What’s the single most important thing is Forex – the most important key to everlasting success in Forex? Some say: discipline, stop loss, position sizing, strategies, intuition, risk management, and the list can go on. But what do you think is the most important thing (only one) that must be present in every successful trader on this planet? I’ve some difficulty in making a conclusion, and perhaps, someone out there can help?
Discipline.
I were to write: Patience, but i think that lies whitin discipline. Also you need to have the discipline to learn, and the discipline not to get greedy, discipline covers all the most important aspects in my opinion.
The most important thing for me is money management.
If you failed to apply this before start trading you not gonna make profits.
Education I think.
Risk Management. Risk Management also includes patience, discipline, and money management. You have to learn how to protect your capital. I can’t remember which trader said it, but it was something to the effect of, “I don’t think of myself as a trader. I think of myself as a risk manager.” He went on to elaborate that he only looked for the highest probability set ups because they presented the lowest risk, he took calculated risk with his capital so he would live to trade another day if he had a bad run, and if he was unsure of a situation he would simply stay out of the market.
It’s easier to lose money than make it in forex. A discerning eye and solid trading plan are part of effective risk management.
There is so much to learn about trading I can’t possibly tell them all in this post,
but what it all boils down to in the end, is your self,
that is the single most important key to success,
it is your self, YOU.
and the second most important key,
you must know money/risk management, risk to reward,
you must have a profitable system and a trading plan,
you must have the dicipline to follow the rules of your trading system
and not wander off bending the rules because of your mind messing with you
and you thought you should try that new thing? it could work! or stay in a little longer?
this is all about your self and your psychology, master your self and you will be a winner.
a good trader have no mind telling him what to do, he does what his trading system tells him
and nothing else PERIOD! at the same time he must be able to quickly switch gear depending on market conditions,
but that all should be within the rules when and where to use them.
this should be written in your trading plan, do never do anything else.
have the dicipline, it is hard, work on your self,
write down how you think, why you did this and that,
then after each trading day go back and review,
learn from your misstakes.
the market is ruled by fear and greed
you must go beyond that.
understand the crowd.
learning about yourself
Consistency
Determination.
Learning to trade is never as fast as we hope. It takes time and effort, and probably money for many people.
You know how they say 9 out of 10 quits before making it. Well the last one had enough determination to go through all the tough phases of learning.
What other peole said before me is also true, but one aspect of trading can seem most important (or harder to master) to somebody, and be a mere detail to someone else, as each trader has his natural strengths and weaknesses.
Having an edge that is repeatable and has a + expectancy. If you don’t have + expectancy, no amount of psychology, money management, or determination will help you.
Know thyself, First rule of trading:
Why are you trading? What are your expectations? How much do you expect to gain? And most importantly, know what you are doing?
Well i feel that all of these factors are very much important for the traders to be considered when they are trading in the forex market so that they can obtain better results.
The most important one is Risk Management. Trading forex is risky and what a makes a trader successful is his/her ability to reduce loss and maximize profit. To do this, a trader needs to control the measure of risk involved in every trade.
If you vcan answer that with a simple question, you are screwed.
You are the “Holy Grail”… how is that sound?
} 'Not sure about whether there is “one single important key to forex / trading…” ’
‘Retail brokers… spread betting… it’s not really trading tho, is it?’ {
} ‘Are you measuring success in terms of money? Tsk, tsk.’
‘Avoiding unregulated dodgy retail brokers and their wiley scams, perhaps?’ {
} ‘Hm, how about understanding how to operate the trading software… or, get a job as an institutional FX trader,’ {
} ‘Whaat… in a reeling industry still subject to continual oversight and market failures?!’
‘Sorry, trying to remember which way round the currency pairs are being quoted.’ {