The key to success

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!

Good notes man, and trading signals are other popular legal way of cooperation

Nice post!

Yes. It will be a lot better to know the Managing Trader in person – but this is not the most important thing. You have to know his strategy, ability to trade and you have to be aware of his results. Most important things for me. The topic is very good, I agree.

@1000VGOD So in a quick summary - what is your point exactly? We should use PAMM accounts instead of individual trading accounts? The way you explain it is a bit difficult for me to understand. Please clarify. Thanks! Other than that, if you use services of money manager for sure you need to know him in person. I agree here 😄

I think key to success is to have your own strategy that fits your trading style and corresponds to your skills, no matter of the account type. Even if you use money manager, you still need to have an investment strategy with clear risk-reward ratio and tolerance to risk.

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 :)

Well to do the trade this way you should be sure of the path of the merchant in question. That is, your reputation as a winner in the forex world. We can know it, but if it does not have good strategies, we will have lost our time.

BaldoN posted:
It is like every other profession - you become great, but this will require some time, education, testing, discipline and a lot of spirit :)

That's good point, well said BaldoN! 😄

lee42747 posted:

BaldoN posted:
It is like every other profession - you become great, but this will require some time, education, testing, discipline and a lot of spirit :)

That's good point, well said BaldoN! 😄

That's right, it's a good point since if you do not know what you want to achieve, how can you be successful? You must be clear EXACTLY what you want, when you want it, in what quantity and quality and how you will start to achieve it. 😉

Another important point to get the key to success in Forex only has to follow a rule of education.

That is, only those who know the trend of the foreign exchange market can have the benefits of achieving high rates of return and income and have the opportunity to achieve success in the lucrative Forex market.

To be successful as a trader one must act precisely in a different way to how he usually does it. If you start as a trader you will be committing the typical mistakes that will be the school that will set you on fire. But as you commit them, they will teach you how to change your thinking.

Do not you think?

Of course, but also to succeed in the field of financial trading, a trader must possess several key competences, such as the ability to understand the basic rules of the market, being able to determine the direction of the market trend. However, none of the skills is as important as the ability to remain calm and steady at those times when business tactics do not respond as they should. In other words, a trader must possess the proper psychological structure.

The best way to succeed in Forex is to take control of yourself, your emotions, and your currency positions.

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 😄

Operations that have been successful today, tomorrow will surely fail. Adapt to the trends and the movements of the market, learn with time and experience to interpret them.

TiffanyK posted:

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.

proyecto posted:

TiffanyK posted:

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.

Hope can be one of the most damaging market emotions to the success of a forex trader because hope can spoil a forex trader on the property in a vanished position in the hopes that the market will return.
This is why it is said that Hope is the last thing that is lost.