Forex success stories reddit

9 Things You Didn’t Know About Successful Forex Traders in

 

forex success stories reddit

Success is a moving target just like your accuracy. Be more concerned with progression, trajectory and process. In Closing. I hope you found these forex trading success stories above inspiring and what is possible. To be clear, these stories are not written in stone. They could go backwards and not make it . Jun 18,  · I trade my own account for a living. Tell your story Trading Discussion many of us have made it? How long did it take? What instruments did you start with? What where the obstacles to achieve success? Tell your own story in this thread. Let's make it inspiring! Forex is highly leveraged and this is where the potential for growth resides. Is that to say there are no success stories about trading Forex? No. There are claims but in the end it depends on what you define as successful. Do you need to make millions to be a successful FX trader or is being able to pay the bills and have money left over for the finer things in life enough for you?


Forex trading advice - by Reddit


Before we get into the nine attributes, I want to clarify how we will define success in this article. Any story about a successful Forex trader must include consistent profits. I think we can all agree that most traders use profits to benchmark the success of another. However, success in any endeavor is about more than just money.

I can offer help in drawing key levels, determining trend strength and price action signals. However, I cannot teach passion. There is no in between. Think about that for a moment.

If your only reason for trading is making money, then you may want to forex success stories reddit another look at your chosen career. Without passion and a love for trading, no amount of money can make you a successful Forex trader. In fact, the forex success stories reddit worked together at the Quantum Fund for more than a decade. Duquesne Capital Management is famous for posting an average annual return of 30 percent without a losing year.

However, Stanley decided to close the fund on August 18, He did this by investing the risk capital in his free time. However, nobody is perfect, and Bill is no exception. He was back to square one. But instead of throwing in the towel, he used that loss to fuel his passion for learning. Here are four key tenets from Bill Lipschutz himself: Time is a risk factor.

A three to one reward to risk ratio is acceptable for trades of 48 hours or less, but longer duration trades require a five to one ratio. According to Bill, a truly successful trader has got to be involved and into the trading; the money is the side issue.

You have to feel the pain of a bad trade, forex success stories reddit, or a wrong trade. Insane focus is a must! He was referring to the work ethic and insane focus required to succeed as a Forex trader. They Don't 'Lose' Before the emails start pouring in, forex success stories reddit, let me explain… No Forex trader is without losses. Most starting out in the Forex market view a loss as a bad thing. And doing something wrong is bad. Unlike you, the market is always neutral.

Thinking this way will only dig you a deeper hole. The successful Forex trader has the mindset that a loss is simply feedback. Losses can be a powerful way to learn. Just remember that even a trade that ends up as a loss can be the right decision, forex success stories reddit. How is that possible, you ask? Next time you have a loss, take it as constructive feedback.

Analyze the situation to see how you can improve the next forex success stories reddit. Start seeing trading losses as business investments rather than upsetting events. Each loss is an investment in your trading business and ultimately your trading education. Whether a trader is using raw price action or simply using it to identify key levels in the marketprice action plays a major role in any strategy.

It gives us some insight into the minds of other traders. Having some idea of where buy and sell orders are located in the market is critical to becoming the best Forex forex success stories reddit you can be. It can strengthen any trading strategy by providing areas to watch for potential entries as well as profit targets. Trading Forex without using some form of price action is like trying to drive a car with one eye closed. So even if you are developing a strategy based on indicatorsit would behoove you to learn about price action.

If nothing else, it will provide a solid foundation from which you can design and develop other strategies. They Have a Defined Trading Edge I see a lot of talk on the internet about the need for a trader to develop an edge and define it. So what exactly is a trading edge and why is it important? An edge is everything about the way you trade that can help put the odds in your favor, forex success stories reddit.

It even includes your pre- and post-trading routine. How do you handle losses? What do you do when you win? These are all things that make up your trading edge, forex success stories reddit. Think about it like this… What allowed Brazil to win so many World Cups in soccer football to most of the world?

Was it the passing? Maybe the shooting? It was everything. It was their passing, shooting, dribbling, movement of the ball, set plays and everything in between that gave them an edge over other teams, forex success stories reddit. Your trading is no different. Nor do you have to master all of them to start putting the odds in your favor. Instead, master one thing at a time. For example, forex success stories reddit, forex success stories reddit an expert at identifying key levels.

Then expand your skill set by learning how to determine trend strength. After that, set your focus on learning about pin bars. Those three things are all you need to witness a rise in your profit curve. Continue to expand your skill set in this manner and soon you will have a trading edge of your own.

The key is to only tackle one or two factors at most at a time. Using a slow and steady approach will get you on the road to becoming a successful Forex trader in no time. Not quite. This might apply to other ventures in life, but Forex is the exception, forex success stories reddit. This is different from studying hard. As a new trader to Forex, studying the market is highly recommended.

The harder you try to learn those particular topics, forex success stories reddit, the better. However, trying to make a trading strategy work will only lead to destructive behavior, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on subpar setups. In fact, I wrote a post that features several of his books.

When I first started trading Forex, I remember spending countless hours studying setups over the weekend. I would often come back to my trading desk multiple times on Saturdays and Sundays. Then on Monday, more often than not I would end up taking a completely different trade setup only to watch the original trade idea move in the intended direction without me. Does that sound familiar? It happened because I was trying too hard. As soon as I stopped over-analyzing trade setups and trying to make them work, my profit curve started to rise.

Now I spend maybe 20 to 30 minutes per day looking at my charts—the exception being the charts I post on forex success stories reddit websiteof course. As counterintuitive as it may seem, learning to not try so hard was one of the things that completely changed my trading career for the better. Successful Forex traders have taken note of this, which is why they let the market do the heavy lifting for them.

The concept of thinking in terms of money risked, as it applies to Forex trading, is no exception. Think about your last trade for a moment. Did you define the exact forex success stories reddit amount at risk before putting on the trade?

Or were you more focused on the number of pips and the percentage of your account at risk? The convenience of Forex position size calculators has made it so that we never have to consider the dollar amount being risked.

This convenience has caused a huge oversight. Yes and no. In it, I talk about the need to think in terms of money risked vs. This is because pips and percentages carry no emotional value.

So when you define your risk on a trade as a percentage only, forex success stories reddit, it triggers the logical side of your brain and leaves the emotional side searching for more. The best Forex traders know this. In other words, trading Forex to gain a certain amount of money within a specific time period. Such a statement would contradict my own experience. What I am saying is that no successful Forex trader needs a win today to pay the electric bill tomorrow, forex success stories reddit.

No trader can sustain that kind of pressure and become consistently profitable. That type of environment will only foster destructive emotions such as fear and greed. Embrace the challenge and focus on the journey to becoming a successful Forex trader and the money will follow.

 

Successful Forex Traders And Other Rags To Riches Stories

 

forex success stories reddit

 

Jun 18,  · I trade my own account for a living. Tell your story Trading Discussion many of us have made it? How long did it take? What instruments did you start with? What where the obstacles to achieve success? Tell your own story in this thread. Let's make it inspiring! Forex is highly leveraged and this is where the potential for growth resides. The Forex success stories that inspired me are very old. Behind them, there are people who were able to earn consistent money from Forex Market. The difference between Successful Traders and who rejects the idea to invest on Forex is the perception of the ucexozavul.tk: Girolamo Aloe. Nov 11,  · Refrain from discussing crypto. Also, any conspiracy thought about crypto replacing Forex is considered a troll post and will see that poster escorted out. Who here is a successful full time trader? Other Questions Always love seeing success and motivational stories, I'm sure a lot of other lurkers would as well! 20 comments;.