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Mysticforex

Become a Better Trader

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Becoming a good Forex trader isn't an easy task. I too am still trying. After many struggles I am becoming a good trader. My struggles and fails actually helped a lot. Only thing I did correct was not giving up no matter what.

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another thing that might seem simple but i hope people or traders should be more aware off, that quitters never won anything, so dont give up. as long as you push forward you are bond to improve one way or another :)

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The best trader is the one who selects best broker according to me. I have invested much in various account and trusted many brokers but I never earned much as I do with my present broker.

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Keep learning, must know that forex trading is one long term business, temporary lost is the foundation of future success. So survival and learning are top important things for new ones.

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In my opinion, successful trade need rich experience and learn lessons from past failure, it's impossible for new ones to understand market trend and predict movement correctly.

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  1. Make a resolution to learn. Action follows intention, so take your first step toward trading by making a resolution to learn how to trade stocks. ...
  2. Do your research. ...
  3. Get in “back to school” mode. ...
  4. Set goals. ...
  5. Seek guidance. ...
  6. Start trading. ...
  7. Evaluate your progress. ...
  8. Cultivate good habits.

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Traders must have an edge to be profitable. The traders that have discipline, have done their homework about historical price action, and stay in control of their emotions will make money.

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On 1/17/2014 at 9:24 PM, Mysticforex said:

This is really meant to be a "Mindset" or in the Psychology Thread, but I was not sure if any beginners would see it there.

 

I am hoping other experienced traders will weigh in with a tip or two.

 

Never trade when you are sick, tired, or in an emotional funk.

Always, always, always use a stop.

Don't stress about trades you missed. You can't lose what you never had.

This is simply one part you have defined here. lack of knowledge and awareness is also another part than needs to be consider before starting trading. 

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8 Ways To Become A Better Trader
  1. The desire to be a better trader. ...
  2. Brush up on trading basics. ...
  3. Get a mentor, and meet with them frequently. ...
  4. Diversify. ...
  5. View mistakes as an opportunity to improve. ...
  6. Stay updated on the news. ...
  7. Emulate traders who are better than you. ...
  8. Don't shy away from conflict.

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Learning can help many traders to be good at their trading life. The most important is yourself improvement that how you are surviving this business and how you are going to be here.

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On 1/21/2014 at 6:28 PM, MidKnight said:

Develop a plan.

As one goes on their trading development journey and they are exploring a variety of markets, timeframes, and methodolgies - you'll need to develop a plan. The plan doesn't have to be some objective extremely specific set of rules. It can be a loose set of guidelines that makes sense to you that gets refined over time with your experience. The goal is to start acting consistently so you can get consistent results.

There will probably be times that you violate the plan for whatever reason and I think that is normal, especially for more discretionary plans. But the key is to consciously violate it rather than getting lost in the throws of the market or in ones emotions. If you are consciously violating the plan you will note it in your daily review and over time you will collect enough data that may or may not indicate that the violation improves your plan.

Develop a plan today.

This is the key component. If you have a good trading plan, while working when sick isn't advisable, you should still be make the same trades as you would if you weren't sick. Your mental judgement shouldn't be impaired to a degree that you won't follow your plan, if so then yeah, don't work.

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How to develop correct and risk conservative trading plan? What are the main pillars that any trading plan should rest upon? I just don't know where to start, just scalping with Hotforex making 30-40 dollars daily. But frankly I want more. 

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