Finding profitability in forex

[taelosebashe44]

I understand that trading is a number's game with a high probability of losing everything even with a proved system however there are profitable and consistent traders (say, 10%-20% overall), does anyone know how they achieved it and what helped them (like indicators, training/mentored by a professional, personal psychology, emotions or all of them or anything specific)?

Thanks to everyone who contributes to this topic.

 

[rowtaf]

like indicators, training/mentored by a professional

 

[Fin_Trader]

I think that first of all, such traders were helped by training and constant self-development. The Forex market is dynamic and constantly changing, which requires traders to be flexible, able to adapt, master new approaches and have up-to-date information. In this regard, my broker's blog was very helpful to me, where educational articles on various aspects of Forex trading are provided, and technical and fundamental analyses of currency pairs are published.

 

[Arcanyx]

First things first, before a someone want to become a trader and start studying strategies and trading systems, they must first learn to have a trader mentality, without this, it doesn't matter if you have a good winning strategy or system, you still gonna lose.

 

[Fin_Trader]

Profitability is also affected by the ability to control your emotions, without being subject to greed, fear, haste and excitement. Such emotions are especially strong during unprofitable transactions, when the trader tries to quickly compensate them in any way, even by increasing the risks in transactions, which leads to even greater losses and fear of the next trades.