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Forex Articles All articles relating to forex trading are discussed here. Some of them may useful as a guidance for your trading, while some of them have some other objectives to take for granted.

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  #1  
Old 27-10-2018, 01:38 AM
analyst100 analyst100 is offline
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Default 4 Things Traders Must Do To Be Successful

THESE 4 TRAITS WILL MAKE TRADERS SUCCESSFUL

If you have a passion for trading, Dr. Brett Steenbarger has some choice words for you: you're not going to make it. Instead, traders need to be passionate about markets. It may sound like a minor distinction, but it's not. In decades of working with billionaire hedge fund managers and traders, he's found that traders that are passionate about trading don't put in the work and trade too much.

To be successful trading, Dr. Steenbarger has learned:

1. A rule of thumb for how traders should control losses so that they never lose more in a morning than they can make in an afternoon, more in a day than they can make in a week and more in a week than they can make in a month;

2. Why traders should not just focus on minimizing their weaknesses, but also maximizing their strengths;

3. A simple trading journal that will help you improve each day; and


4. That the best traders are ones that embrace losses and use them to become better.

Author: Dr. Brett Steenbarger


www.tallinex.com wants you to make money from the markets.
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I copy profitable trades on www.tallinex.com
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  #2  
Old 23-11-2018, 10:48 PM
JaneAnwari JaneAnwari is offline
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Quote:
Originally Posted by analyst100 View Post
THESE 4 TRAITS WILL MAKE TRADERS SUCCESSFUL

If you have a passion for trading, Dr. Brett Steenbarger has some choice words for you: you're not going to make it. Instead, traders need to be passionate about markets. It may sound like a minor distinction, but it's not. In decades of working with billionaire hedge fund managers and traders, he's found that traders that are passionate about trading don't put in the work and trade too much.

To be successful trading, Dr. Steenbarger has learned:

1. A rule of thumb for how traders should control losses so that they never lose more in a morning than they can make in an afternoon, more in a day than they can make in a week and more in a week than they can make in a month;

2. Why traders should not just focus on minimizing their weaknesses, but also maximizing their strengths;

3. A simple trading journal that will help you improve each day; and


4. That the best traders are ones that embrace losses and use them to become better.

Author: Dr. Brett Steenbarger


www.tallinex.com wants you to make money from the markets.
Point #3 isn't necessary if you trade only one currency pair actually
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  #3  
Old 18-02-2019, 09:26 PM
2iquelo 2iquelo is offline
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Very good lessons for any trader aspiring to be successful in the Forex market. You must ensure your lossess are catered for by your profits, maximize on your strengths as you minimize your losses, have a trading journal for keeping track of your progress and embracing your losses by learning from your mistakes
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  #4  
Old 25-02-2019, 02:01 AM
Poinwan Poinwan is offline
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This list is very useful, especially for newcomers. Now that these points are on what traders must do to be succeed in the market, let me bring the aspect of what traders must NOT do if they want to be successful. 1) Don't risk more than you can afford to lose, 2) Don't be overwhelmed by what other traders are doing 3) Don't trade with emotion
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  #5  
Old 27-03-2019, 12:58 AM
robert.miner robert.miner is offline
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I conclude, everything should be on the work done and don't delay.
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  #6  
Old 09-05-2019, 04:17 AM
Hakone Hakone is offline
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I find that rules mention in article are just too general and might be a bit difficult to be understood by new traders how to apply them. I find Poinwan gave better advises of what exactly should be or not be done in order to become successful trader
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  #7  
Old 09-05-2019, 08:00 PM
vin2019 vin2019 is offline
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That the best traders are ones that embrace losses and use them to become better.


Absolutely right. Learning from losses is never easy. Those who learn from it, have a great chance to become a great trader in the future.
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  #8  
Old 20-05-2019, 10:13 AM
LuisEzell LuisEzell is offline
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1. Have a Passion For the Process

Around the age of 5, Earl Woods brought his son on to a TV show to demonstrate how good his son’s golf swing was. After the young Tiger showed a glimpse of what he was to become, his dad was asked the following question;

“How many hours do you make him practice every day?”

Earl quickly responded, “Make him…I cannot get him to stop.”

do what you love and are passionate about 2ndskiesforex
You have to have a passion for trading and the process. Your passion cannot be ‘outcome dependent‘, meaning if you make x dollars in y months, then I’ll remain motivated to do the work. You must be willing to do the work, particularly in the moments when things are not working your way. It is easy to do the work when all is going well.

2. You Must Accept a Tedium of Work in Your Learning Process

There will be moments in your learning process which will seem boring, tedious, and difficult. You will often have to work on things you like the least – perhaps money management, filling out your trading journal or reviewing your trades. It is unlikely you will enjoy everything you do equally. In all great things built, there was always tedium of work in the process – the moments where you sweat, tire and become exhausted. You must accept this tedium of work, and understand those little things build up skills and wire your brain to trade successfully.

practicing forex trading 2ndskiesforex

3. Frustration Often Times is a Sign of Progress

When the brain gets to something it doesn’t understand, it often gets frustrated not having the answer. Being frustrated by something in your trading process is a communique you are dealing with things more complex than you understand, or can do efficiently now. This is a good thing. It means you are now heading into territory you are not skilled in, but need to be to become a successful trader. Be grateful those things are being pointed out – for when you work on them, growth happens.

4. You and Your Environment Imprint Upon You

The things you say to yourself before, during and after each trade have an impact. They imprint upon you, particularly the emotional quality of them. The same goes for your environment (parents, friends, co-workers). Make sure what is imprinted upon you is positive and directs you towards being successful. Learn to protect your mental capital.

5. Do Not Expect Immediate Results

Nobody who is a successful trader (or successful at anything) got there in a matter of months and expected immediate results. In a great commercial ‘Maybe It’s My Fault‘, amongst saying many brilliant things, Michael Jordan shares the following;

“Maybe I led you to believe that basketball was a god given gift and not something I worked for – every single day of my life.“

michael Jordan practicing 2nd skies forex
It’s easy for us to see the success of such people. But we often fail to see all the hard work behind it. Michael had to work at his game for years, often filled with failures before he started to notice results. Real change in your trading does not come easily or quickly.
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  #9  
Old 20-06-2019, 01:38 AM
Viaso Viaso is offline
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I have seen a lot traders who are still blank in terms of knowing their strnegth and weaknesses. Knowing your strength and weakness is a huge success as far as I know. You can get success if you know yourself as a trader. Think well about it that how much you know yourself! Trading journal is helpful!
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  #10  
Old 10-07-2019, 07:01 PM
Fanaudy Fanaudy is offline
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I think trades must have to work on their weaknesses as it is the game of knowing your weaknesses and trying to minimize them as soon as possible. A single mistake can take you behind and it will become difficult for you to overcome. So, always plan well and work on your mistakes.
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