The only difference between successful traders and unsuccessful traders is that the unsuccessful ones don’t know what they are doing and keep losing more money in a desperate attempt to get it all back. Successful traders know exactly what happens when they lose money and know how to put the losses into perspective. They don’t desperately chase the market, trying to make up for past losses. They don’t waste any time dwelling on the past, rather, they stay focused on what future trading opportunities exist—and that is what makes them successful.
The basic difference between successful traders and the unsuccessful traders is knowledge and experience and sometimes discipline and patience. There is no body that has ever succeeded in forex without knowledge and experience
You are right anyway. It takes proper emotional control and financial discipline to fight the tendency to chase after the market with a view to cover up past losses. Successful traders are not really successful in a complete sense, rather they make consistent profit and are able to cover up any loss with their emotions ruling them.
Being able to learn from mistakes, and not repeat them due to not being able to accept when one is wrong, common of ego driven individuals whom can’t accept being wrong.
I think successful traders focus on the process and understand that not all trading days have to end positively. Unsuccessful traders focus on being right and worry over small losses and try to compensate for them by destroying their trading plan.
I think its more involved than that? Its a right of passage. Most newb’s start off scalping the shorter TF’s (5-15m), mostly I guess because it fits around their real job. With a year or two under their belt they move up to perhaps the 1-4h chart? At this point they either bail out or it clicks. Some (probably few) then step up to daily, in my view the ‘king’ of TF’s. Not great for 1000% gains in a week but great in the real world of FX. :5:
Agree with this, beside fitting with a job I think, this is partly result of the
overall running marketing-machines of the industry. Forex is the market with
trillions of dollars, 5x24 hours, anywhere, anytime and the fastest of course.
Nonetheless the facts all are true, why should a newbie choose such a boring
timeframe like 1 or 4 hours, maybe daily?
I’m a newbie and still demoing and testing , I’m scalping using 1m bollinger, so far so good. Longer trades with Ichimoku, down with m1 and m4 time but not too bad Only can trade in eve
[QUOTE=“Traderjeffmy;540264”]I’m a newbie and still demoing and testing , I’m scalping using 1m bollinger, so far so good. Longer trades with Ichimoku, down with m1 and m4 time but not too bad Only can trade in eve[/QUOTE]
Hi Jeff,
U mentioned using 1min TF to scalp but what’s your TP then for each execution? Cos minus away broker spreads I think it might not be easy to profit a lot in a day or maybe I could be wrong?
I’m on for couple hours usdjpy and tp is approx 80. Usd , per day ,this a few days in a row now! I also scalped using Ichimoku m1 time frame . Didn’t make quite as much , but that looks promising also !
[QUOTE=“Traderjeffmy;540933”]I’m on for couple hours usdjpy and tp is approx 80. Usd , per day ,this a few days in a row now! I also scalped using Ichimoku m1 time frame . Didn’t make quite as much , but that looks promising also ![/QUOTE]
A successful trader is one who combines good mental strategies with effective trading strategies, and is careful not to spill his emotions when trading. He could be reasonably consistent while flexible at times; complementing good analysis with potent implementation that gives an edge. Most successful traders that are hoping to carry heavy loads of pips off the market as profits are also willing to carry the heavy load of innovative diligence and sharp sensitivity. Hence they are very critical not overlooking details. This type you could even find with offshore brokers who are transparent with conducive trading conditions. This is because successful veteran traders understand that with a round forex literacy and sophisticated awareness, you can scam (deprive) any broker even regulated or not of the opportunity to scam you. As such with a good measure of caution, even an unregulated broker becomes more harmless than a dove and terribly honest.
but great in the real world of FX. :5: