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Rules of Successful trader

  • #141
  • Apr 16, 2020 4:23am Apr 16, 2020 4:23am
Quoting MarkFxAnde
generally traders think successful traders dont make loses when trading , but for being a successful trader with certainly you have must to make losses more and more , it a condition, just take it or leave it. decisions is completely yours. take the pain and then be a good trader.
This is true. Although successful traders have an edge in the market, they cannot predict the market. No one can. So losses will always come. But their winners turn out to be more than losers because they have an edge.
  • #142
  • Apr 22, 2020 9:06am Apr 22, 2020 9:06am
successful trader and successful guy is the same person in order to me , they are successful not for their own luck , their success because of their characters, they are a man of strong mind , strong focus and unforgiving indiscipline and determination. thats all.
  • #143
  • Apr 22, 2020 11:31am Apr 22, 2020 11:31am
It depends, one can be really successful in one area and then not be a successful trader.
  • #144
  • Apr 22, 2020 12:50pm Apr 22, 2020 12:50pm
Quoting MarkFxAnde
successful trader and successful guy is the same person in order to me , they are successful not for their own luck , their success because of their characters, they are a man of strong mind , strong focus and unforgiving indiscipline and determination. thats all.
There are several examples of people who were successful in business and they thought they could bring that success to trading but failed woefully. This is because trading is different from real life. In life, everyone plans not to fail but in trading losing is part of the plan. In life you have control and can manipulate several factors and people to achieve success but in trading you control only yourself.
  • #145
  • Apr 23, 2020 2:59am Apr 23, 2020 2:59am
Quoting Emekadavid
{quote} There are several examples of people who were successful in business and they thought they could bring that success to trading but failed woefully. This is because trading is different from real life. In life, everyone plans not to fail but in trading losing is part of the plan. In life you have control and can manipulate several factors and people to achieve success but in trading you control only yourself.
Most of the (useful) rules, that I saw, were focused exactly on that factor Top of them being (based on ego/emotions of course - one of the greatest enemies in trading and leading cause for many blown accounts)....

  1. learn when not to trade (aka not overtrading)
  2. do not chase the loses
  3. cut the loses
  4. plan your trades, trade your plan...
  5. keep ego/emotions "at the door"

I would add that every trader should ask EVERYTIME... "Will this increase my profitability?", before anything else, this might prevent them from dismissing some useful tips from people they might not like but their tips could bring them money (some just do not want to follow due to ego, prefer to stay broke than to admit someone else got it right)... If I learned anything anyway...

Can you afford to take that chance?
  • #146
  • Apr 23, 2020 9:45am Apr 23, 2020 9:45am
the last point you have mentioned is very important from all , because only for emotions we the traders above all the beginners always do over trading and lost the major equity.
  • #147
  • Apr 24, 2020 11:11am Apr 24, 2020 11:11am
emotions is traders cant stop completely, because its a common human nature . but by means of real discipline we can controlled.
  • #148
  • Apr 24, 2020 11:57am Apr 24, 2020 11:57am
some discord i have , descipline is important , agree. controlling emotions depends on the condition of how much strong you in mind. practice medication every day be strong.
  • #149
  • Apr 25, 2020 10:58am Apr 25, 2020 10:58am
Practice meditation or medication? Those are two pretty different things, which one do you mean?
  • #150
  • Apr 25, 2020 11:48am Apr 25, 2020 11:48am
Quoting mlawson71
Practice meditation or medication? Those are two pretty different things, which one do you mean?
It was a typo. What he meant was meditation.
  • #151
  • Apr 28, 2020 9:05am Apr 28, 2020 9:05am
Quoting mlawson71
Practice meditation or medication? Those are two pretty different things, which one do you mean?
i think he mentioned the meditation , because it relates on Mind that control emotions , its my personal opinion.
  • #152
  • Apr 28, 2020 9:35am Apr 28, 2020 9:35am
Quoting MarkFxAnde
{quote} i think he mentioned the meditation , because it relates on Mind that control emotions , its my personal opinion.
Thank you for the clarification!
  • #153
  • Apr 28, 2020 11:44am Apr 28, 2020 11:44am
i have done so many course in online to control emotions , most of the courses by paid but of course was good with real life knowledge. if anyone need can knock me.
  • #154
  • May 6, 2020 8:29pm May 6, 2020 8:29pm
The harder we work at Forex, the more we will benefit. The more we work, the better we will be able to get. The more we pray, the more we will succeed. We will get benefit if we will do hard work. Forex is a very lucrative job, you will do more you will also get more and if you will do less hard work you will get less from Forex.
  • #155
  • May 7, 2020 1:36am May 7, 2020 1:36am
Quoting auricforecas
{quote} Most of the (useful) rules, that I saw, were focused exactly on that factor Top of them being (based on ego/emotions of course - one of the greatest enemies in trading and leading cause for many blown accounts).... learn when not to trade (aka not overtrading) do not chase the loses cut the loses plan your trades, trade your plan... keep ego/emotions "at the door" I would add that every trader should ask EVERYTIME... "Will this increase my profitability?", before anything else, this might prevent them from dismissing some useful tips...
Great pointers, thanks for that.

If I may ask a question, I have a particular set up that I like to get in on, around 3:1 RR set up, but the problem is, I might wait whole day and get maybe just one entry signal or get multiple signal on same group of pairs (say EU, EJ, EA, EN ) . So my question is, if you have particular good set up , how often do you get them? from your experience.

Thanks.
  • #156
  • May 7, 2020 7:18am May 7, 2020 7:18am
As such there are no fixed rules of trading, but still if you want to trade in the market efficiently then it requires:-
Complete knowledge of forex market.
Experience of usage of the trading platform.
Understanding the high risk factor associated with the usage of the leverage.
Knowledge of using take profits and stop losses.
Implementing a sound trading strategy.
Behaving rationally and not emotionally.
  • #157
  • May 7, 2020 10:12am May 7, 2020 10:12am
there is no fixed rules of trading , its true , but some trading habit that we the traders must have to observe if want make sure real better trading life.
  • #158
  • May 15, 2020 3:41am May 15, 2020 3:41am
Quoting NathanAstel
there is no fixed rules of trading , its true , but some trading habit that we the traders must have to observe if want make sure real better trading life.
Your habits determine your trading lifestyle.
  • #159
  • May 15, 2020 8:27am May 15, 2020 8:27am
True. It really matters whether you're a stay at home parent or someone with a nine to five job.
  • #160
  • Jun 3, 2020 8:41am Jun 3, 2020 8:41am
Quoting Zenotrade
{quote} Your habits determine your trading lifestyle.
there is a chain, let me describe , when you thought something, you take action according to this and after that this action become your habit , at the end of the day this habit makes characteristic. intelligent people first of all focus only their mind then others . because we everything fixed in our mind and try to implement in practical life.
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