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Old 06-08-2019, 13:38
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Join Date: Jan 2012
Location: Austria
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Default Re: What are the key success factors in entering a Forex trade?

Quote:
Originally Posted by DanielDo View Post
Honestly and after a too-long journey (13 years ) in forex trading I have discovered some important success factors to succeed in this fluctuating market:
1- Never ever trade without clear, definite stop loss not exceeding 20-30 pip
2- Donít risk more than 5 % of all capital you have
3- Donít use leverage more than 1:500 in best-case scenarios.
4- Use an excel sheet to monitor your progression
5- Make a fixed daily target 20 -30 Pips only, once you achieved, then leave the market and enjoy your life.
6- When the price goes up in an extreme way, donít sell, just wait for indicators to give an oversaturation on 4hr time frame only then go deeper in lower time frames here am using a 5 min chart then take the trade.
7- Both 4 hour and 5 min time frames are the best real figures you can rely on.
8- Donít watch the screen once you got a trade, otherwise your emotion will destroy the deal.
9- Remember to fail to plan is a plan to fail
10- Dot compares your entry-level with others as they have their own thinking.
11- Reduce your risk at news time
12- use brokers with the highest cashback rebate I do recommend invstoc as they paid on a weekly basis. So you can benefit from any trade you make even it ends with profit or loss.

Best of luck
1- depends on your system! for long-term, no sl is needed.
2- depends on your system, for long term yes, for intraday at your success rate, if over 85% you can go over 5% on single orders (no martingale or grid)
3- why not, cheap credit from your broker! if you stable in trading, 1:500 is right, low leverage blocks maybe orders due lack of equity.
4- every trader must have the brain on-site, so excel or other are not necessary, becaue you see the progression at your equity.
5- ? really, the trade, which you do not execute today will never come back, you lost: time, profit, maybe loss and! wisdom.
6- asking indicators is like ask the astrologist...do price action, no indicators are needed.
7- ? depends on your system! long-term, month charts are the way, for naked price action trading, no specific time frame is needed! you trade the price not the indicator on an given time frame!
8- ? psych...
9- ? failing is not an option! think like a winner not like a bubble boy.
10- You can only learn by compare your setup with others to grab the differences! 1st move to get a better trader - please note the difference: compare vs. competition! you get the point.
11- the key to proft is always volatility, volumes, percentage, naked price action AND what drives the price? news! if you block the news, maybe playing with barbies is better for you. :)
12- if you successful, you do not need any cashback (this sounds advertising)

result: the listed points are never written bei a trader with 13 years experience, to much fear inside!
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