Being successful in forex market

I think if we look at the past, we will see that trading is much easier now a days as comapred to past. Now, we have great sources which give us idea about what is going to happen on the market. These sources also guide us properly whenever we do something wrong.

 

Here I am sharing few more tips

If you want to be successful forex trader then check out these tips

- Define Your Goals and Choose a Compatible Trading Style

- Choose a Broker Who Offers an Appropriate Trading Platform
- Choose Your Entry and Exit Timeframe Carefully
- Calculate Your Expectancy
- Focus on Your Trades and Learn to Love Small Losses
- Perform Weekend Analysis
- Restrain your emotions
- Examine your success and failure
- Take breaks

 

I like those tips. Third last is the key, it's the area where I struggle the most. Any solution how to restrain the emotions during loss season?

 

That's a nice list. The last one is underestimated by a lot of people though. A lot of discipline is needed to follow all these but unfortunately not everyone is capable of doing that

 

To be successful your fist step should be accepting the risk when you enter in a position. That's what Mark Douglas says in Trading in the zone. That's the very first step that everyone should do when trying to trade the market.

 

To be successful the very first thing which you should fix in your mind is that it is not going to happen very soon so you have to be patient enough with consistent efforts.

 

Hey

Check few more important points how to be successful in forex market

- Plan your goals. Stick to your plan.
- Choose your broker carefully.
- Pick your account type, and leverage ratio in accordance with your needs and expectations.
- Begin with small sums
- Focus on a single currency pair, expand as you better your skills
- Do not add to a losing position
- Restrain your emotions
- Take notes. Study your success and failure
- Don’t give up

Thanks

 

Nice tips! but proper implementation is the biggest challenge.

 

If anyone wants to become successful forex trader, then do these things:

1. Define your risk tolerance carefully. Understand your needs.
2. Plan your goals. Stick to your plan
3. Choose your broker carefully
4. Pick your account type, and leverage ratio in accordance with your needs and expectations.
5. Focus on a single currency pair, expand as you better your skills
6. Do what you understand
7. Do not add to a losing position
8. Restrain your emotions
9. Automate your trading as much as possible
10. Be humble and patient. Do not fight the markets
11. Study the markets, fundamentals, and technical factors leading the price action and
12. Don’t give up.