Successful Trading Rules

success is not easy we know very well but still we try to bring success with no learning , as a result we become loser when try to make it in practical.

If you want to trade successfully, you have to trade according to discipline and plan. At the same time, money management and risk management must be maintained.

I think depending on the signal will be risky as a trader. you should make a strong plan to survive in this risky market.

For your trading to be successful, you need to have trading strategies, a trading plan, and, of course, the discipline with which you can control yourself.

If you want to be successful in your trades, always remember:
Learn to use your emotions to be able to trade but never trade in the market with emotions.

CirillaCosta posted:
According to me. Success in the forex market mainly depends on the trading strategy. So, make a profitable strategy and make a profit from this market.

This is the most important. The plan/strategy has to work first, then 'stick to it' (emotion, greed, fear,...) is something need to come after.

That is exactly how it is. It is good that you didn’t go into unnecessary details and kept it to the point. Thanks for sharing this.

So the question should be now... What are working plans? or, Does my plan/strategy work?

In pursuit of illusory success, many traders lost their earned money. After all, big profits breed greed that is difficult to deal with. Therefore, it is so important to have the right criteria for success.

Hrenz posted:
In pursuit of illusory success, many traders lost their earned money. After all, big profits breed greed that is difficult to deal with. Therefore, it is so important to have the right criteria for success.

A trader should define the KPI’s (key performance indicators) on which he can decide whether he should continue to trade or not because brazen trading would lead to the downfall of the trader. Every trader should ask themselves for what reason I am continuing to invest when I am losing my money. It is a very wrong notion that only one good trade can change your life because one bad trade will destroy your entire life in which all of your capital is at risk.

CuongVC posted:
So the question should be now... What are working plans? or, Does my plan/strategy work?

That needs to be figured out by you only.Its not mandatory that a plan/strategy that worked for me, would be profitable to you too, each trader is unique. You should back test your strategies before putting them to action on a live account. Also,

BrantleyC posted:

CuongVC posted:
So the question should be now... What are working plans? or, Does my plan/strategy work?

That needs to be figured out by you only.Its not mandatory that a plan/strategy that worked for me, would be profitable to you too, each trader is unique. You should back test your strategies before putting them to action on a live account. Also,

Exactly! Each trader is unique. That was reason why I said 'Does my plan/strategy work?' is because there are so many 'answers' that do not in a complete solution. We should talk about total solutions, if we want to.

That's right, following some information is essential for successful trading.

@Marshalsam877 Over trading can lead to serious consequences; if you do not realise this earlier and have opened many positions, close as many as can with profit or put the stop losses. I used trailing stop losses from my broker Fxview and earlier I used a fixed amount through Etoro. I have not done revenge trading ever :) nor I will ever but these are like the safeguards. Though you have opened many positions maybe you will not earn profit instantly but in future maybe you can get something and if not, at least not lose a substantial capital.

In everything, there must be a certain border also in trade and in the desire to make a profit.

unrealistic expectation indicates immature attitude and emotions. this habit really non professional which always make traders greedy.

Hello everyone. You are not tired of doing self-psychology here. There is a system-trade. Don't look at the balance as money. Look at them as just numbers. It's easier that way.

For successful trading, you need to come with proper knowledge and skills.

AniLorak posted:
knowledge can be useless if there is no regular practice session , so we the traders first of all have to make sure regular practice.

Agreed! Knowledge and skills go in vain, if not applied at the right time for the right purpose. Practice not only helps us to grow, but also develops our skills somewhere.