its a big deal to become successful trader , need a very long time patience with great level of patience. otherwise you can forget about the success in forex trading.
Exactly that mate we can all learn from each others mistakes!
it is a good list, I agree with you
- Know the Markets.
- Make a Plan and Stick to It.
- Practice.
- Forecast the âWeather Conditionsâ of the Market.
- Know Your Limits.
- Know Where to Stop Along the Way.
- Check Your Emotions at the Door.
- Keep It Slow and Steady.
Great tips. I cannot come up with anything to add. Good job!
What a great set of tips for a new trader. I whole heartedly agree. I feel the most important thing is to have a good risk management strategy. Too many people risk 5% or of their account and itâs just too risky. Thanks for sharing.
Great tips! I bet they will come in useful for many beginners.
Apart from the tips presented here, I would also add some.
Donât deposit your last money on trading account. That is very important to be financially safe if you make up your mind to start trading. You shoul deposit the money that you can afford to lose. I know that many people donât have rainy-day budget, but they start to trade forex. I think that it is a bad idea because if something happens to them like they lose their job, they will have to withdraw the money and forget about trading. Every trader should always have the budget apart from trading account, which will secure him financially whatever happens to him or his family. More than that, some people take the loans in order to start trading forex. That is a great mistake. Under no condition should you do that. Such people experience the highrest psychological pressure which makes them feel the fear which cannot but influence their trading decisions and bring about many losses. So, trading is for those who feels financially stable and for those who is ready to lose the money they deposit. If you donât have some other rainy day budget, donât start trading and save the money on the off chance. As we know the Murphyâs law always works, so watch out.
These tips are awesome and they are totally right.
When you say that you should risk what you can afford, you should always calculate the risks properly. Not all of the beginners know how to use risk and money management because they are too underestimated, I think. From my perspective, they are of vital importance for every trader to make decent consistent profits out of the forex market. They will definetely secure your budget from the absolute loss whatever happens on the market. I deem that the traders need to use more maths in trading in order to make precise trading decisions and avoid the dominant role of emotions in decision making process. Risk should be calculated, profits, spreads, commissions and so on, otherwise it will be hard to control yourself and come up with logical and sober tradinf ideas.
My suggestions are,
- Know the Markets.
- Make a Plan and Stick to It.
- Practice.
- Forecast the âWeather Conditionsâ of the Market.
- Know Your Limits.
- Know Where to Stop Along the Way.
- Check Your Emotions at the Door.
- Keep It Slow and Steady.
straight cut i am saying according to my trading experience there is no trading tips which can make you successful as a trader. just keep practice always and bring good knowledge by learning.
Practice is the key to becoming successful in the Forex Market. But you need to practice it in the real Market and not just in Demo Trading.
Though everyone has their own experience and it is not important that one thing that worked for me will also work for you. But, there are few things you canât deny.
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Good amount of knowledge about Forex trading: Before one thinks of entering trading he must try to gain enough knowledge about forex trading. One can read blogs, articles or even watch youtube videos.
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Risk management: While trading you must know how to manage your risks. Risk management is a skillset that one learns with time.
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Patience and persistence: One must be patient and calm while trading. One must not get disheartened or emotional while trading rather be persistent.
I hope these tips work for everyone!
For newbies, it is important to understand that profits in the forex market are driven by a number of factors such as capital invested, risk and money management strategies, etc. Also contrary to the popular opinion, forex is not an easy road to success and requires discipline and consistency throughout for reaping maximum benefits.
In order to be a successful trader, you should follow these rules:
Acquire enough knowledge about the forex market, its concepts and financial tools
Start small and setting aside funds
Time your trades perfectly and cut down losses with limit orders
Be realistic about profits and losses
Stick to the plan and your long-term goals
In order to be a successful trader, swear to be dedicated, passionate and hard-working. Other than this, having an in-depth knowledge of the technical and fundamental analysis of the forex market is essential, so that you are able to spot opportunities on time and use all the financial instruments for your utmost benefits.
Another point is that generally the forex community as a whole sadly is quite venomous (not here necessarily). Use what works for you. If it does then it doesnât matter what others think of it or the names they will call you. Trust your data and stick to your plan.
Thatâs true non traders also will be dismissve of your goals too .
Then within the community thereâs a significant level of fraudsters IG type traders living lavish to people your either a scammer or bait
For making effective trades, apart from conducting calculated technical analysis, keep yourself updated with the global news.
For all novices aspiring to be successful traders, here are a few pointers that aided me greatly in establishing my career:
Always trade small
Have a risk and reward ratio to minimise losses
Acquaint yourself with risk and money management techniques
Use stop loss
To be a successful trader one should work hard to gain the right trading skills. Trading skills along with experience will make the trader profitable in the long-run.