Four things you must do to succeed in Forex

[Vectorex]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

 

[lioneld]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

Such a great thread! Yes, I do agree on all your points! In addition, I want more informative threads from you.

 

[anna.serea]

I do all your point that mention before but i'm still much lose money in forex. Why?

 

[lioneld]

I do all your point that mention before but i'm still much lose money in forex. Why?

Hello mate! Are you trading in demo or live? If live, than how many months did you practice the demo??

 

[Pagaro]

"Step 1: Never Procrastinate. This is a vital step in becoming a Forex trader. ...
Step 2: Practice. ...
Step 3: Learn. ...
Step 4: Recognition. ...
Step 5: Invest what you can bear. ...
Step 6: Start with a single currency pair. ...
Step 7: Control your emotions. ...
Step 8: Keep a record."

 

[lioneld]

According to me the main 4 points are: Practice, Knowledge, Trading system & Plan B.

 

[LorrainMor]

We all are in forex market by means of the uniform objective of making money. Though all have the similar desire to add income to their current wealth position, not everyone can thrive for that objective. To ensure success and maintain the earning stream a forex trader will require adequate trading knowledge, patience, proper trading attitude to continue his hard work, willingness to accept newer things along with carefulness to choose appropriate trading strategies.

 

[Lee Mark]

We all are in forex market by means of the uniform objective of making money. Though all have the similar desire to add income to their current wealth position, not everyone can thrive for that objective. To ensure success and maintain the earning stream a forex trader will require adequate trading knowledge, patience, proper trading attitude to continue his hard work, willingness to accept newer things along with carefulness to choose appropriate trading strategies.

Yes mate; trading strategy is very much crucial point here! Without a good trading strategy the success is quite impossible! On the other hand, it’s not easy to make a profitable trading system, it takes such a long time & proper trading skill.

 

[Lee Mark]

Elliott wave analysis of EUR/NZD for November 27 - 2018

We are still looking for a firm break above minor resistance at 1.6767 for a continuation higher to at least 1.6915 and likely even closer to resistance near 1.7023,

Short-term support is seen 1.6698, which ideally will protect the downside for the expected break above 1.6767, but it will take an unexpected break below support at 1.6638 to cause concern and indicate that wave iv/ could have completed prematurely.

R3: 1.6879
R2: 1.6836
R1: 1.6832
Pivot: 1.6767
S1: 1.16731
S2: 1.6706
S3: 1.6642

Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555. We will raise our stop to break-even upon a break above 1.6767.

Analysis are provided byInstaForex.

I appreciate your effort; so you are expecting bullish move here although the trend is clearly meaning the bearish trend! Yes, I am with the sell position.

 

[sininfinity]

Yes mate; trading strategy is very much crucial point here! Without a good trading strategy the success is quite impossible! On the other hand, it’s not easy to make a profitable trading system, it takes such a long time & proper trading skill.

If it was easy then everyone would do it. For every winning trade, there is a losing trade on the other side. So things can not be expected to be easy.

 

[lioneld]

I do all your point that mention before but i'm still much lose money in forex. Why?

That means, you need to learn more! don’t lose your hope; just concentrate on your learning.

 

[Pagaro]

Total ly agree. When we are trader , there are winning and losing position in our journal. We have to maintain our emotion and keep learning by doing (trading). It always fun to discuss trade setup in the community.

 

[Lee Mark]

Total ly agree. When we are trader , there are winning and losing position in our journal. We have to maintain our emotion and keep learning by doing (trading). It always fun to discuss trade setup in the community.

Do you like to share your trade setups in the trading community? Which community did you mean actually?

 

[lioneld]

No doubt, Forex mentor would be helpful. But the problem is; good mentors are not available here & there; even maximum so called paid services are scam! As a result, maximum new traders are the losers.

 

[Richards]

I think that identifying your weaknesses is an important factor for success in forex. You need to learn from the losses and mistakes in order to make your stay in forex market longer. You also need to have a lot of patience when the pressure is growing stronger in trading process.

 

[Lee Mark]

I think that identifying your weaknesses is an important factor for success in forex. You need to learn from the losses and mistakes in order to make your stay in forex market longer. You also need to have a lot of patience when the pressure is growing stronger in trading process.

True; in this case; using a notebook or anything like online support would be helpful to track the trading records; learning from the live trading mistake is the best practice.

 

[Oscar Shumack]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

Very important article. Many new traders can become useful with this post.

 

[Cooper Truebridge]

These issues are very important in Forex trading. I would like to add another thing that is emotion control. This helps many traders to make a profit.

 

[Alicia Lynch]

Everything is fine. To survive in trading, it is very important to maintain these things.

 

[Benjamin Bryne]

Lots of nice posts. New traders can learn a lot from this post.