BaldoN posted: Hello, I believe the key for success comes after enough 'screen time' or with other words experience. It is like every other profession - you become great, but this will require some time, education, testing, discipline and a lot of spirit :)
Nicely said, BaldoN !! Self-control and killing your emotions is also needed. I’ve always thought that the psychological side of trading is important also 😄
Of course, that's very important ..
Also the creativity, the work and the determination that we put to the negotiation would be of success.
Waoo. I agree with you. Self-control develops in our daily lives, is related to learning to moderate, to reduce behaviors.
agree with you all! With commitment to trading plans and application of your forex knowledge in the trading you can unlock the doors to success. Also avoid emotional trading which mainly kills the profit and erodes a trader’s confidence.
I do not think I always win or always lose. We must bear in mind that it is a market of probabilities and unexpected movements and that, possibly, if we invest in Forex we will lose a percentage. The thing to avoid is that profits, after all, exceed that percentage of losses.
Never allow your emotions to govern an operation. Keep in mind the reasons why you entered the market and agree to these reasons. The less emotional it is, the better it will be. Do not set aside the view of your trading plan, move your stop loss as the market evolves in your favor and let your earnings run.
Petrov3 posted: Never allow your emotions to govern an operation. Keep in mind the reasons why you entered the market and agree to these reasons. The less emotional it is, the better it will be. Do not set aside the view of your trading plan, move your stop loss as the market evolves in your favor and let your earnings run.
Of course .. Of course, do not let your emotions dominate your intelligence.
I think that setting goals for each stage of your progress, from start to finish will be of great benefit. Give priority when meeting goals and setting new goals to stay motivated. If you continue to improve those goals, you will surely be on your way to success
All trading systems have losses when trading with a leverage, you can not afford to lose too much money. Lose 50% of your capital and you have to make 100% just not to lose. This may seem like common sense, but most of the more leverage traders take me to the first important point that you need to know.
A trend is going to go up or down but there will be strong short correction in the opposite direction, you should make sure that your stop is placed outside the corrections of this or the arrested by random volatility. If you want to win, you have to take a calculated risk, most traders try and restrict the risk both creating a wipe out inevitable.
I think this one rule (or goal) solves all problems (in it's simplest form):
Margin Level > 1000% - Good! Margin Level < 1000% - Over Trading, caution! only close trades.
Margin Level < 500% - Seriously! what are you doing? Don't cry when you get margin called, you started it :-P
A smart trader will fund account under 500%, no new trades till over 1000%, Noob Trader will open new trades in hope of regaining margin level by closing them in profit (I kept doing this for 3 years before I learned my lesson - you thought you'll know everything about forex trading in 3 years? ha ha ha! yeah, not going to happen, you'll still be learning new things after 6+ years).
This is the easiest and most effective rule to follow, it doesn't require a rocket science degree, it fits easily on a sticky note (if that's your groove) and you can get some sleep (If you go from over 1000% margin level to bust overnight... you either have a crooked broker, the earth exploded or the sky fell).
For every loss there should be at least an equal and opposite profit.
A great article indeed for the investors! But, which traders want to be a successful Forex trader manually, learning is the only one way for them! In addition, learning is the only one valid way for me sincere I wanna make personal good trading skill here! And of course, I am not interested on any kind of automatic trading service!
My key point is my own trading system! In addition, now my trading job is very simple; just following my trading strategy’s signal! My trading system shows all of important levels of market from TP to SL, so I get full trading setup here! As a result, I don’t need others market analysis! But, I close all of my trade positions before high voltage news!
1000VGOD posted: My view of the investment in the trade of other traders. There are several ways to participate in the trade of other traders. One of them - is a service of the PAMM-account which provides brokers. This service takes into account the interests and trader and investor. One of the main advantages of this service is that the investor controls the money broker, and the trader can not afford to assign them. Also taken into account and the trader's interests - it always will be rewarded for the lucrative trade. The disadvantage of the PAMM-account service is that the investor does not have comprehensive information about the Managing Trader: investors are not familiar with the trader does not know his psychological qualities, detailed monitoring, as a rule, lacking. investors, the Community should strive to collect the greatest amount of information that can shed light on making the right decisions about investing in a particular trade trader. Maybe someone does seem unnecessary trouble. But my opinion - it is necessary to know the trader in person, at least for communication in skype. To avoid failure in this area is quite difficult, in any case, but in the case of personal communication with the trader, the failure will raise us to a new level of understanding the intricacies of this case. That is why, to begin and continue to invest necessary in close collaboration with other investors. It is necessary to communicate, share their experiences and ideas and best practices. Communicating a complex process, despite its ordinariness, but we must understand that without it there is no movement forward. Learn from their mistakes only - it is a long and expensive way. And you can start with very simple things - exchange contacts in skype, and start to create a chat!
PAMM sounds like Mutual Fund run by Bank and professional traders
Actually, which traders are unable to control their emotions and greed in their live trading, they should use automatic trading service! I see, nowadays investors are available here and there because of availability of automatic trading services, but till now I am with manual trading! I made professional technical and news analysis without others help!
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