How To Be A Successful Forex Trader (the secret is in this one article) • Forex4noobs

Most of the time as trader and risk manager for large US based money center banks. I would like to highlight the three most important traits you need in order to have a long life as a successful trader. One of the most important lessons I learned was to know who I was and what my trading style was.

It took me a while to figure that out. Was I a short term trader?

Buying at 25 selling at 26, buying at 30 selling at 31… executing hundreds of trades per day each with a very small profit or loss? Or was I a medium term trader?

Someone who would buy at 1. Or was I a long term trader?

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Someone who would buy in January and sell in June? Some would say this is more of an investor rather than a trader but there are several big moves that occur over the course of time and people do position themselves for that.

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A macro trade may require you to keep the position on for 6 months or more, which would not coincide with many traders loss tolerance. My definition of discipline is to determine your exit strategy before you enter the trade. As soon as you put a position on you should also enter your stop loss and stop profit orders.

If you do that you will not be tempted to second guess yourself. You have to understand that there will be good days and there will be bad days. The idea is not to be right; the idea is to make money. If you can follow these simple steps you can enjoy a long and profitable relationship with the markets.

5 "Secrets" to Apply to make a Killing in Forex Trading

The views expressed in these articles are those of the author and do not necessarily reflect the views of Forexware. Track Record Try a Demo Contact Us. Blog Home 3 Secrets of a Successful Forex Trader 3 Secrets of a Successful Forex Trader.

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