How to succed in trading business

[fadly fahmi]

To be successful in trading cannot be obtained in an instant. The fact is that 95% of traders experience losses in their trading activities, especially for beginners who are just a little familiar with forex and don't have sufficient experience. Even so, not a few traders who have been in the world of forex trading for a long time still end up with an MC (margin call) in each trading session because they don't take lessons and rarely practice besides the many other variables.

In my opinion there are 3 basic things to be successful in forex trading, namely:

1. ability to analyze the market

There are 2 types of Forex market analysis namely technical analysis and fundamental analysis. Technical Analysis relies solely on price charts whereas Fundamental Analysis explains the basics regarding the economic factors that make prices move as seen on the charts.

2. money management skills (MM)

This ability relates to how to manage capital and how to minimize risk (risk management).

3. self-control ability (psychology trading)

This ability relates to emotional regulation, discipline, patience, non-greed and calm in trading activities.

 

[andronic vasile]

Education and Research: Before you start trading the Forex market, it is essential to educate yourself and familiarize yourself with key terms and concepts. Understanding technical and fundamental analysis, as well as different trading strategies, will help you make more informed decisions. Invest time and effort in learning as much as you can about the market and staying up-to-date on relevant economic events.

Risk Management: It is important to have a disciplined approach to risk management in Forex trading. Never invest more than you can afford to lose and set clear limits on your allowable losses before entering a trade. Using stop-loss and take-profit orders can also be useful to protect against excessive losses or lock in profits.

Planning and Discipline: Develop a detailed trading plan before you start trading and stick to it strictly. Your plan should include your market entry and exit strategies, stop-loss and take-profit levels, and risk management. Be disciplined in applying your plan and avoid impulsive trading based on emotions.

 

[noahlucas]

To succeed in trading:

1. Educate yourself and continuously learn.
2. Develop a well-defined trading plan and stick to it.
3. Implement effective risk management strategies.
4. Practice with demo accounts before trading with real money.
5. Start with a small capital size.
6. Maintain discipline and emotional control.
7. Evaluate trades based on risk-to-reward ratios.
8. Regularly evaluate and adapt your strategies.
9. Seek knowledgeable advice and learn from experienced traders.
10. Be patient, persevere, and learn from both successes and failures.

 

[kellahd]

Thank you for good and useful information
In my opinion, psychological control is the basis for owning your feelings and not letting them control them

 

[saeed2222]

Capital management is one of the most important aspects of forex trading. It is the process of allocating capital in a way that reduces risk and maximizes returns. According to Investopedia, traders should not risk more than 1% of their own money on a given trade 1. This is because leverage can magnify returns, but it’s prudent for less-experienced traders to limit themselves to a 1% risk per trade

 

[igogreen]

One more thing to keep in mind

Specialize in a Few Instruments or Markets: Rather than trying to trade multiple instruments or markets, focus on a few that you are most comfortable with. Develop a deep understanding of their dynamics, price patterns, and behavior. Specializing allows you to become more proficient and increases your chances of success. Don't jump from one shinny toy to the other. Stay focused.

 

[kustiya]

You must have a consistent trading plan
discipline with the trading plan that has been made
do not open position if there is no signal