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Rules of Successful trader

  • #221
  • Dec 25, 2020 10:14am Dec 25, 2020 10:14am
Quoting DexterDuncan
If you want to become a good trader, you have to make a good trading plan and trade according to your plan.
Indeed. Without one - and a good one too - the trading risks increase immensely.
  • #222
  • Dec 25, 2020 11:11am Dec 25, 2020 11:11am
Quoting Larsson
I'd like to do my post like separate, new thread, but unfortunately has no rights... So, I want to remind you about one of the greatest traders of all time - William Gann. As well as his rules: 1. The struggle for success - if you want to be successful, the most important rule is to strive for your success. 2. responsibility for results - you need to achieve success by yourself - it all depends on you. 3. Plan for Trade - When you enter market, you have to imagine a clear game plan as a relatively entry into market, and in relation to output. 4....
Provided good information. Money and risk management helps increase trading profits. Plan and discipline together help to make a consistent profit in trading.
  • #223
  • Dec 25, 2020 8:13pm Dec 25, 2020 8:13pm
Without trading discipline and plan, successful trading is never possible. Proper money management and risk-reward trading are a part of success.
  • #224
  • Dec 26, 2020 10:38am Dec 26, 2020 10:38am
What does your trading plan involve?
  • #225
  • Dec 26, 2020 10:24pm Dec 26, 2020 10:24pm
Quoting mlawson71
{quote} Indeed. Without one - and a good one too - the trading risks increase immensely.
Right. Build one first before going into real trading.
  • #226
  • Dec 28, 2020 10:18am Dec 28, 2020 10:18am
Do you have any advice on making a good trading plan?
  • #227
  • Dec 29, 2020 6:34am Dec 29, 2020 6:34am
Quoting mlawson71
Do you have any advice on making a good trading plan?
To make a good trading plan we need to know our strength and weakness. A trading plan should be based on strength. Most people ignore their weakness and try to trade in all kind of situation. It's not good.
  • #228
  • Dec 29, 2020 10:15am Dec 29, 2020 10:15am
Quoting MarcoDresner
{quote} To make a good trading plan we need to know our strength and weakness. A trading plan should be based on strength. Most people ignore their weakness and try to trade in all kind of situation. It's not good.
That is an excellent way of putting it. I wonder how much of it is unhealthy ego - many of us don't want to admit even to ourselves we've got weaknesses.
  • #229
  • Dec 29, 2020 10:25am Dec 29, 2020 10:25am
Quoting mlawson71
{quote} That is an excellent way of putting it. I wonder how much of it is unhealthy ego - many of us don't want to admit even to ourselves we've got weaknesses.

YES 2 really good valid points + excellent points

i always suggest stick to what you are good at

all strategies work one need find what suits them ,,, whether its trend trading / counter trading/ range trading or whatever... don't over complicate so what gives you best results and WHICH keeps you most mentally sane haha and stick to that

For example i know i am rubbish at trend trading so i dont do it , i stick to my counter stuff ...

i would be more annoyed trying to trade trend and losing money than losing money doing what i think knows works for me best
  • #230
  • Dec 31, 2020 6:44am Dec 31, 2020 6:44am
First you have to give time for learning. It's a professional work that requires specific knowledge and skills. Once you have necessary skilled, you can do it just by spending one or two hours per day. But for learning you have to put your efforts and dedication. One more thing learning doesn't happen in one or two months. You have to spend good amount of time depending on your level of understanding and other factors
  • #231
  • Jan 2, 2021 6:09am Jan 2, 2021 6:09am
To be a successful trader you need to take forex trading for what it really is and not what you think it is. Forex trading is a business and in business you always need to jwn what it's all about. Forex trading may seem simple to some but it is actually very complex when it comes to making successful trades. Some people are just never able to make successful trades no matter how hard they try. A successful trader starts off as a beginner but is is what they do that asks them the successful trader. There are so many things that they have to do and all of those things are covered in the various forex courses or some forex trading books sold by expert traders.
  • #232
  • Jan 2, 2021 9:27am Jan 2, 2021 9:27am
Successful traders always work according to discipline and plan. Money management and risk management are a part of their trading. And there are always some reasons for their success.
  • #233
  • Jan 2, 2021 10:52am Jan 2, 2021 10:52am
To be a successful trader you need to take your own path. People find it very hard to become successful traders and most of the time they wonder how he successful traders became who they are. If you ever find yourself thinking like that when you are doing something wrong and you need to get rid of it. Try to come up with a better insult than that. Do not compare yourself to others or try to be like other people. You need to know your own definition of a successful trader and make sure that you become just that. It is not easy but with hard work and determination you can easily make it to the level. Just keep trying.
  • #234
  • Jan 4, 2021 2:45am Jan 4, 2021 2:45am
Successful traders does not take decisions ruled by the emotions.
  • #235
  • Jan 5, 2021 8:38am Jan 5, 2021 8:38am
To be a successful trader don't you need to loose and gain? I started recently but I am disappointed. On the other hand I don't want to take any signal providers and tell me what to do as I believe that trying on my own would be better. what do you say about it? am i wrong? by reading and applying the things you learn everyday it's better for me and by loosing I learn how to gain also. i would appreciate it if someone tells me his/her opinion
  • #236
  • Jan 6, 2021 4:59am Jan 6, 2021 4:59am
generally we believe that only good knowledge and experience can bring success from this trading place but besides this we the traders have to make sure a reliable support from a credible broker , because the broker can affect the result of our trading with certainly.
  • #237
  • Jan 6, 2021 9:41am Jan 6, 2021 9:41am
True. Forex Factory has a great brokers section, it's always a good idea to go through it.
  • #238
  • Jan 7, 2021 2:21am Jan 7, 2021 2:21am
successful trader is a trader who can predict the real faction of this market with certainly , they never try to bring profit overnight. step by step their strategy
  • #239
  • Jan 7, 2021 4:38am Jan 7, 2021 4:38am
i thnk in order to my trading experience there
is no one who can predict the real faction of this market with certainly, so it's not a practical speech.
  • #240
  • Jan 8, 2021 4:50am Jan 8, 2021 4:50am
So it's a good idea if I can combine both fundamentally and technically.
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