Forex successful traders

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She is the epitome of boundary-pushing, and it is almost difficult not to respect her determination and charm. Despite this loss, it did not diminish her desire to become a successful forex trader. She studied multiple trading books, digested the BabyPips trading course, created a multitude of demo accounts, and visited both online and offline trading seminars.

Muchai enrolled in many online trading courses, established numerous demo accounts, and visited both online and offline trading seminars. She is now one of the most successful traders in the nation, having taught herself how to trade more effectively. Today, she is eager to teach forex beginners the fundamentals, regardless of whether they have previous trading experience. Not only is he a phenomenally successful forex trader, but he is also a guide to many eager novices in Kenya.

It took him many years of arduous work and study to become one of the leading forex traders in Kenya. It would take him many months to master his trading tactics and achieve profitability. His firm, Paris FX Kenya, not only provides training on how to trade binary options but also provides interested parties with trading tips. So even if you are developing a strategy based on indicators , it would behoove you to learn about price action. If nothing else, it will provide a solid foundation from which you can design and develop other strategies.

They Have a Defined Trading Edge I see a lot of talk on the internet about the need for a trader to develop an edge and define it. So what exactly is a trading edge and why is it important? An edge is everything about the way you trade that can help put the odds in your favor. It even includes your pre- and post-trading routine. How do you handle losses? What do you do when you win? These are all things that make up your trading edge.

Think about it like this… What allowed Brazil to win so many World Cups in soccer football to most of the world? Was it the passing? Maybe the shooting? It was everything. It was their passing, shooting, dribbling, movement of the ball, set plays and everything in between that gave them an edge over other teams.

Your trading is no different. Nor do you have to master all of them to start putting the odds in your favor. Instead, master one thing at a time. For example, become an expert at identifying key levels. Then expand your skill set by learning how to determine trend strength. After that, set your focus on learning about pin bars. Those three things are all you need to witness a rise in your profit curve. Continue to expand your skill set in this manner and soon you will have a trading edge of your own.

The key is to only tackle one or two factors at most at a time. Using a slow and steady approach will get you on the road to becoming a successful Forex trader in no time. Not quite. This might apply to other ventures in life, but Forex is the exception.

This is different from studying hard. As a new trader to Forex, studying the market is highly recommended. The harder you try to learn those particular topics, the better. However, trying to make a trading strategy work will only lead to destructive behavior, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on subpar setups. In fact, I wrote a post that features several of his books. When I first started trading Forex, I remember spending countless hours studying setups over the weekend.

I would often come back to my trading desk multiple times on Saturdays and Sundays. Then on Monday, more often than not I would end up taking a completely different trade setup only to watch the original trade idea move in the intended direction without me.

Does that sound familiar? It happened because I was trying too hard. As soon as I stopped over-analyzing trade setups and trying to make them work, my profit curve started to rise. Now I spend maybe 20 to 30 minutes per day looking at my charts—the exception being the charts I post on this website , of course. As counterintuitive as it may seem, learning to not try so hard was one of the things that completely changed my trading career for the better.

Successful Forex traders have taken note of this, which is why they let the market do the heavy lifting for them. The concept of thinking in terms of money risked, as it applies to Forex trading, is no exception. Think about your last trade for a moment. Did you define the exact dollar amount at risk before putting on the trade? Or were you more focused on the number of pips and the percentage of your account at risk?

The convenience of Forex position size calculators has made it so that we never have to consider the dollar amount being risked. This convenience has caused a huge oversight. Yes and no. In it, I talk about the need to think in terms of money risked vs. This is because pips and percentages carry no emotional value.

So when you define your risk on a trade as a percentage only, it triggers the logical side of your brain and leaves the emotional side searching for more. The best Forex traders know this. In other words, trading Forex to gain a certain amount of money within a specific time period. Such a statement would contradict my own experience. What I am saying is that no successful Forex trader needs a win today to pay the electric bill tomorrow. No trader can sustain that kind of pressure and become consistently profitable.

That type of environment will only foster destructive emotions such as fear and greed. Embrace the challenge and focus on the journey to becoming a successful Forex trader and the money will follow. Let money be the byproduct of good trading. All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market.

Walking away can be especially difficult following a trade. This is because our emotions are running high and often get the best of us. It feels like things are finally starting to click. Walking away at this time can be tough. The natural tendency after a winning trade is to continue trading.

Taking a break after a win will allow your emotions to settle. But as you may well know, pride and excitement can get you in a heap of trouble, and fast. So the next time you have a winning trade, pat yourself on the back and then walk away. After a losing trade What do you do immediately following a loss? I would immediately start going through all my charts looking for a new setup with the intent of recovering what I just lost.