What is their mindset like, what is their trading process and routine like? What are they doing that you are not? How frequently are you trading? Three times a week? Twenty times a week? Many beginning and struggling traders do not realize that trading less often will typically increase their overall profit factor, and the more patient and precise you are with your trades, the more control you have over your trading and that means you can ultimately extract more money from the market. Understanding simple math will show you that making more trades will increase your error rate and decrease your overall profit factor. For an example of this, checkout my article on low-frequency vs. In order to win at trading, you need to outsmart and out-think your opponents other traders. The market is set up to deceive novice traders, be mindful of this when making decisions. Always look at things from your opponents point of view, as he is betting in the opposite direction that you are…remember there is always somebody on the opposite side of your trade, wanting the market to go in the opposite direction and having equally strong convictions in their trade as you have in yours. Try to put yourself in their how and understand why your opponent might have that alternate view, weigh all the possibilities before committing to your view or trade and see if it still makes sense, if it does then trust yourself and proceed. A very important factor in your long-term success as a trader is CORRECT stop loss placement. Whilst forex losses are a necessary risk management tool, they are also the reason a trader gets stopped out of a trade for a loss; because there stop loss gets hit. Many traders misplace their stop losses by placing them at the wrong levels, and they are often too wide or too tight. This will destroy even the greatest trader with the best analysis skills. There is more in my course about stop placement for various trade setups…. Great trends are often self-fulfilling, meaning they tend to continue higher or lower, often just by the very fact that the longer they persist the more traders jump on-board, until the very weakest hands are on-board right before the trend comes crashing to an end. People like to bet against trends for a variety of reasons; arrogance from wanting to pick the top or bottom, or believing something like: If a market is trending and moving in one direction successful a sustained period, the probability is obviously that it will continue in that direction until it has clearly ended. However, due to their emotions as well as the tendency to over-analyze the market, most traders always try to fight this probability. This is a self-fulfilling concept, in that the longer a trend goes the more momentum it has and the more people jump on-board, until finally the last and least experienced traders jump in right when the trend is coming to end. In bull markets, when a market makes a new high consistently, every day a large heard of bearish traders are getting stopped out of short positions and liquidating, which fuels yet more buying. The only sure-fire way to know a trend has ended is when the new direction trend is underway. Great traders need to back themselves and have the tenacity to take risk and handle the emotions that come with it. They take the punches as they come, shake themselves off and get up again to fight another day. Start believing positive outcomes have already happened, tell yourself and affirm to trader that you are profitable and your about to make a massive trade. Your mind is extremely easy to train if you repeat this day in day out. Soon it will become part of you and how you act naturally. Amazingly, traders over-think this, and the whole industry is designed to deceive you and try to make you believe that trading is complex and sophisticated. You need to conduct analysis on a chart that is based on price, because if you can anticipate price movement you can profit from it. Again this is all quite logical really, and for some of you the penny has already dropped I hope. Your beliefs in the market need to be logical but also simple. The stop loss placement, the entry price, the target price, the emotional roller coaster, self-doubt, etc. By combining this trading approach with the important points we have discussed above, and applying yourself consistently, you stand a successful in the jungle we call the market. Another inspiration for traders to aim higher. Your type of trader coach is very rare. Thx a lot ,Nail. Keep it all simple always. With each of your article, I am a successful professional trader. Thank you very much. I am also one of your students and I must admit that although you stress highly enough that every trader should under trade and be patient, it took me nearly a year to put this in practice. However I am slowly but surely getting there. I have really simplyfied my approach, making no more that trades per month and it works out nicely. Thank you guys and please keep on doing the trader job!! I did not start yet, I am still reading and learningonly from your website! After reading Nials essays on trading I am convinced he is the number one in the philosophy of trading. I only wish I could adapt his teachings to my eager mind. This is so inspiring and at the same time Challenging me to stay focused. Thanks for all your doing. I begin to wonder why I left my home daily chart for those scary jungle low time frames that offer no man any good but instead takes his little. I pledge never to sway again, I pledge to always be with LTTTM and never ever imagine going back to that jungle, for home is sweet. Neil thanks,after struggling for a year,found your site and everything changed. HI Nial, thanks for the article, its spot on and summarises everything about Fx tradining. Another great article, I am one of your students, learning, making mistakes, learning. There was more gems in this weeks lesson, thank you Gye. I have been a LTTTM member since July. How have been consistently profitable over the last few months for the first time in three years. I am amazed how your articles always offer new insight and direction, while still driving home the core principles of your philosophy. Your writing is obviously about forex and trading, yet so many of the lessons I find I apply to my life at large. I really appreciate that you continue to put in so much effort to the blogs and to the daily commentary. Your email address will not be published. Notify me of forex comments by email. Notify me of new forex by email. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not trader indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Lower your trade frequency How frequently are you trading? Remember that all the other traders are your opponents In order to win at trading, you need to outsmart and out-think your opponents other traders. Incorrect stop loss placement can destroy you A very important factor in your long-term success as a trader is CORRECT stop loss placement. There is more in my course about stop placement for various trade setups… The market will always go further than you think Great trends are often self-fulfilling, meaning they tend to continue higher or lower, often just by the very fact that the longer they persist the more traders jump on-board, until the very weakest hands are on-board right before the trend comes crashing to an end. Now I want to hear from you! December 30, at 9: November 7, at 5: May 30, at 3: May 23, at January 16, at 4: January 1, at 3: December 15, at 2: December 14, at December 13, at 1: December 12, at December 11, at 7: December 11, at 8: ChristineFrance says: December 11, at 3: December 11, at December 10, at December 10, at 6: December 10, at 1: March 12, at 4: December 9, at December 9, at 9: Leave a Comment Cancel reply Your email address will not successful published. Categories Forex Trading Commentary Forex Trading Videos Forex Trading Strategies Forex Trading Articles Trading Lessons Blog Forex Trading Blog Trading Tools. Nial Fuller Learn To Trade Forex Price Action Trading Nial Fuller Reviews Beginners Forex How New York Close Charts Forex Broker. Copyright Learn To Trade The Market.
Forex Trading Success - Lifestyle of the Millionaire Forex Traders
Forex Trading Success - Lifestyle of the Millionaire Forex Traders
2 thoughts on “How to be a successful forex trader”
Hurricanes, tornados, and tsunamis occur with such regularity throughout the world that society has developed warning systems and is prepared to rebound from these disasters as quickly as possible.
Hurricanes, tornados, and tsunamis occur with such regularity throughout the world that society has developed warning systems and is prepared to rebound from these disasters as quickly as possible.
However, from the looks of it, it seems that legislation is going to make the legal driving age eighteen.