How to be a successful trader in long run?

[Cornix]

One more thing: you don't have to BEAT the market. That is incorrect term psychologically, it programs you for a struggle. Just FOLLOW the market and let it make you money.

Don't fight it, ride it.

 

[stevetracks]

That really tough one to answer. I would say that for being a successful in long term you have to invest & then forget that investment. when prices got at maximum when you should decide what to do. More over there are many better option that would be provided by persons present in forum more expert then me. :smart:

 

[NVP]

make your capital last longer than your apprenticeship period ........

 

[NVP]

and set up a company selling trading education and systems.....

 

[Cornix]

That really tough one to answer. I would say that for being a successful in long term you have to invest & then forget that investment. when prices got at maximum when you should decide what to do. More over there are many better option that would be provided by persons present in forum more expert then me. :smart:

Yeah, that's known as letting profits run. If combine that with cutting losses, will be solid approach indeed.

 

[Jack_Larkin]

and set up a company selling trading education and systems.....

LOL... this is exactly why I give away my teachings for free.. I want my free material to kick the crap out of anything paid.

If you're going to pay for training / mentoring, it has to be worth it... dropping cash on a basic "what is forex" course is just silly.

 

[FXSense]

Ok, I think you need to think of trading like gambling. Ever heard of professional gamblers? They're basically in the same game as professional traders: they both work out a *statistical* edge with which to win in the long run. To concentrate on trading: say you fix a limit at three times your stop loss (at a level you have backtested to work according to various scenarios - fibonacci retracements are a common tool for example), if the probability of you being right on any trade is 50% (the same as flipping a coin), you will get the edge over time.

 

[snsFX]

Psychology. You have to outfit yourself mentally if you intend to be a successful trader. If you go into it thinking that you're going to fail - you will. It's important to get the foundation (e.g. learn the strategies, create and FOLLOW a trading plan, etc.) but psychology is what will carry through in the long term