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How can be a successful trader ?

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  • If you want to be successful, you must be patient. Don't take risks in the beginning and find good trading tactics.

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    • If you want to be successful, you have to spend a lot of time trading. You have to test a lot and trade a lot. Then you will have experience and skills. That's all, do not load the brain with all sorts of rules.

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      • 1. learn the basics
        2. analyse the market in order to learn how to identify a price trend
        3. choose the currency pair
        4. try online forex trading on free practice account (good option: https://justforexidn.com/education/practice-account-opening/?c=fd58bf)
        5. choose the broker
        6. improve your strategy and sharpen your psychology as well

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        • 7. take losses, something I failed to do early on and paid dearly

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          • Choose only regulated brokers. Don't loose your money by choosing wrong one. I know exactly how most of the retail brokers doing.

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            • Develop a trading plan and always adhere to it. Don't risk more than 2% of your margin per single trade. Keep your emotions separate from trading. Never trade to compensate for your losses.

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              • Easy said. But in reality HARD to achieve...lol

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                • smart money management is key to successful trading...

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                  • Originally posted by mdenamul View Post
                    Now I am trading in forex . Already I have earned some profit . Now I want to earn a huge amount of money .That is why I want to be a successful trader and searching good suggestions to trade.
                    To be successful trader you will need to make it to yourself. I would say at least 2 years of activity that is on the positive end with maximum drawdawn up to 20%...

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                    • To become successful in Forex market is a challenge for one who are new beginner as this market is huge being global there are so many trader and brokers who have made their remarkable place and name in market with their rich experience and skills. To explore your self in trading open a Demo account with any broker i would recommend LMFX, they provide you good leverage as well as basic trading study kit so that you can do well on demo account and prepare yourself for LIVE account.

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                      • Originally posted by Davidfeliciano9 View Post
                        Develop a trading plan and always adhere to it. Don't risk more than 2% of your margin per single trade. Keep your emotions separate from trading. Never trade to compensate for your losses.
                        It's great that you mentioned about the risk per trade, many newbies tend to neglect this important setting, placing stop loss randomly or as they say "behind some important levels". I think without strict rules, varying stop loss level can be confusing or in the worst case misleading.

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                        • To become a successful trader, you need to become a skillful trader first. If you possess proper skills, success will be at your doorsteps in no time.

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