… consistency (at least in my opinion). I do not mean the ability to consistently lose money which many are accustomed to, but rather the opposite. I think we all read plenty of questions what a good performance is and while many opinions differ I think if a forex trader can achieve a monthly growth rate of 2% on a consistent base the trader is on a great path. I know that 2% sounds something many will simply laugh at, but harder to achieve than it sounds like and many pro traders struggle with this (on a consistent base). Feel free to share your thought.
In my humble opinion, having a good Money Management system is one te most important factor that could make one a Better Trader.Almost everybody can find a good trading system that can be profitable but something that causes traders to lose and be negative at the end of the month, is lack of a proper money management strategy and discipline. Although money management is so important and critical, it is still very easy to follow.
One of the main reasons many traders are not making money consistently in the markets is because they are too focused on money. Many of the forex traders are focusing their mind on the money, which creates emotional tension and the more emotional you are the more likely you are to commit the account-destroying mistakes.
To me the most important aspect is a very good money management plan, a trading plan which must be followed religiously and finally, starting up with a good capital and it should be an amount you can afford to loose.
I think also that money management is of great important because it affect both the new and experienced traders in forex. Lack of money management can cause traders to lose sometimes a lot of money.In money management you need to learn how to maximize your profit and minimize your loss.
its very hard to make consistent profit in forex market although it seems very easy.
agree with Rambo…we need to focus on trading well, not on money. When we trade well, money will automatically follow.
Having a plan that details the condions on how and when you will enter and exit the market, detailing setups, money management and position sizing.
One of the most important aspects of forex trading is…
[B]… ability to stay above a “new zero” no matter what.[/B]
I think, the first thing that any trader has to learn: how to stay above the “new zero”. Learn how NOT to loose your money.
If trader can do that on a regular basis - profit will come sooner or later by itself (as a “side-effect”)