Thread: What you need to do to enjoy Forex trading success

Hi,

Most people don't enjoy Forex trading success, because they make the basic errors below, make any one of them and you will fail too. Let's look at the mistakes and what you need to do to enjoy Forex trading success.

Major errors made by traders include.

- Trusting a Forex robot or Expert advisor to lead them to success

- Believing the markets can be predicted in advance

- Believing that Forex scalping or day trading is a way to make money

- Thinking that working hard guarantees success

- Thinking that being clever is an advantage

- Thinking that complicated trading systems work better than simple ones

- Thinking they will not suffer long periods of drawdown and not being prepared to accept this and keep losses small

- A failure to run profits due to not understanding standard deviation of price.

All the above beliefs lead to losses i believe, so avoid them.
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Choosing and implementing the right trading strategy is key to success in Forex.

Originally Posted by ForexExpert

Choosing and implementing the right trading strategy is key to success in Forex.

Ye but the strategy should be simple and flexible according to the situtation. Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.

Originally Posted by cozy

Ye but the strategy should be simple and flexible according to the situtation. Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.

I agree,
you can't implement the same strategy all the time as the market is not the same. You have to know deeply about the market variations so you can implement right strategy at the right time.

Happy trading

True, you have to have a good understanding of how the market works.

And what is wrong with scalping or day trading?