Toparch posted: Here are some things successful traders follow and failures did not. 1) Make a trading strategy. 2) Take frequent pauses. 3) Do not quit your day job. 4) Recognize that you will lose. 5) Put in as much practice time as you can in a demo. Constant practice is required. 6) Place a stop loss at least 30 to 20 pips below the entry point. 8) Place a take profit at least 60 to 40 pips above the entrance point. 7) Test Your Trading Strategy in the Past
Some of these are good, it shows that a plan and structure is needed. Once the person does it they are more than half way there
A trader must constantly practice a combination of knowledge and discipline as it will eventually generate positive trading results. Being an optimist while keeping expectations realistic is a hallmark of a successful trader.
Because not everyone is aware of or chose the road that leads to success. Diverse people have different ways of thinking, which influences how they analyse situations and employ various techniques, some of which are garbage and end in failure. Additionally, inexperienced traders tend to have the concept that they are trading in order to become too wealthy too quickly. They lack patience and don't want to put in the necessary work. In other instances, your broker may try to trick you with deceptive tactics and offers that ultimately drain all of your deposits and earnings. Therefore, the trading community must put up a significant amount of work to be successful, which many of us either don't want to or are unable to accomplish.
Only a handful of forex traders are successful because they have traded forex dedicatedly in the right way. These successful traders have stayed true to their strategy, have always analysed the market before placing a trade, kept in track of the news, and maintained their trading psychology. There’s no secret to success, except that you have to work hard, and you have to grind for a long time.
Marcolis posted: Increasing capability through demo trading is highly essential for traders before jumping onto live trading.
A demo account can be maximized to practice seriously, although only use virtual money but remain useful to measure trading skills before live trading, however trading in a demo can't give all trading environment like in a real account, sometimes I use demo ECN FXOpen to practice when no trading capital.
Most of the traders are not successful in the market. Because they do not understand the importance of continuous learning and improving/ But the rest of the traders who are successful in the market know this fact that only good knowledge and continuous improvement can help them to win in the market.
Sincerely, it takes years to become successful and understand the market. Don't consider making money when you're just starting out. Pay attention to learning and experience-gaining. You can make any amount of money once you comprehend how the market functions. I've seen people become wealthy through forex trading, but it takes a lot of effort, patience, consistency, dedication, and focus.
Finding the right trading broker has become difficult because of scamming. To find out the best trading broker, first of all you have to check the broker’s certification because it will let you know whether the broker is regulated or not.
Don't be jealous of other traders' results, each trader already has their own portion based on their skills and knowledge. However, the struggle is a compulsory task in life to making effort to keep daily necessity smoothly to covered. Not only during trading needs money management, in real-life also needs money management.
A successful trader must maintain discipline. In the long term, the disciplined trader prevails over the exceptionally smart or lucky trader. Being a successful trader is all about having the discipline to protect your capital.
Your success in the market depends a lot on what you do in the market. It is not easily earned and you will have to keep working hard to reach your goal. Along with the basic learning, a lot of patience is also required because you start with losses and not every trader can’t keep calm in such a situation.