Great post by @NewCityTrader ! The title of your post attracted me but the content made me stick at reading it to the end. It is really a great post from someone who knows what becoming successful trader means and why are some traders successful. As he said ' trading is a profession too '. If well learnt, anyone can become successful. Learning and applying consistently the knowledge aquired is key.
Master thyself, trade well and create wealth. No Signal No Trade. No Stop-Loss No Entry. In Profits Pay Yourself.
Well written. I also think that knowledge, discipline, experience, and consistency is what makes a trader succeed. Without practising trading one can never become a successful trader. Successful forex traders have very solid money management and risk management plans and they set very realistic targets.
All traders learn the same things but still not all of them are able to become successful. That’s because of the difference in using your knowledge and experience. A trader who knows how to make the best use of his knowledge often becomes more successful than someone who takes knowledge lightly.
Successful traders work hard to learn first and then trade; unsuccessful ones do the exact opposite. It takes time to learn and earn consistently; it will not happen overnight. Those who are able to understand it succeed, rest all falter.
Learning is the key to trading in any financial market. Without learning, one cannot become what one wants to be. It is difficult to become successful without learning. And as the OP said, one should not be afraid of the failures in the way as only experimentation will let a trader know what is working and what is not (of course, within limits).
The most effective way to master forex trading and to become a successful trader is to pick one technique and stay with it. Utilise a demo account more frequently to learn how the market functions. Making it a practice to check the daily charts will provide you some insight into the instrument's patterns. There is no such thing as learning too quickly; everything develops at its own rate. Just have faith in the procedure and be patient.
Some traders didn’t give up soon. They knew that the market is a good place to make their dreams true and so they kept taking challenges and improving. You don’t become successful by merely knowing what needs to be done. You become successful by doing what needs to be done.
Becoming successful at trading takes a lot of patience and hard work. Now that not every trader can keep patience and work in the right direction, not all of them become successful. It takes a big heart to take losses and still trade as if nothing happened.
Catice posted: Some traders didn’t give up soon. They knew that the market is a good place to make their dreams true and so they kept taking challenges and improving. You don’t become successful by merely knowing what needs to be done. You become successful by doing what needs to be done.
This is it. Not giving up. So many give up after a few losses but the successful ones keep going
Knowledge and experience is what determines our success in forex. We have to seek knowledge for learning the skill of trading and gather experience to refine this skill as we trade. There are also some psychological traits such as discipline, emotional control and patience that are essential to become a profitable and successful forex trader.
Becoming successful at forex trading is in your hands. It doesn’t matter how others are performing, it is you who paves the path to all the good results in the forex market. Take time to learn and develop an understanding of the market.
Even the most successful traders have gone through the same struggles when they were beginners in the past. They became successful because they were committed to learning and never gave up on trying until they became skilled traders. Learning and improving yourself is the only way to become profitable in forex trading.
Most traders always use a trading plan, and risk only what they can afford to lose, and know when to stop trading. But apart from that trading knowledge and daily Forex market analysis also plays an important role.
If want to become successful trader, we should learn to follow successful people, and learn from them to be motivated, maybe the way to become successful is different for each other, there are successful trader who works in PAMM trading, there are a successful trader who works in a bank commercial, we just find the way to success based passion.
A good combination of knowledge, expertise, trading skills, and a good trading psychology is required for success in forex trading. Use broker comparison tool to make sure to know your broker well before choose'em
To lower your trading risk, there is no alternative to lowering leverage. High leverage increases trading risk and traders should avoid high risk to survive in Forex for a long time. Low leverage should be accompanied by narrow trading spread for trading risk free.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.