BUY FXO Forum Shares
1316
Shares in the BANK:
We BuyWe Sell
$1.8836$1.9419
Results 1 to 13 of 13

Thread: Best Forex Trader - 2 Characteristics of a Top Trader

  1. #1
    Bullish
    Join Date
    Apr 2008
    Posts
    68
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Best Forex Trader - 2 Characteristics of a Top Trader

    There are so many traders in the currency market, and yet only a few are able to consistently make money. These are the people who are able to do the things that thousands of others cant. They are truly exceptional people.

    In this article, I will briefly discuss the 2 main characteristics successful traders, and why its so hard for others to follow in their footsteps.

    Characteristic 1 - Discipline

    In my opinion, this is the number one reason why most people fail to make money in Forex trading. There are plenty of educational resources to help most people become (at least) decent traders, and yet most people dont follow these useful teachings.

    Why is that?

    You see, when youre at your trading terminal (i.e. your computer or laptop), theres no one to tell you what to do. At work, your boss is watching your every move, and even at home, your family members are at some level keeping you in check.

    When trading however, theres no one to stop you from making mistakes. Youre allowed to cut corners; youre allowed to break your trading rules; heck, youre basically allowed to do anything you want!

    And thats why most people fail because they trade alone without supervision or help.

    If you can master your own discipline, success as a trader will come naturally to you.

    Characteristic 2 - Passion for trading

    This is another characteristic of top traders that most other people dont possess.

    Successful top traders are in love with trading. To them, its a satisfying activity in itself - making lots of money is only a bonus. Their number one priority in trading is the satisfaction derived from a well-placed trade.

    Most other people however, look at trading as only a means of getting rich. They chase after the latest fads and trends without developing a real passion for the game. After the initial excitement of trading is over (not to mention their empty trading accounts), they move on the next best money making opportunity.

    The people who have a true passion for trading will still be around, working hard to improve themselves and their trading system.
    by:blogger.2bull.com

  2. #2
    Bullish soumyakhatri's Avatar
    Join Date
    Nov 2008
    Posts
    91
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    well ther are so many forex trader
    i have been experimenting on them from the last few months
    i have mt4,******, forex master,fxopen,,,,,,,

    but i think fxopen is good trader
    it provide good promotions..........
    Regards
    SOUMYA KHATRI
    Contact me at:[email protected]
    Till u site have FXOPEN banner u can add u site. 2nd time warning.
    14) It is not allowed to promote websites which do not contain FXOpen banners.

  3. #3
    Bullish soumyakhatri's Avatar
    Join Date
    Nov 2008
    Posts
    91
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    well ther are so many forex trader
    i have been experimenting on them from the last few months
    i have mt4,******, forex master,fxopen,,,,,,,

    but i think fxopen is good trader
    it provide good promotions........
    Regards
    SOUMYA KHATRI
    Contact me at:[email protected]
    Till u site have FXOPEN banner u can add u site. 2nd time warning.
    14) It is not allowed to promote websites which do not contain FXOpen banners.

  4. #4
    In Profit
    Join Date
    Jul 2008
    Posts
    101
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    i should say, along with discipline and Passion, a good forex trader should also have patience to wait for the right opportunity. Money management is also a main factor, even a bad system with good money management can give u succes.

  5. #5
    Bullish
    Join Date
    Jul 2009
    Posts
    75
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    yeah discplene is the most important quality for the forex trader and u have to have a fixed plan too

  6. #6
    jey
    Guest

    Default

    Quote Originally Posted by soumyakhatri View Post
    well ther are so many forex trader
    i have been experimenting on them from the last few months
    i have mt4,******, forex master,fxopen,,,,,,,

    but i think fxopen is good trader
    it provide good promotions........
    r u talking abt trader or broker?

  7. #7
    FxIndia Administrator Invest_Master's Avatar
    Join Date
    Apr 2007
    Location
    India
    Posts
    168
    FXO Shares
    0
    FXO Bonus
    -0.060
    Thanks
    0
    Thanked 3 Times in 2 Posts

    Default

    Quote Originally Posted by jey View Post
    r u talking abt trader or broker?
    I'm sure he means "Broker".

    Regards,
    Invest_Master

  8. #8
    Intraday Master qlinks's Avatar
    Join Date
    Nov 2007
    Posts
    385
    FXO Shares
    0
    FXO Bonus
    0.270
    Thanks
    26
    Thanked 13 Times in 12 Posts

    Default

    Everybody is talking about discipline and all that, but is it really the main cause of
    the downfall of many a trader. In my opinion, what just one need is a good, tested,
    profitable system. Discipline and all that, is secondary.
    From what I have studied which can be considered as practical knowledge, there are
    basically 3 things one need to succeed:
    1. a positive mindset, 2. money management, and 3. a profitable method/strategy.
    With this, one can never be far from profits.

  9. #9
    Elder Analyst RahmanSL's Avatar
    Join Date
    Dec 2009
    Location
    Land Below The Wind
    Posts
    802
    FXO Shares
    0
    FXO Bonus
    0.080
    Thanks
    0
    Thanked 27 Times in 25 Posts

    Default

    You may have the very best & fantastic trading strategy and 101% positive mindset, BUT if you are NOT discipline and is impatience to make those thousands, hundreds of thousands, and even millions which which you have "achieved" on Demo accounts, and start trading large lot sizes which does not reflect your funded live account, or to place too many trades (over traded) that turn against you, then you will most definitely wipe out the account 99.99% of the time....that 0.01% is for those who are exceptionally LUCKY and somehow entered the market at the correct time most of the time.

    Don't expect to make daily usd100 profits on a usd500 account. A usd10 - usd15 is achievable, but if trades are placed only after due studies have been carried out on market movements.

    In it's simple form, a sure 100% way to wipe out account is to have high expectation in an insufficiently funded account.

    That, my friends, is from someone who has wiped out more accounts than he can remember but has now come to realized that if you want to win big, have a big fat account in the first place. And never over trade the account!

    Good money management is, as a matter of common sense, an essential requisite to avoid account wipe out.
    But just risking 3-5% of available free margin (as advocated by many "seasoned successful" traders) is, in my personal opinion, for monks!

    And also my personal opinion, you can risk even 50-70% of your available free margin and comes out ahead provided you see an opportunity in a trending market and enter at the correct time.

    They say trading the forex is NOT like gambling. But, again in my personal opinion, what's the definition of "gambling"??
    In Wikipedia, gambling is defined as: "Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period."

    So, what's the difference between trading the forex (or stocks & bonds) and gambling? Both are betting on an event with an uncertain outcome. If market moves in our direction, we win...if market moves against us, we loss!
    All the indicators/charts/patterns/what-have-you just "indicate" the probable direction of a currency or commodity. They do not give 100% probability. It might be summed up as "calculated risk", but isn't a poker player pulling a bluff doing exactly the same thing???

    Alright, to sum up my long winded post:

    1) Have an adequately funded account if you want the big bucks.

    2) Study and know general market condition and sentiments before you start trading. Take time to do that and be patience and not jump straight into a trade the moment you fired up your computer.

    3) Don't over trade or over extend your account free margin. If market is not moving, don't trade as the forex will still be there tomorrow...and the next!

    4) Practice reasonably good money management.

    5) Don't try to emulate those successes and huge profits which you have achieved on Demo account(s).

    That's it! No top secret formula to being a profitable & consistent trader!........And, lighten up, don't get all stressed up pouring over charts/indicators/what-have-yous, and try to have some fun...in fact, I am trading 2 live accounts as I post here at the FxOpen site and elsewhere....and listening to Bloomberg (left running on my computer background) latest news as they come out, read some news flash, reply to e-mails, and working my full time job managing project works.
    Last edited by RahmanSL; 02-10-2012 at 05:25 AM.
    "Making Profit IS EASY, keeping it IS NOT!"

  10. #10
    Market Maker ilearn2t's Avatar
    Join Date
    Sep 2008
    Location
    In my house
    Posts
    2,473
    FXO Shares
    0
    FXO Bonus
    2.756
    Thanks
    386
    Thanked 211 Times in 159 Posts

    Default

    Hello Everyone

    I believe the primary purpose for discipline is the pursuit and development of knowledge in life, and keeping in line with this thread "Forex".

    To fully fulfill your "Passion for trading" you first need to gain a bit of knowledge about it, development over a longer time will mean a lot of discipline on your part, but rewards should follow in your pursuit and knowledge.

    ilearn2t

  11. #11
    seahawks90
    Guest

    Default

    Quote Originally Posted by ilearn2t View Post
    Hello Everyone

    I believe the primary purpose for discipline is the pursuit and development of knowledge in life, and keeping in line with this thread "Forex".

    To fully fulfill your "Passion for trading" you first need to gain a bit of knowledge about it, development over a longer time will mean a lot of discipline on your part, but rewards should follow in your pursuit and knowledge.

    ilearn2t
    I agree with you on this point and i must say that [B]discipline is the key to get the success[B]
    and a person who follow all the rules and regulations and stick with the discipline always become successful . And knowledge always enhance the skills of a trader and this field always wants a person who have great skills and great knowledge.

  12. #12
    Elder Analyst
    Join Date
    Mar 2012
    Posts
    669
    FXO Shares
    0
    FXO Bonus
    5.860
    Thanks
    0
    Thanked 3 Times in 3 Posts

    Default

    disciplines using the strategy in accordance with a predetermined rule and using the money management discipline in the forex business is indeed going to make the trader get the most benefit and minimize losses.

  13. #13
    seahawks90
    Guest

    Default

    its true that discipline always makes a man perfect and it always minimize the percentage the risk as @puji have described so i want to say that disciplined traders always make some great profit.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Disclaimer
2005-2017 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning:: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us