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Being successful means
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UweMoench

Member Since Jul 19, 2020  156 posts UweMoench Oct 28 at 12:52
Being successful means making profit consistently. If you make random profit, that is not gainful. You have to be profitable over years. Being gainful in a particular type of market is not success. To be successful you need good skills and experience.

ElliotCooke

Member Since Jul 20, 2020  227 posts ElliotCooke Oct 28 at 15:25
If you want to make a good trading career in the forex market, you have to practice more and more. The more you practice the more it is possible to make money from this market.

LeviSievwright5

Member Since Jul 20, 2020  162 posts LeviSievwright5 Oct 29 at 01:11
If you want to make successful trading, you have to make a consistent profit. It is often seen that it is not possible to keep that profit for some time because there is a lack of discipline. Money management and risk management are part of successful trading.

Gracewilson1995

Member Since Jan 11, 2019  74 posts Gracewilson1995 Oct 29 at 03:56
Being successful according to me is making consistent profit. continuous study, practise and up to date with the market

Michihito

Member Since Jul 19, 2020  143 posts Michihito Oct 29 at 11:59
Yes consistency is important. Making some profit here and there is easy. But the real challenge is doing it consistency. For that it requires deep knowledge and skills about the market. It takea time. We need patience.

sareen

Member Since Oct 25, 2012  62 posts Curran (sareen) Oct 29 at 15:10
There are many lessons in trading. Hundreds in fact but they can all be narrowed down to just a few points.
This learning can take place through backtesting, demo trading, live trading and reading the right material.
Ultimately it centers down to risk management and risk management is not fully understood. People think that if they just limit their risk to 1% they will be okay - this is only a quarter of the equation. Having an edge and executing it to the best of your ability allows the variables to remain consistent. Understand the long term win to loss ratio so that you know how much your average win needs to be comparatively to your average loss. Do not overtrade - in most cases many traders cannot sustain dozens of trades every day. Risk management means fulfilling the plan of your trade the minute you are in it. Our emotions suddenly change when we are in a trade and it is important to be aware. Why is this the case? It is down to our expectation. We expect to be right. This is our greatest downfall as people. We have expectations. Once we accept that ANYTHING can happen, only then do we truly accept the fate of the market.

I cannot recommend the book, 'Trading in the Zone' by Mark Douglas, strongly enough
I finally finished this book after discovering it 8 years ago and it teaches some absolutely incredible lessons that will resonate with many of you. The book touches on the 5 fundamental truths of trading:

1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of
variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.

5. Every moment in the market is unique.

In order to be consistent, 7 principles must be followed:

1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.


This is all courtesy of Mark Douglas - do check him out

When you lose, don't lose the Lesson
Amber_0302

Member Since Mar 16, 2020  54 posts Amber_0302 Nov 06 at 12:00
If you have enough knowledge and experience about the market and you know when can you place a trade and can get profit then I think then you are successful.

Breonnataylor

Member Since Oct 09, 2020  20 posts Breonnataylor Nov 20 at 06:37
When you are knowledgeable, you will know when to make what decisions. Without proper knowledge, you won’t be able to make the right decisions.

Cordawield

Member Since Nov 03, 2020  16 posts Cordawield Nov 20 at 08:18
You really need to have a lot of knowledge to be successful.

LeviSievwright5

Member Since Jul 20, 2020  162 posts LeviSievwright5 Nov 22 at 01:47
If you want to make a profit consistently, you have to learn trading first. It is never possible to make a trading profit without learning. Many traders join trading without learning anything and later suffer losses. So you need to learn first to be successful in trading.

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