Four things you must do to succeed in Forex

[David Marco]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

Yes. You are absolutely right.

 

[Kazumu Fukunaga]

Market does not follow principles all of the time. That's why a trader must be discipline. It will help to take right decision.

 

[Kevin Vogt]

You require knowledge and abilities to utilize this knowledge effectively. In addition, you require a solid and calm mind that could stay emotionless while trading.

 

[Alexander Hudson]

First thing is to gather proper knowledge about the market to become successful in this market.

 

[Kevin Vogt]

For success in anything you need to keep trying until you get success. On forex it is difficult to get success, you need to sit tight for it. No one can get accomplishment on forex soon after joining. A trader needs to be have patience.

 

[Gito Dinev]

Demo trading, strategy, plan, and risk management.

 

[Eduardo Lucchese]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

Very well saind. I completely agree with you. every trader should read this before making any decisions.

 

[Alexander Hudson]

Patience, dedication, struggle and strong motive are four things needed for earning success. Accumulate all these qualities in you to become a successful trader.

 

[Oscar Shumack]

Try to learn techniques about how to make profit from a volatile market. Scalping and hedging can be an option that time.

 

[Alexander Hudson]

Nurture patience, hard-working attitude, perseverance and learning attitude to bring success in your trading.

 

[SaadBinToha]

Long term trading is a kind of trading hardly favored by traders because it takes much time and comes with high trading risk.

 

[Ethan]

To succeed in Forex trading, it is crucial to prioritize education, gaining a comprehensive understanding of market dynamics and various trading strategies. Discipline is paramount; adhering to a well-defined trading plan and managing emotions are essential components of consistent success. Implementing robust risk management strategies is vital to protect capital and navigate the inherent uncertainties of the market. Finally, embrace a mindset of continuous learning, staying updated on market trends, refining strategies, and adapting to evolving conditions for sustained and profitable trading endeavors.

 

[Aaron_0]

1. Patience: Too many traders lack the patience to educate themselves before jumping into a trade, or don’t wait for a really good opportunity. Others don’t wait long enough for their trade to run its course. Or, upon meeting success, they have the patience to continue trading in the same position sizes, and quickly double the positions, hoping to win more but actually burning their account fast.
2. Being able to adapt: Market conditions change all the time, and a good trader needs to be able to adapt. Your trading system cannot work well forever. Changes in patterns occur all the time, and you’ll need to tweak the system, if not completely change it. Being able to adapt also applies to fundamental analysis: strong currencies may hit the wall when the tide turns against their respective economy. A weak currency can help a country’s economy recover over time.
3. Cautiousness: When uncertainty is high in the markets, a good trader will be extra careful when taking risks. This means focusing on more predictable currencies, lowering position sizes when necessary or even taking a break from the markets. Winning in forex trading isn’t limited to making winning trades, but also minimizing losing ones.
4. Identifying your weaknesses: If you are able to be fully aware of your weaknesses, you are half the way to solving your problems. All the important traits mentioned above will be closer to reach if you can see when you are too far from them and acknowledge them. Your basic character will not change, but you’ll still adapt better to changing conditions and you’ll be able to stay a bit more patient than usual.

Yes brother, your discussion included all necessary points and they all are necessary for trading.