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The Basis For Your Success

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  #1  
Old 15-02-2016, 20:05
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Default The Basis For Your Success

You Should Always Have A Trading Plan
Let’s talk about having a trading plan. As you may know, when trading forex you can lose money easily. It is written on every presentable website talking about this field and if it’s not, do not continue reading as it wouldn’t be serious.

Here are several reasons why people lose money and tips on how to avoid the loss of money through having a proper trading plan.

Experience – In the trading world, experience just as in any other field is important. A lawyer cannot become a doctor in a day and vice versa. Hence, it would be wise to find out all information from other fellow traders that are willing to share their own experience. Find them on forums, through friends if possible or any other means of social communication. One of the best methods is to open a demo account with one of theregulated forex brokers. Gaining experience should be part of your overall strategy, and it will assist you in the technical process of building the right forex trading plan.

Discipline – Most of beginner traders will not have the discipline as a forex trader that has years of experience. Discipline means patience and the psychology to be able to sustain long waits reaching your predicted forex currency price that was targeted in the trading strategy. No matter what, your forex trading plan should include a stop loss and a take profit targets, and well predefined money management rules.

High Expectations – forex trading is not the place where you will make $10,000 fast. Your forex trading plan should include in its header the fact that this market is though. You will have such a better time putting that as a crucial part of your forex trade plan.

Greed – Ay ay ay, the human nature of things: “I’ll just wait a little bit more for those extra 5 pips”. Wrong plan within the forex trading market. It will always increase your chances of losing money instead and that extra 5% profit on your account can turn into -5% or even worse -100% at times. Bad trading plan, try to avoid this on your trading.

Using high leverage – Even experienced traders have this problem of risking too much on one or several trades that leads to a margin call or a stop out. Part of your forex trading plan is to not burn all your money on this one trade that can either give you a 400% profit return or a total loss of your funds. If you wish to do this, go have fun on the roulette in some nice Casino, but do not even bother to trade forex.

Forex trading is not so though as it sounds. However, it can be too risky for those who are trading without using proper trading plans. So start planning your trading today, be equipped with some patience and discipline, and see the results tomorrow!



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Old 18-02-2016, 07:30
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Default Re: The Basis For Your Success

A trading plan defines what is supposed to be done, why, when, and how. It covers your trader personality, personal expectations, risk management rules, and trading system. When followed to, a trading plan will help limit trading mistakes and minimize your losses.

Each trader has a choice of the broker to be used, should the trader can choose a broker that is more appropriate to the concept of trading will be used. if you choose scalping should choose a broker that allows trading concept such as this. I am now very comfortable in TICKMILL, I get low spreads which can be used to perform scalping technique without any restrictions, traders can execute orders under one second
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Old 20-02-2016, 14:40
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Default Re: The Basis For Your Success

basis of my success in Forex is hard work and patience to make me a good trader. So i will advice others if you want to be a successful trader then you learn fast to make money in Forex trading.
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Old 22-02-2016, 16:12
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Default Re: The Basis For Your Success

There are multiple aspects that are necessary for a making your trade successful, and you have to work on these aspects individually.
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Old 23-02-2016, 15:17
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Default Re: The Basis For Your Success

You don't need to be properly at math to succeed in forex buying and selling. The most complicated math you may become doing is fundamental addition and subtraction, in most cases. Dealer systems have a tendency to deal with more complicated equations for you- together with price per pip for role sizing. Don't let awful math abilities hold you from exploring what forex has to offer you.

Forex Trading

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Old 09-03-2016, 05:54
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Default Re: The Basis For Your Success

To be successful trader does not only rely on the ability of analysis and indicator but require the concept of trading with the correct money management. I see the winners of "Trader of the Month" in TICKMILL using money management to be able to achieve maximum profit
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Old 16-03-2016, 08:40
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Default Re: The Basis For Your Success

The basis of your success is be soild forex trading knowledge and trading experience, but most important should be your trading mind.
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Old 21-03-2016, 07:41
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Default Re: The Basis For Your Success

Trading is an art, and the trader is the artist. Proper regimen and regulations sharpen the skills of the best traders. They carry out self-analysis to observe what runs their trade.
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Old 30-03-2016, 14:46
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Default Re: The Basis For Your Success

Quote:
Originally Posted by adamsmiths View Post
Trading is an art, and the trader is the artist. Proper regimen and regulations sharpen the skills of the best traders. They carry out self-analysis to observe what runs their trade.
really nice statement sir, yes i think so, we as artist must have great skill and knowledge as trader and for survive in forex market. you can use micro account in liteforex with huge leverage until 1:1000
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Old 31-05-2016, 12:21
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Default Re: The Basis For Your Success

For any new trader i guess keeping the leverage low in the start can help them avoiding higher damages as they might not aware of the market behavior, so it is good to keep the leverage low.
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Old 17-06-2016, 12:04
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Default Re: The Basis For Your Success

The base of my success is Patience and Discipline and it is the key to success for each and every trader.
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Old 12-07-2016, 03:06
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Default Re: The Basis For Your Success

Well the base of my success is the constant trading, I also follow the two key factors, that are Patience and Discipline and thus I earn success.
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  #13  
Old 29-11-2018, 13:29
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Default Re: The Basis For Your Success

In My opinion, the key to success in forex is understand these two things.
1. Breakouts
2. Reversals

Guys this is not my own saying, I actually took this webinar I attended by FreshForex analysts
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