How To Become a Successful Forex Trader

Beginner Questions Trading Psychology
61

Yes, it is not possible to achieve trading success without a trading plan.

62

If we are trading with the help of a Trading Plan then our chances of becoming a successful trader are greatly increased.

63

Absolutely mate! These points pretty much summaize everything that is crucial to become a better trade.

64

A lot of points to take in but appreciate all the advice

65

Nicely summarized I agree with all the points you’ve mentioned here, as we all know good traders don’t grow on trees.

66

Thanks for sharing those relevant points. Will surely keep all these in mind.

67

True. A well planned trader gets much more success than those trading just on hit and trial or totally unorganized. No doubts about it.

68

We must understand this fact that if we will start our trading with a Good Plan then our chances of becoming a successful trader will be Best.

69

Thanks for this information. It is very knowledgeable

70

It is good to see so many traders sharing meaningful tips which new or even experienced traders can use in their trading journey.

71

Becoming a successful trader is not easy and so it will require more Efforts and also Experience.

72

And that’s going to take years, so be calm and keep working on your skills

73

The business of Forex trading is such that it will take you a long time to become successful in the business. This is why we need to wait and try to learn the trading skills.

1 Like
74

That is right. You have summed it up really nicely. Thanks for sharing this here.

75

Only already seen blabla ; nowadays everyone knows that. So I would say : to become a successful trader you should :

  1. read and learn everything you can on fx trading (forum, blogs, books, ebooks, everything) and at the same time dive immediatly into trading with a demo or a micro account ; do this for 1 year minimum ;

  2. track your results with a software of a website like Myfxbook, Forexfactory and others ;

  3. develop your system on demo or micro account until you can show a 3 to 6 month positive track record (the longer the better) ;

  4. Trade your sytem with real sized account for 1-2 years and try to post a positive track record over this period and upgrade your system if needed during this process.

After this you are a successful fx trader. The whole process will take around 4-5 years (if you have very good discipline, othewise it will be longer).

76

It takes a lot of patience and learning, agreed! And somewhere, the right amount of patience is the key, Many beginners become impatient, which is why achieving success becomes difficult.

77

4-5 years of how many hours spent per week?

78

Don’t get overwhelmed by the other big competitors. even though the other players in the FX market could be big boys with a lot of experience and knowledge and staff and software (and wear suits every day and driving fancy cars!! ) you are still able to make a decent profit if you follow the rules. remember, you don’t necessarily need to defeat or compete with big banks, you just need to surf on the price wave they make. just hold to your surfing board and wait for a wave to come

79

This is so well put up, although I find the concept of successful trading quite irrelevant in trading. There are good trades and bad trades, but the streak often gets interrupted . But surely, your points highlight all the points to be considered to make good trades.

80

Great way to summarize the main points