Can You Define a Successful Trade?

Discussion in 'Forex Trading' started by fxgator, Mar 16, 2012.

  1. fxgator

    fxgator

    This single question seems to be at the heart of both success and failure as a trader.

    I'm curious as to what others use as their measuring rod for success. Is it accuracy, net ROI per trade, a positive MFE/MAE ratio, not getting stopped out, leaving a certain % of pips on the table in each position held, etc. etc., etc. How do you define it?

    When you look in the mirror in the morning and say to yourself: 'You know something, you are a successful trader," what does that mean exactly?

    Define: Successful Trader.
     
  2. Handle123

    Handle123

    Define: Successful Trader.

    Everyone has different agendas or goals, depends on the cycle of skill and years of trading I would think. But when I wake up in morning, to me, I am concentrating on not having a losing trade. By keeping my losing percentages extremely low, I have many more options like averaging down on each trade, so that on breakeven trades, I have made money. Most think it is getting in at perfect places is the answer, but reading the chart after that is where the profits are.
     
  3. I guess a successfull trader is a combination of successfull trades and money earned with a touch of balance between your social life and trading life! :D
     
  4. makes money & stays legal.
     
  5. Success has to do with finding and following one’s calling in life.

    In trading, many apply but very few are suited for the game.

    s

    :cool:
     
  6. TRS

    TRS

    :cool:

    perseverance, discipline, confidence and humility
    and a bloody good mentor helps....

    money is a by-product.
     
  7. There is only one measure to determine if you are successful or not:

    Your P/L.

    Period.
     
  8. VielGeld

    VielGeld

    +ve over a consistent period with a demonstrable edge, for the "trade" part.

    Emotional stability and ability to take a loss while demonstrating focus, discipline, dedication, and extreme patience for the "trader" part.

    Also, a Zen-state of mind is not required, but highly recommended!
     

  9. The p/l and of wall street crooks is bigger.So they are successful in trading?

    Trading by investment banks is robbing their clients , by robbing bonuses from funds.
     
  10. Not true, you can get a good P&L by luck, or by taking silly risks, or by using a strategy that banks coin 4 years in a row then blows up after 5 years. Successful traders can have down years, or lose large sums due to bad luck from external events.
     
    #10     Mar 23, 2012