Forex Resources - What made you a good Trader?
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Thread: Forex Resources - What made you a good Trader?

  1. #1
    Hi,

    As a forex newbie I am attempting to gain all the advice possible.

    I've researched all over the world wide web, the range of information appears quite wide, I dont know what to look at first!

    I am looking for a few books that might help my thinking regarding investing, or instruct me only a bit more

    Additionally, any relevant sites which you think could be helpfull, feel free to chip in!

    Other than this, what made yourself a good trader?

    Thanks!

  2. #2
    The key for me is very conservative and stingy on my losses.
    I dont require a commerce unless it's a set up I have alot of confidence and I don't let a commerce go very far against me. As soon as a trade does not do what I expected I am out. I don't wait or go into hope mode.

  3. #3
    Every loss I make take makes me a Much better trader...


    Thank You,

    Nader

  4. #4
    There's a foundation level of understanding which you can develop on forex on sites similar to this one which is probably more valuable than that which you can find in books. To specifically address the question in the name of this thread, What made me a good trader. Here is a listing:

    Practice, Practice, Practice! I have learned the most about the markets that I trade by making observations, trying out these observations by creating them into trading egies, implementing those egies (either in practice mode or in live trading) and then evaluating my results and refining the egies.

    It is possible to grab a lot of market specific information by asking the right questions, and researching the response. For example, at no cost that you can get Metatrader and examine past price movements. You can try out many of the methods being discussed here by other traders either manually or by forward testing them. You will probably find out since I have, that 95 percent of the methods discussed in public are not for you, and the majority of those do not have a positive edge or are hard for you to implement. You really have to find a method which is simple for you to implement, and to do that you'll need to try out several different methods to see what type of trading works best for you personally. Then you can normally refine that procedure into something that is profitable. Easier is better.

    One of the most difficult items to grow (but perhaps the most valuable), at least for me is the inner game of gambling. You have to figure out your strengths and weaknesses as they relate to this market. My strengths are strong analytic abillity, persistence, dediion, love of trading, aggressive spirit, want / will to acquire, strong belief / confidence in my skills, strong commnt to my rankings, a depth of experience with respect to the way the markets move, an adequate sense of when movements are finishing / starting, a very strong work ethic and good observation skills.

    My natural flaws (some of which I have managed to cancel / overcome) include hesitating when things are moving too quickly and conclusions need to be made in split seconds, being strongly committed turns into a weakness once I become overly attached to a direction or commerce, overly stiff, and this typically translates into not leaving positions once I know deep within my heart it is the right time to depart / reverse, too much desire to generate money quickly that translates into trading bigger size than that I should be trading or accepting trades once I do not have a favorable entry price, and the list goes on and on.

    I have become a good trader through lots of experience, confidence and placing those to the test by challenging myself in several trading contests where I have performed on a really high level in both real and play money over periods as long as a few months. I have a strong belief that no matter what setbacks happen to me in the markets, I can return stronger and also make up any shortage in short order. I constantly refine my methods, and seem to see what's working in the markets I trade. I am pretty sure I invest more time and effort at this than 99 percent of the other market participants. I browse a lot of what other traders are doing / saying but there isn't a lot of high quality information on the market so that you need to sift it. The challenge would be to always stay connected together and in tune with what's going on in the markets that I trade and to trade little so that mistakes are insignificant. I have learned to scale the exposure as things go my way so I have more exposure once I have the very best chance of market surprises helping my rankings.

  5. #5
    Quote Originally Posted by ;
    Every loss I make take makes me a better trader...


    Thanks,

    Nader
    That's a fantastic philosophy and may be the holy grail for anyone trying to elevate their game. If you learn something from every reduction, then you truly have gained invaluable insight which could help you proceed. Thus losses are stepping stone to higher profits. Gains could be used the exact same way.

  6. #6
    Quote Originally Posted by ;
    As a Currency Market newbie I'm attempting to gain all the advice potential.

    What made yourself a good trader?
    The first thing I would tell anybody starting out from the trading company, especially those who are following the self-lecturing road, is that you are likely looking to a 2-year-plus commnt of complete commnt before you can actually claim consistency in your profits. The first mistake I made as a newbie was assuming that I would have this nailed down over 6 weeks.

    So, before setting foot into trading, ask yourself this: am I really willing to place 2 years of damn hard job before I can actually make a CONSISTENT cent or 2 off the markets?

  7. #7
    That, WTB and I concur. After a few years trading stocks I had much to learn. After 1-year in forex I have stopped losing real cash and began the recovery.

    I discovered two things especially difficult to deal with. The first is lack or fear of resolve, or something along these lines. The second was that the temptation to over-trade when things aren't moving so well.

    It comes down to cash management, and realising when you ought to just switch-off the computer and consider why things went wrong. Look yourself in the eye and acknowledge you're dumb.

    Most times there is no trade prepared to shoot and you only have to wait and watch. The instruction never ceases and only your determination will carry you through.

    Oh, and I never had such pleasure!

  8. #8
    1) Don't believe everything that you read in textbooks. Some are great, some are normal. This you will work out more than
    2) Don't believe that you can crack this market in months, it takes years my buddy
    3) Learn how to work with your emotions as your buddy when you trade. I.e.: if you take a loss, learn from it, then do not get angry or frued.
    4) Be deadly serious about this business.
    5) Don't go spending $1000's on courses and conventions, there is heaps for free on the internet.
    6) Using someone else's egy MAY work for you, you might have to come up with your own.
    7) Money direction, the key to staying alive in any market. Ensure you know that and do not go over leveraging your account. Even if you have a series of losses at least you can remain in the market more.
    8) Maintain your system so simple even a child can trade it. Don't go making a simple task complied. Us humans are known to do this by nature.
    9) And finally, enjoy this company, make it fun!

  9. #9
    Quote Originally Posted by ;
    Every reduction I make take makes me a much better trader...


    Thanks,

    Nader
    I have to be a genius then.hehehe

  10. #10
    Begin adore this forum and see valuable information worth over $1.000.000,-

    Thanks God I found this forum before I sign up FXCM trading course

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