There are three things

There are three things you need to create your own strategy. Study, Practice and Study. You have to study a lot. Initially it is best to choose one single pair. Spend time to observe that pair as much as you can. Every pair has Its own characteristics. You will find some unique characteristics of that pair. Study them and test them. It's a trail and error process.

It is not possible to gain profit consistently without acquiring a trading education. A trader must first acquire trading education. Then you have to apply that education and practice a lot.

I completely agree with you. Learning and practising your trades is very important. Every day can be a learning experience for traders both new and advanced.

I also think that concentrating on 1 pair is most beneficial. It’s easier to undertake technical and fundamental analysis on it.

Trading plan, consistency and knowledge. These three things are important for me in trading.

The first step of trading is to understand that it needs a lot of time and efforts to be skilled enough. There is no short cuts. If you can't give enough time and effort in learning just leave it. You have to go through the full learning process. Just by following some ready-made strategies, nothing going to happen.

Fx_howie posted:
Trading plan, consistency and knowledge. These three things are important for me in trading.

Absolutely we should think about what we are doing before entering the markets. It is the reason that differentiates successful traders from failed traders. Wisdom says half knowledge is always dangerous because we think that we know more than other traders.

It is not possible to trade successfully without the help of education and study. You can never be a good trader if you lack knowledge and skills. So always learn the basics of forex before investing money.

Rassellkarl posted:

Fx_howie posted:
Trading plan, consistency and knowledge. These three things are important for me in trading.

Absolutely we should think about what we are doing before entering the markets. It is the reason that differentiates successful traders from failed traders. Wisdom says half knowledge is always dangerous because we think that we know more than other traders.

There are many resources through which one can learn about forex trading. If we don’t gain knowledge then no matter if it is demo trading or live, we will fail for sure.

Michihito posted:
There are three things you need to create your own strategy. Study, Practice and Study. You have to study a lot. Initially it is best to choose one single pair. Spend time to observe that pair as much as you can. Every pair has Its own characteristics. You will find some unique characteristics of that pair. Study them and test them. It's a trail and error process.

Yes i agree but psychology is so key too. Its more than half the way to success in my opinion

Lycineandrew posted:

Rassellkarl posted:

Fx_howie posted:
Trading plan, consistency and knowledge. These three things are important for me in trading.

Absolutely we should think about what we are doing before entering the markets. It is the reason that differentiates successful traders from failed traders. Wisdom says half knowledge is always dangerous because we think that we know more than other traders.

There are many resources through which one can learn about forex trading. If we don’t gain knowledge then no matter if it is demo trading or live, we will fail for sure.

There is also one more method: we can learn from the experiences of other traders. When I was trading very technically and was in the markets all the time, I was not able to value the human interaction. Later I read the forums and experiences of other traders which helped me to understand where I was wrong. Ultimately that’s what even brought my understanding of using low spread brokers and I opened accounts with pepperstone and fxview.

Dictiony posted:
It is not possible to trade successfully without the help of education and study. You can never be a good trader if you lack knowledge and skills. So always learn the basics of forex before investing money.

It’s true. Traders also need hard work for making consistent profit in trading.

Yea I think a lot of people make the mistake of not doing this enough.

Rassellkarl posted:

Lycineandrew posted:

Rassellkarl posted:

Fx_howie posted:
Trading plan, consistency and knowledge. These three things are important for me in trading.

Absolutely we should think about what we are doing before entering the markets. It is the reason that differentiates successful traders from failed traders. Wisdom says half knowledge is always dangerous because we think that we know more than other traders.

There are many resources through which one can learn about forex trading. If we don’t gain knowledge then no matter if it is demo trading or live, we will fail for sure.

There is also one more method: we can learn from the experiences of other traders. When I was trading very technically and was in the markets all the time, I was not able to value the human interaction. Later I read the forums and experiences of other traders which helped me to understand where I was wrong. Ultimately that’s what even brought my understanding of using low spread brokers and I opened accounts with pepperstone and fxview.

People enter the markets with a huge expectation of becoming overnight success. They forget there are years and years of hard work behind the success of successful traders.

When I entered the markets I had no idea what is ribbon chart or what are the signal indicators even. I think it is very embarrassing to say that when I opened MT4 trader through my first broker I was just staring at the screen thinking what is going on. Then I thought this might be the fault of the broker and interface is too complex and hopped to XTB but the same issues I faced there which brought me to the realisation that I don't even have the knowledge of market fundamentals. Thankfully I’m in a much better place financially today.

Yes I order to make regular profit and become a successful trader you need to develop a strong strategy, and you can only develop a strong strategy by studying and regular practice.

Lycineandrew posted:

Rassellkarl posted:

Fx_howie posted:
Trading plan, consistency and knowledge. These three things are important for me in trading.

Absolutely we should think about what we are doing before entering the markets. It is the reason that differentiates successful traders from failed traders. Wisdom says half knowledge is always dangerous because we think that we know more than other traders.

There are many resources through which one can learn about forex trading. If we don’t gain knowledge then no matter if it is demo trading or live, we will fail for sure.

True. Learn the basic knowledge of trading and then practice in demo account.

LeviSievwright5 posted:
It is not possible to gain profit consistently without acquiring a trading education. A trader must first acquire trading education. Then you have to apply that education and practice a lot.

Yes, you are right, trading education is very important. It is never possible to make a trading profit without proper knowledge.

I think three things required to create your own strategy are knowledge, your financial goals and market analysis.