll truly understand its importance and difficulty to follow the rules after you begin live trading. I find it very peculiar how your own mentality plays against you and how hard is to change your attitude.

1 Like

Thanks for the info. it was a good read.

1 Like

That’s like a quick summary, traders can go through to get a good idea to attain success here. Thanks for sharing.

1 Like

To become successful in this market, you have to make a good plan. Without a good plan, you can not make money from this market.

2 Likes

Definitely. A trading plan is what guides you when to enter or exit a position and stay unbiased.

2 Likes

Exactly. It’s a vital part of successful trading, I think.

2 Likes

our all planning fail when emotions works ,
that means emotions is our foremost enemy

Yeah. it is… :innocent:

Thank you for reading and sharing your comment :heart:

1 Like

good read this

1 Like

Waste of grey matter this. Generic dribble spread amongst the masses over the eons and guaranteed to make us dumber for reading it. This concept has be produced on mass by the “educators” and the “marketers” to sell their wares without actually offering any real advice.

So how to become a successful trader, simple, don’t loss money.

1 Like