Tips to be a successful Forex trader

Here are some tips to be a successful trader I have found through reading many sources.

  1. Always use a trading plan
  2. Treat trading like a business
    3 Use technology to your advantage (use charts and technical analysis)
  3. Protect your trading capital (don’t risk more than 2% on any trade)
  4. Focus on learning more each day
  5. Risk only what you can afford to lose (you can’t trade if you have no capital)
    7 Learning how to trade demands a lot of time and fact-driven research and study
    8 Always use a stop loss
    9 Know when to stop trading (don’t revenge trade or trade with emotions)
    10 Set realistic goals is an essential part of trading (don’t expect to be rich overnight)
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Good post.

Do you have any suggestions for creating a trading journal?? Or do you know of any trade journal programmes online??

Cheers

Blackduck

That’s a good list. Thank you for sharing. I think risk management is the most important part.

Blackduck

I have an excel file that I got from one of my downloads. Send me your email address and I will attach it for you!

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and one day we all become robots

Blackduck

There is a trading journal someone created here that is the best I have ever seen. It is labeled Trading JournalV2_1. You can find it if you go through the threads in Trading Journals. Let me know if you can’t find it! Thanks!

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Blackduck
Sorry to bother you again but I thought if I told you where to find it the task would be easier. It is labeled Free Excel Spreadsheet under Technical Tools and Tips. Just go through the entries there and you will see what I mean!

Thamks Much appreciated.

Cheers

Blackduck

This is so well put up and apart from this, I also feel that every trader is going to have a different strategy and experience, so he should work accordingly and not try to copy anyone’s plan of action.

having another source of income might also increase your trading confidence

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Yeah, you’re right. Having an additional income adds not only confidence but also lets you to manege your money more wisely, mainly because you will be able to distribute them according to your trading plan. Otherwise, when you don’t have an additional income then you will be very nervous and stressful because all the money you have are deposited. It bores various serious disorders such as fear of remining with no money at all. It will only harm your trading activity. I wish evry trader had to have an idditional source of money in order to feel free while trading. It clarifies your mind and releases it from useless thoughts.

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Yeah you’re definetely right. This thing such as trying to copy someone’s actions on the market is so useless. I’m convinced that every trader is a unique unit in trading activity, and this exclusivity must be shown in actions of the trader. All traders have to comply with this uniqueness. Only by these steps they can become successful and make lots of money via trading. Of course we have to remember corny things such as money and risk managements and other fundamental rules which can directly influence our success. By the way, traders also shouldn’t neglect psychology, I’m sure it matters a lot.

I would also add that money and risk management is essential thing in trading because keeping losses under control helps you to avoid emotional pressure which has detrimental impact in your ability to avoid silly trading mistakes.

These are very useful tips for Forex traders. Having a trading plan and treating it as a business are two most important tips that every trader should strictly follow. Many traders do not treat trading as a business. They rather consider it as an ATM. The consequence is obvious. Let us follow all of them and be there where we are aiming to reach.

I think that the main tip which can somehow lead to success is to be well-disciplined and patient. Of course you also have to be confident and wise in order to make wise moves in trading activity, however discipline matters more I believe.
When you’re disciplined then you can easily setup your mood and conscious on a right way, especially in trading activity this skill really matters because i you have a bad mood or you’re stressed and nervous then there is a risk that your trading activity in this particular day will be bad. Our relation and our mood matter more than many traders think, hence never forget about it.

Really solid advice mate

these tips are always different, because everyone has their own work experience and their own problems, and their solutions, so it is always interesting to read such material) thanks!

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@Xarlynningel I agree that all have their own experiences. When we actually start trading it’s hard to follow most of the tips because things in trading do not always go as we have read in books or learned from a different source. But i can’t deny that there are few things which are common for all the traders.
Never be comfortable with what you already know, always strive to learn new things.
Make a proper trading plan.
Set realistic goals.
Approach with discipline and consistency.
Risk only as much as you can afford to lose.

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using trading plan is so much necessary no way to deny it but honestly speaking any kind of trading strategy and plan can be useless if there is no regular practice .