the secrets of success in Forex

[Bonyi]

The secret of success in forex trading in my opinion, is your ability to handle risk management. minimizing your loss and maximizing your profit.

 

[sindarin]

I think this is all what traders want and should get, in fact we cannot make much money which means success for us without something like this in our own mind and heart, the first which i advise are Patience and Dedication

 

[TenkoFX]

Yes, Patience is very needed because it's no easy to success in forex. If we are not patient, we will not survive in forex trading. We must be patient when wait the right moment to make order, we must be patient when we are loosing our money in forex. We must take the positive side so we will be better when trading.

 

[UMOFX AIR]

Secrets of success are.
Good learning and trading practice
Do trading in low margins
Never be emotional while positions are open.
Be patience before trading and with open positions.

 

[tradeboy]

The real secrete to success in forex trading market is that any trader who want to succeed that faster must be ready to learn what its take for him to succeed.
Forex is not that type of market which you can trade without your skills and knowledge

I agree with you, a trader should first develop skills in order to keep a head of losses, this can only be achived by gaining proper trading experience with time. There is not short cut to this.

 

[Decub]

One of the secrets of Forex also lies in not giving up. The trader can make profit from the business but in a longer run if he is able to persevere. Since making profit isn't automatic or something that comes because we wish, it is that which we have to endure through the rough times.

 

[barood4money]

I don't think it is a secret because secret is that which is kept hidden. This all are the key skills to make your place at forex trading. And it is not a cup of tea for everyone. That's why it is not possible to make money at forex for everyone.

 

[TenkoFX]

we should build your own trading system, rather than plucking one from the internet. I know it's very tempting to simply copy the trading system of some (supposedly) successful trader, and it might very well be a very profitable strategy but the fact that it works for them, doesn't mean it will work for us.

 

[budado]

Its good to learn how to use basic trading strategies first. How can they build their own trading strategy if the existing strategy that we can get right now we can't even use it properly? I do study all type of know strategy before I make my own strategy.

 

[Babar222]

Great tips. These tips can help a lot to a newbie to make good progress in Forex. I would suggest for all new traders to get good knowldge about Forex because it is very necessary to achieve your targets in Forex.

 

[fxapex]

to be successful in forex is a combination of various things like your trading skills, analysis skill, emotion skills etc, these all factors when coordinated properly results in a successful trader.

 

[davidblack]

Learning is the main factor of Forex trading. Without knowledge and skills we can not make good way in Forex. If you have knowledge then you can make some good sums in Forex.

 

[chicken]

now we need take long SL. it will be encrease your win chance

 

[budado]

The secret of success is via analysis and practice. The more we know how accurate our analysis is the more we can end up making good profit. That's why I do recommend that we spend more time trying to learn how to trade first before we invest money in forex trading.

 

[anosocialnet]

Cool as we have to follow the Market Trend and good Analysis is what can bring good results. @fxapex yeah it have to be a combination of those things that we make us to be a successful Trader, because we can not achieve one and leave the other, fo us not to be dum on the long way.

 

[budado]

Cool as we have to follow the Market Trend and good Analysis is what can bring good results. @fxapex yeah it have to be a combination of those things that we make us to be a successful Trader, because we can not achieve one and leave the other, fo us not to be dum on the long way.

Its very important that we understand the trend and not just follow it. A trend can reverse any time and if that pair going to turn volatile chance are you going to get MC multiple times. So its better that we don't follow the trend. We need to learn how to do analysis to know the future trend.

 

[avelaskes]

make a research for fair broker, find your own successful trading strategy, choose comfortable platform, read analytics - it's main but not the only thing

 

[alinajack]

The most important aspect when it comes to forex trading is to learn to trade forex so that you understand how to trade and how to trade successfully. While learning to trade forex, keep in mind that the trends in the market are very unpredictable so make it a point to learn to trade forex including how to interpret the rise and fall of a currency.

For Successful forex trading
- Decide Goal
- Realism
Accepting a situation as it is and being prepared to deal with it accordingly.
- Analyze
Every successful trader will tell you that the most challenging aspect of trading is keeping your emotions out.
- Trust
You have to be trust your trading system.

 

[anosocialnet]

Its very important that we understand the trend and not just follow it. A trend can reverse any time and if that pair going to turn volatile chance are you going to get MC multiple times. So its better that we don't follow the trend. We need to learn how to do analysis to know the future trend.

Following the Market Trend in the sense of understanding its behaviour, its future movement, if it will Bull or Bear and not just following it. And following it will give us the opportunity to know when to open or close position.

 

[avelaskes]

Once I've read an article " 4 things to become successful in Forex". It was very helpful and I would like to share it with you in case someone finds it interesting and useful. Leg No. 1 - Approach
Before you start to trade, recognize the value of proper preparation. The first step is to align your personal goals and temperament with the instruments and markets that you can comfortably relate to. For example, if you know something about retailing, then look to trade retail stocks rather than oil futures, about which you may know nothing. Begin by assessing the following three components. Time FrameThe time frame indicates the type of trading that is appropriate for your temperament. Trading off a five-minute chart suggests that you are more comfortable being in a position without the exposure to overnight risk. On the other hand, choosing weekly charts indicates a comfort with overnight risk and a willingness to see some days go contrary to your position. Methodology
Once you choose a time frame, find a consistent methodology. For example, some traders like to buy support and sell resistance. Others prefer buying or selling breakouts. Yet others like to trade using indicators such as MACD and crossovers. Market (Instrument)
You will find that certain instruments trade much more orderly than others. Erratic trading instruments make it difficult to produce a winning system. Therefore, it is necessary to test your system on multiple instruments to determine that your system's "personality" matches with the instrument being traded. For example, if you were trading the USD/JPY currency pair in the forexmarket, you may find that Fibonacci support and resistance levels are more reliable in this instrument than in some others. You should also test multiple time frames to find those that match your trading system best.
Leg No. 2 - AttitudeAttitude in trading means ensuring that you develop your mindset to reflect the following four attributes: PatienceOnce you know what to expect from your system, have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. In other words, don't chase the bus after it has left the terminal; wait for the next bus.
DisciplineDiscipline is the ability to be patient - to sit on your hands until your system triggers an action point. Sometimes, the price action won't reach your anticipated price point. At this time, you must have the discipline to believe in your system and not to second-guess it. Discipline is also the ability to pull the trigger when your system indicates to do so. This is especially true for stop losses.
ObjectivityObjectivity or "emotional detachment" also depends on the reliability of your system or methodology. If you have a system that provides entry and exit levels that you know have a high reliability factor, then you don't need to become emotional or allow yourself to be influenced by the opinion of pundits who are watching their levels and not yours. Your system should be reliable enough so that you can be confident in acting on its signals.
Leg No. 3 - Discrimination
Different instruments trade differently depending on who the major players are and why they are trading that particular instrument. Hedge funds are motivated differently than mutual funds. Large banks that are trading the spot currency market in specific currencies usually have a different objective than currency traders buying or selling futures contracts. If you can determine what motivates the large players then you can often piggyback them and profit accordingly.
AlignmentPick a few currencies, stocks or commodities and chart them all in a variety of time frames. Then apply your particular methodology to all of them and see which time frame and which instrument is most responsive to your system. This is how you discover a "personality" match for your system. Repeat this exercise regularly to adapt to changing market conditions. Leg No. 4 - Management (Implementation)Since there is no such thing as only profitable trades, no system will trigger a 100% sure thing. Even a profitable system, say with a 65% profit to loss ratio, still has 35% losing trades. Therefore, the art of profitability is in the management and execution of the trade. Risk ControlIn the end, successful trading is all about risk control. Take losses quickly and often, if necessary. Try to get your trade in the correct direction right out of the gate. If it backs off, cut out and try again. Often, it is on the second or third attempt that your trade will move immediately in the right direction. This practice requires patience and discipline, but when you get the direction right, you can trail your stops and usually be profitable at best, or break even at worst.