Key to forex trading success.

[digitalchris]

this is one major lesson I learn from a successful forex trader that has really changed the way I look at forex trading entirely. becoming a successful trader has to do more with your psychology and money management than your trading strategy.

 

[zither]

never trade when you angry, better get drunk and go sleep.

 

[GabrielFortran]

start with a demo, analyze the market, keep up with the news.

 

[williamdrake488]

yip it wise to start with demo account so you can learn before investing your money, trust me i know

 

[Semantology]

Demo trading should be your next step after you have learnt the basics of trading. But don’t depend too much on the results you get on your demo account and trade with a micro account to be more familiar with the live market.

 

[Meamonk]

I agree. Trading psychology is an important aspect. Trading in the financial markets requires a high level of skill. When you trade, your greatest enemy is our emotions. Only by learning to control your emotions will you be able to achieve success.

 

[Balshine]

Yeah I agree. Forex is a psychological game and this is why traders are advised to keep emotions at bay while trading. Emotions are just like poison, they are capable of ruining your whole trading career at a single glimpse. Proper knowledge and experience is what prevents you from emotional damage.

 

[Eusorphia]

Give time to the trading process. Be patient and learn how to analyse and make wise moves precisely during shifts. Even if you practice on a demo account, it doesn’t prepare you for facing real loss. So, make sure you understand the importance of your capital to tread carefully.

 

[goldexover]

Martingale and consecutive winning will give you higher chance to make profit.

 

[Citigrade]

Have patience and be disciplined! The majority of traders fail because they can’t keep up with the process. They all want to make quick profits! However, forex is a dynamic market, and learning about its complexities and nuances takes time. So, keep learning and trading.

 

[Wallflower]

That’s true. Even the best strategy would fail if you are not paying attention to money management and risk management. And in the absence of emotional control you will engage in impulsive trading deviating from your original trading plan. So, trading psychology is an integral part of forex trading.

 

[Famished]

It’s true money management, psychology, and risk management matter the most in trading. In fact, these factors can lead a trader to success sooner than they realise. Often, those who enter the Fx market have the notion to win quick returns but it doesn’t work like that. Learning the market sentiment and using knowledge gained from experience is what helps a trader reach their goal.

 

[Gymnosophy]

In the forex market, there isn't one thing that makes you successful. To begin, keep in mind that success is directly linked to the amount of effort you put in; therefore, practise your methods as much as possible on a demo account. Along with this, you need to understand the strategies and pairs utilised in forex trading because only then will you be able to effectively assess the market. You must also learn about risk management tactics in order to minimise losses.

 

[Pangolin]

Being a successful trader in the forex market is not tough. To begin, keep in mind that success is directly linked to the amount of effort you put in; therefore, practise your methods as often as possible on a demo account. You must also learn about risk management tactics in order to minimise losses. If you do enough research on all areas of forex trading, I believe you can be profitable in a reasonable length of time. It all comes down to hard effort and determination. Furthermore, constantly strive to remain cool and in control of your emotions; otherwise, it will be quite difficult.

 

[InnerMarshal]

I think becoming successful has a lot to do with our strategy as well. But becoming skilled enough to execute the strategy well is the first step towards success. Trading psychology is an important aspect that you must know about before you become a trader. Combining all these elements will lead you to success in the long run.

 

[Acetarious]

The key to achieving success in a market that is volatile and shifting in nature is planning, money and time management including implying lowering risk techniques. Overtrading often results in losing more than winning. Hence, traders need to be well versed with the market sentiment. Patience is just a tip off the iceberg of drowning in loss.

 

[BinarySumo]

Consistency! It’s easy to say but hard to do. Over time, with consistent efforts, anyone can become a good trader.

 

[Dune2000]

Have patience and be disciplined! The majority of traders fail because they can’t keep up with the process. They all want to make quick profits! However, forex is a dynamic market, and learning about its complexities and nuances takes time. So, keep learning and trading.

Agree 100%

 

[DukeBarrel]

Success in forex trading depends on certain factors like defined trading strategy, risk management, good trading psychology, knowledge and skills. If you learn and develop appropriate trading skills you will be well on your way to success in the forex market.

 

[BoldMaestro]

The key to success in forex trading relies on various things such as knowledge, practice, currency pair, risk management, psychology, etc. Though, the most important thing is to learn to be patient; once I started keeping my cool and being rational, I gained much more clarity and focus than I had ever had while trading, which improved my trading skills.