The best forex question ever

Hi, I have a question for all of you experienced traders out there.

What is the reason for your success or lack-there-of in forex?

Thanks,

Beau L

 

Experience

 

Q

"What is the secret of your success in trading?"
"Two words: Right decisions."

"Then how do you make Right decisions?"
"One word: Experience."

"So how do you get Experience?"
"Two Words!"

"What are these two Words, please?"
"Wrong decisions."

UQ

 

haha nice..

But ya, don't expect to make money before loosing money.

 

-- Asking (the right) questions... finding the answers.

-- Thinking.

-- Being a student of the market.

-- Being a contrarian.

-- Paying attention.

-- Not following the herd.

Iconoclast

 

any success that I've had is due to backtesting and then sticking to the system

 

I'd have to say money management and being able to adapt when things aren't "making sense".

High leverage can also be a killer. Plus being unemotional about a position takes time to learn. Oh and the discipline.

Good luck!

 

I agree with all of you but would like to add one thing: logic. I look for times that the market makes relatively the same movements and try to ride them. The reasons for those movements are logical. So I stick to my system and it works. Every day, same time, same direction, same TP and SL, same currency. I developped my system last year, backtested it, and started trading it last november. So like someone said previously, test it, backtest it, and manage your money. Enjoy.

 

Very true.

However (and I think you will agree), I dont think the skills to succeed are anything to do with the asset (eg FX). If you have the right attitude, you can trade any market.

True, some FX traders do put in a lot more hours in a 'shift' than other asset traders, but then they also take equal time out. Newbies dont get this, thinking they must put all their time in they can to get the experience, and forfeit a balanced life. Many of lifes best lessons are equally applicable to survival in the market. You dont receive lifes lessons sitting behind a screen 8-16 hrs a day.

Log off & live a little!

 

I just started playing FOREX and has managed to lose about $700 with minimal effort, and the other $1200 I have in my account for margin seems to little for leverage at 50/1 to make money, but more than sufficient to lose money OK.