5 Best Success Mantras Of Forex Traders

[Malvika]

Apart from talent, trading requires knowledge, skills and most crucially discipline and practice to make a successful Forex trade. It is more of an art than science, and is acquired with years. Best traders perform self analysis and keep emotions under control. Here are some tricks for novice traders to make smarter and fruitful Forex trades.

Choose Trading Style Wisely

It is vital to define the targets and have some idea about the methods of the work. Be sure about your trading approach and careful when choosing. You should consider your kind of pattern rather than blindly following anyone. Each trading style has their own perks and risks that needs different attitudes to handle it. If you have funds to become profitable in a span of some months, you can opt for position trader. Make sure the style is your indicator of your personality and a mismatch can lead to losses.

Get the broker according to trading platform

Choose a broker who offers suitable and reputable platform for your analysis. Learn different types of brokers and their policies. For example, trading in the spot market is completely different from exchange-triggered market. A good broker with poor platform and vice versa can arise problem.

Determine entry and exit time wisely

It is important to choose proper entry and exit timeframe as many trades get confused due to conflicting data of charts in different time frames. Be sure to keep the sync between daily chart and weekly chart. Wait for the daily chart to give you buying signal, even after the weekly chart reports.

Choose one method and stick to it

To have an idea for execution in the Forex is necessary and try to fix to one methodology in its application. Some traders look at the underlying basics of a company and then finalize a chart to trade. You have to understand that chart patterns are good for short term trade whereas fundamentals are for long term. Be consistent about whichever method you use. Your ways should be adaptive according to constantly changing market dynamics.

Weekend analysis

Study weekly charts to observe market patterns or news. News offers you pre-determination about reflexivity of market. So that you can prepare yourself for upcoming trading week. Create positive feedback loops. It's important to build confidence in the Forex market. Even if you get small loss, do it according to planning and it will breed positive vibes and success in long term.

Focus on trades and love small losses, measure your expectancy realistically and keep your head clear to get successful in this field.

 

[Eaeaconstanteaea]

Greatest

 

[Abu Hassan Muhammad]

nice

 

[Mmllkkyy]

Agreed on those mantra, am guilty not following those. will discipline more

 

[J_C_Anderson]

For sure, all these rules are very important, even necessary for the success in trading.
Another point is that trader should be disciplined enough to be able to execute all the rules, even if creates these rules himself.

 

[nguyenxuanviet]

Hi Thanks for sharing, how long you been run this EA? can share the result? or DD and profit / month?

 

[Maurílio meireles]

I have choose ALL strategies against the loss..but .

 

[Mutlu]

ıs there anyone who really get regular profit from forex unttil now?

 

[Mutlu]

open and close immediately? or stay open for a long time? which one is the best?

 

[Psychomancy]

Thank you for sharing this valuable post. I believe trading skills can be acquired more easily than acquiring good trading psychology. Traders should focus more on developing proper trading psychology.

 

[Liang Huiqing]

open and close immediately? or stay open for a long time? which one is the best?

Well, it depends on the strategy you are using. If I am scalping, I would open my positions for a while and close them. But if I was using the swing strategy, I would wait for a longer time to close my trading positions.
So, it’s best to find a good strategy and set rules for closing trading positions before executing a trade. This will keep you from making prompt judgments that are a result of anxiety.

 

[jamesgarcia]

The only mantra I follow is keep your risks at an affordable level. If you think that you cannot afford to risk an amount, don’t risk it. If you think you cannot afford the pressure of a strategy, don’t apply it.

 

[Aventail]

The only success mantra I believe in is that if you know what you are doing, they can stop you from growing. Be it applying a new strategy or using leverage, if you have done enough homework before making a move, there is nothing that can stop you from succeeding.

 

[mitchalcling]

You can learn how to trade by reading and practicing on a demo account. But no book would teach you trading psychology because that comes mainly from your life experiences. So, try to be patient and leave greed at the door before you start taking any risks.

 

[destriero]

I have been in the trading business for years and I have never used a big amount to trade. I believe that it’s better to make small gains than big losses. It keeps my risks manageable and I always have enough money to trade and live my life.

 

[Charles Agustin]

Trading mantras vary from traders to trades. Like what I prefer is to take lesson from every mistake. It helps me finding out my lacking. I like to keep practicing a lot and apply newly developed strategies in the demo account. Eurotrader allows traders with a refreshing and well off demo account.

 

[Yin Chen]

I believe that the fine blend of Dedication, Patience, Determination, Discipline and good trading skills is the success mantra for being a successful trader.

 

[oakum]

You must always take “time-out” from your computer especially when you are going through stressful trading sessions. Forex trading is a stressful job and it’s best to take breaks every now and then so that you can relax.

 

[Reticular]

It doesn’t matter how much money you are using to trade or which strategy you are using. If it’s working for you, you are profitable and there is nothing more that you should care about.

 

[Pontoon]

Evaluate the market’s past to stay on track. Past price action on an asset can give you an idea of how the price will move in the future as per the previous experience. To a certain extent, you can predict human behaviour. You can check where previous highs and lows have occurred in the past and how the market has behaved to get clues of what will happen in the future.