I know that there is no shortcut but what do you guys think is the simplest way for someone to succeed in forex trading?
knowing that puts you far ahead of most beginners, because it’s probably the single most important thing to know
some people spend years or even decades looking for shortcuts, dreaming of magic indicator combinations that will do all the work for them
those people get nowhere
education (and patience)
and the overall direction of the education (i.e. what to look at, what to read, what to learn, what to understand, which sources are reliable, how to go about it, etc.) should come from people you know are making their livings by trading and are not selling or promoting anything
for most people starting out, finding those people, and identifying confidently who they are, is usually very difficult and requires good judgment
which is all part of the reason why so many people fail, of course
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I see your point, do you know some sources too look at and learn that really make a living of it?
By being conservative in your profit expectations.
You are right here where the greatest Forex articles and tutorials are at. Babypips is rich with Forex information.
As one of the best traders once said: “There is no easy path to trading success, but there is a path”.
Each trader should get through several necessary steps on their way to success. Someone could pass them faster, but there is no way to skip them. The general advice would be to try to learn as much, as possible, from all the sources and experience you can get. Knowledge is your main tool.
It is necessary to build own strategy. For sure, it is important to analyse exisitng ones, but each professional trader has something own, developed for many years of efforts and experiments.
There are some things that could possibly simplify the trader`s way. First of all, they are reliable sources of information like trusted websites and newsfeeds. Choose 1-2 that would fit you the most and use them. You can also use special tools for backtesting like Forex tester, as it would help you to save your time and efforts while checking new ideas and testing new strategies. The general computer literacy and skills related to Excel would also help you to improve your results.
The last, but not least - always leave some time to take a rest. It is necessary to be able to deal with daily stress and pressure and to keep productivity while solving new issue.
Great quote. Couldn’t agree more. IMO there is no simplest way to succeed in forex trading. It requires a lot of analysis and research to excel with the same. You have to master forex trading strategies and moreover you should trade with a lot of discipline to achieve success with the same.
The easiest way to get success is the simple thinking regarding trading. A trader should dream bigger, the should dream big and realistic. A trader should not lose his patience and ability to do hard work. With each passing day a trader will gradually learn how to sustain here and how to maintain the whole trading voyage here.
Homest answer? Realise that money, although nice, is not that important and if you lose it it’s not the end of the world. Then you’ll be brave enough to start trading properly!
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