Importance of Being a Disciplined Trader in the Forex Trading

When I first started in Forex I was greedy, didn’t set trailing stops to lock in profits, let trades run negative for too long, but Since I started again on Monday I’m more disciplined and focused on just winning more than i lose every week. Currently going 8/9 on winning trades & happier than ever.

When I first started in Forex I was greedy, didn’t set trailing stops to lock in profits, let trades run negative for too long, but Since I started again on Monday I’m more disciplined and focused on just winning more than i lose every week. Currently going 8/9 on winning trades & happier than ever. submitted by WhoseForgotten to Forex [link] [comments]

How to be disciplined in forex trading?

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importance of forex trading discipline

follow the link to know about importance of forex trading discipline and patience- http://mytradeanalysis.com/importance-of-forex-trading-dis…/
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Learning Forex With Discipline – Forex News Spike Trading

Learning Forex With Discipline – Forex News Spike Trading submitted by ososru to Bitcoin4free [link] [comments]

Learning Forex With Discipline – Forex News Spike Trading

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Learning Forex With Discipline – Forex News Spike Trading

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Learning Forex With Discipline – Forex News Spike Trading

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Discipline and Patience in Forex Trading

Discipline and Patience in Forex Trading submitted by allaboutforexworld to u/allaboutforexworld [link] [comments]

Forex Trading 101 - Eliminate Greed and Hone Discipline

Money, isn't money the greatest thing to exist today? Foreign exchange rewards traders so generously that most of them get consumed by the idea of this very money. Profits lie in plenty in the Forex trading markets. As a Forex trader, the governing factor that draws you towards the markets is the prospect of profits. It is nothing to be ashamed of, everybody wants to get rich and successful. The line differentiating ambition from greed is very fine, and many traders end up inclining towards the wrong side of it - greed.

Click here to know how you can avoid greediness in trading.
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Succeed As a FOREX Trader - Apply Discipline and an Automated Trading System, Such As the FAP Turbo

Also, you can put your stomach at ease because the Forex market usually is smooth and doesn't move as rapidly as stocks, for example. The Forex market is completely liquid and you can get your investment out at any time. You can play orders in a matter of seconds, and be on your way to profiting from the Forex market starting today.
The Parabolic SAR (Stop-And-Reverse) is a well-known technical indicator that can be founded in almost any trading platform nowadays. In this article we will describe various methods of using it for maximum profits.The Parabolic SAR is a unique trading indicator. Its uniqueness lies in the fact that it is one of the few indicators that directly take into account the time factor.
Most indicators focus their calculations on price and ignore time and volume, the Parabolic SAR takes time into the equation, attempting to reach more concrete signals. Another advantage of the Parabolic SAR is that it is highly objective, with very slim margin for personal interpretation. Its signals are clear and easy to understand.
The main methods of incorporating the Parabolic SAR into your trading are the following:The Parabolic can signal long and short trades. When its value is below price a long trade is signaled, and when its value is above - a short trade is issued. This is a standard trend-following system, yet it is also lagging and usually produce weak signals. Trader may try to adjust the settings to better fit the currency he or she trades, to improve the performance.

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Importance of Forex trading discipline and patience. Visit-> https://goo.gl/Jcippo

Importance of Forex trading discipline and patience. Visit-> https://goo.gl/Jcippo submitted by Wetalktrade_signals to wetalktrade [link] [comments]

Honest thoughts on IML academy

my friend from HS joined and I was talking to hear about it. She had me on the phone with her “mentor” and he was saying they teach strategies that are around 90% win rate and they also give signals and do zoom calls. It’s 235 enrollment + 175 monthly. They then started talking about if you refer 2 people to he program then the monthly payment for yourself is void. And if it’s more than 2 people they actually start paying you something like a royalty.
Just looking for advice on whether I should join or not and what your honest opinion on IML Aacademy is!
Thanks!
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Forex Trading Psychology - Discipline, Patience, Confidence, Fear, Greed and Anger

Forex Trading Psychology - Discipline, Patience, Confidence, Fear, Greed and Anger submitted by electrofx to Forex [link] [comments]

The Importance of Discipline in Forex Trading

The Importance of Discipline in Forex Trading submitted by HowForexTradingWorks to Forex [link] [comments]

I did it.

12 years of disciplined boring investing almost all in SPY and later VOO and I am a millionaire in my late thirties.
900k from index funds and 200k from real estate.
Started with zero. No inheritance. Separate money from my wife (not counting her assets or contributions). Made mid five to low six figures income the whole time. One kid... now two.
edit 1
I actually did not thing anyone would respond to this but a lot of people did. Some asked for proof. Here it is. Omitting real estate holdings. https://imgur.com/a/zI9UWJa
Also including credit report - no debt outside a used car loan because I will not pay cash when I get money at 3.49%.
Edit 2
People asked for more details.
At a high level I have been investing / studying markets since I was very young. I tried everything (internet stocks, FOREX, Options, Futures, small caps etc) coupled with fundamental and technical analysis. Did OK, even won second place in a trading contest but never got what I wanted.
Like many people I made bad decisions and had divorce, job loss, etc. Even had to close out an IRA in my twenties.
Ended up turning to a disciplined index fund strategy about 12 years ago.
Strategy was to max out 401k and live below my means (old car, no cable tv, make my own food, etc). At the end of each month swept all my pennies into an after tax fund since my 401k was maxed. That is it. Make your own coffee and buy VOO or SPY ideally in a tax advantaged account.
I road this through the 2008/2009 crash - kept my investments and bought more.
I also have small (like 5% of my money) in Bitcoin, Tesla and Pot stocks. This is purely for fun.
A couple people mentioned this was just luck. I think it is important to understand the market will move up, retrace, consolidate and then move higher. The timing of this is somewhat luck. The strategy part is live below your means, buy and accumulate positions for years so when a bull market hits you are in. I guess you can call each runup "luck" except people keep living in debt no matter what their income. I would much prefer people take away an investment strategy that does work if you are a disciplined from someone not born rich and who tried a lot of different strategies.
The takeaway really is with education and discipline you can reach a level of financial independence even after many screwups. I can publish this simple system and honestly few will follow it... There are no ads, systems to buy or affiliate links. I make zero dollars sharing this. I make my own coffee and watch netflix. I invest the rest in index funds. Take a trip or buy something if it really is important to me. That is it.
Edit 3
People asked what is next. Teach my six year old and newborn savings and investing. Opening a ROTH* for the 6 year old and custodial brokerage account for the new addition. They will have millions as a safety net at retirement. They will now know about this money and will need to find their own path in life.
Staying in the market, if it crashes I will buy more.
Stating in until I reach 5-10 million. Don't need the money for a long time...
submitted by ControlPlusZ to investing [link] [comments]

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Any tips for the long road?

So- I am still in high school, but I plan on moving out maybe a year or so after I graduate to Georgia, where I believe I would be happier as a person.
I have been doing some research on it. I know for a fact that I need to not only save money for the start-up part of moving out, but I also need to worry about other things like food, utilities, etc. Things in life that require bills basically. I have even been teaching myself about Forex trading and see if I could get a start there to help out with the financial aspect of life.
So the first thing is to get high school out. That's always gonna be my #1. Next is to just do some little work on the side and just get a little bit of cash. Then, maybe after high school, I can get a full-time and try to save up for an apartment or something. Or just rent in general.
I know it's not gonna be easy, for obvious reasons, but I think that I can achieve this goal with some discipline and dedication. Any tips for the long road? What should I do? So far all I have is to finish high school and do little jobs for some cash as a start.
This is YEARS ahead by the way, so hopefully, all the world drama dies down. Yes, it may be early, but this is one of my long term goals.
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New account

So, I’ve been trading for a bit, but forex I enjoy the most, I enjoy the structure and general movement of currencies. I have previously lost £1000 to forex, stupid uneducated mistakes no s/l shit entry exit strategy.
However, I stopped, I saved, and whilst I did that I researched and analysed the pairs of currencies I have found most profitable on a demo account. This time, my goal will be simple, 1% risk at any one point maximum, but what I’ve found to be more important in the past isn’t just the risk % but also how many trades u make in day, days when I make 3/4 trades are far more profitable than 10+ because chances are your just not making profit in that many trades (ofc possible but insanely difficult).
I plan to use MT4, using bdswiss as the broker, I have used many different brokers and particularly like bdswiss, and ofc mt4 has excellent tools for analysis of the market and i personally find it clear and easy to use. I will complete one more week using the demo account on only the 4 same pairs all week, if I believe that a trade can’t be made profitable I just simply won’t make the trade, another key part of trading discipline imo.
Thoughts? Mt4 and bdswiss? £1000 too big/small (I would happily save to be able to expend more money if that would be more profitable)?
submitted by DrJp1999 to Forex [link] [comments]

First attempt at Paper trading

First attempt at Paper trading
So, I had a first attempt at paper trading in Forex, and as you can see.. some profits, mostly losses.
Looking at the spreadsheet below, is there any advice (other than give up), you can give? Where to look etc? Looking at the spreadsheet, I can see that I should have perhaps started with selling than buying, as that's how the market is moving.
Is there anything else you can see, which might help me become a better trader? As I think, for my first attempt I was being a bit more gambling than disciplined, and that's something I want to get squared off quickly, but also using stop limits including guaranteed stops, normal stops & learning trailing stops.
Doing the trading, I've also learnt to do more technical & fundamental analysis as well.
Cheers

https://preview.redd.it/inih3xgi39p41.png?width=1546&format=png&auto=webp&s=56f5da0170ad0dce81489347a58ee98a79dd5308
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Global Financial Markets: Habits of Good Traders and Bad Traders [Part 1]

Global Financial Markets: Habits of Good Traders and Bad Traders [Part 1]
The Internet has created opportunity of easy access to the Global Financial Markets. Everyone who desires to learn and earn can now trade in the Global Financial Markets, irrespective of their location around the world without discrimination. What used to be the secret investment opportunity for the rich and privileged few, has now become an open marketplace through digital platforms made accessible on mobile phones, portable tablets and laptops. Therefore, as Internet connectivity and broadband access continues to penetrate into every remote corners of the globe, the awareness of Global Financial Markets commonly referred to as FOREX TRADING, will continue to soar!
According to Ian H. Giddy, Stern School of Business, New York University “The global financial markets include the market for foreign exchange, such as the Eurocurrency and related money markets, the international capital markets, notably the Eurobond and global equity markets, the commodity market and last but not least, the markets for forward contracts, options, swaps and other derivatives”. Simply put, the Global Financial Markets is a virtual platform for online trading of Currencies of countries at the International Foreign Exchange Rate, as it is done real time between Banks, Large Corporations, Investment Firms, Hedge Funds and Private Equity Portfolio managers. These are the big players, usually called the Market Makers. These Market Makers are high value and high volume traders that account for over 90% of the 5 trillion dollars worth of trading done everyday for 24 hours throughout the 5 working days of the week. The participation of Individual Traders called Retail Traders in the Global Financial Markets is only possible through a registered and verified account on the trading platform of licensed and regulated Brokers like in the Stock Exchange industry.
While the sound of participating in an open market valued at over 5 trillion dollars per day, sounds attractive and inspiring; very few Individual Traders have successfully earned profits from the Global Financial Markets consistently. In many instances, the odds are usually against the Individual Traders due to the numerous cycles of events and uncertainties that influence Global Economy and Trade relationships between countries of the world which directly or indirectly affect the sentiments of buyers and sellers of the currency of countries against others.
While many may assume that making profit in the Global Financial Markets is just as simple as clicking BUY or SELL buttons on the Broker’s trading platform, the few successful traders know that there are a lot more to learn and apply. Like everything in life, learning by doing is the best way to winning the trophy. Fairly enough, all Forex Brokers in the Global Financial Markets provide demo accounts with virtual money to help traders learn and practice before investing their real money. Unfortunately, due to the habit of indiscipline, many traders are usually impatient in learning and often allow greed to push them to rush into live trading without developing the necessary skills and habits that will guarantee consistent profit and successful trading career.

“Discipline is the ultimate secret of Distinction. What makes the difference between Good and Bad Traders is Self-Discipline!”


[Image Source: https://trading-education.com/101-inspirational-trading-quotes-and-what-they-mean]
The only Broker that I have personally observed to be committed to helping Individual Traders develop Self-Discipline and Expertise through continuous Education and Enforcement of Self-Discipline is Olymp Trade [www.olymptrade.com]. The Broker enforces self-discipline through an automated Trade Limit which is triggered when an Individual Trader begins to take reckless risks with their hard-earned money in search for dangerous profits. Many inexperienced traders hate this trade limit control, but the good, expert traders openly appreciate Olymp Trade for helping them to develop the Self-Discipline habit.
With the implementation of the Trade Limit rule, Olymp Trade has helped many of her Individual traders to learn the self-discipline habit. This has given a higher percentage of beginners or novice traders the golden opportunity to become an expert trader and earn profit consistently over time, while they avoid the common pitfalls that destroy many who trade with other brokers without the Trade Limit feature on their platform.

[Image Source: https://trading-education.com/101-inspirational-trading-quotes-and-what-they-mean]
In conclusion, while this article emphasized that Self-Discipline is the main difference between good traders and bad traders, there are other habits of good traders that will be explained in subsequent articles coming soon in this series.
Thanks for reading and adding your own comment to this article.
References
Ian H. Giddy: The Global Financial Markets.
[http://people.stern.nyu.edu/igiddy/gfm.htm#:~:text=The%20global%20financial%20markets%20include,options%2C%20swaps%20and%20other%20derivatives]
submitted by MxLawal to u/MxLawal [link] [comments]

Is forex trading really this in your face?

I know someone who started forex trading the last few months or so. They are constantly posting on their stories things other people’s stories like hashtags forex funded, bosses who trade. I’m looking for someone who is hungry to join me. Polls with options like I want to be rich and I don’t want to be rich. Pretty much every every day and multiple times a day.
Don’t get me wrong, forex can definitely be a source of income but that requires a lot of mental and emotional discipline with high risks of losing money. Feels like the people selling the courses of how to trade in forex end up making most money. Bring people in, teach them get paid, if the people have a loss they just end up saying it happens etc.
This is just my understanding of it. I’m just curious is this the norm for forex traders?
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ProTm's Student Trading With Discipline, Patience and with Emotional Control Disciplined STRATEGY on Olymp Trade!# SCALPING FOR PHONE#Levels Trading# Disciplined Trader - YouTube 10 THINGS DISCIPLINED TRADERS ALWAYS DO  FOREX LIFESTYLE  TYLLIONAIRE Traders Reveal Their Secret To Being Disciplined  Forex Trader Motivation

Disciplined Traders Profit With Forex Trading Plans. By. Payel Dutta-September 14, 2018. Let your winners run is profit maximizing advice for a forex trader, but instead, traders tend to exit trades too early due to a human fallacy called loss aversion. Traders fall into this mental trap because, psychologically, a loss is twice as powerful as Why you need to be disciplined in Forex Trading In the world of trading, many trader’s fail to make it not due to a lack of a system but due to lack of discipline. In the realm of losses, many traders end up with bad trading practices like emotional trading, revenge trading and failure to follow the trading system. Discipline Forex Trading - Blackwell Global - Forex Broker The financial market is a complex space, where traders are faced with vast amounts of information. Forex trading therefore requires both patience and discipline in order to analyse data, research trends and make well-informed decisions. Forex trading is a craft that demands a certain level of discipline. Not only do you have to stick to a set of trading rules, you also have to be able to keep your eyes on the prize at all times. This is what seasoned traders refer to as self-discipline. In contrast a highly disciplined trader, executes their plan flawlessly without exception, even when it seems like the most difficult thing to do, or if they are trading large positions. Sam Eder is a currency trader and author of the Definitive Guide to Developing a Winning Forex Trading System and the

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ProTm's Student Trading With Discipline, Patience and with Emotional Control

SIMPLE FOREX TRADING STRATEGY - HIGH BULL AND LOW BEAR - Duration: 32:42. Stacey Burke Trading 2,202 views. 32:42. MARKET MAKER - STOP HUNTS AT THE HIGH AND LOW OF THE DAY - Duration: 31:08. Live Indices/Forex Trading - Watch Me Trade Live (Every Thursday) Play all 19:18 Live Indices/Forex Trading - 27th April 2017 - Everything from Analysis to Trade Management - Duration: 19 minutes. Disciplined STRATEGY on Olymp Trade!# SCALPING FOR PHONE#Levels Trading# WINTRADE. ... FOREX TRADING 2020 FOREX FOR BEGINNERS - Duration: 21:50. Jeremy Cash Young Ceo 181,561 views. simple forex trading - are you inside or outside? My simple forex trading strategy is all about making 50 pips a day. I hope you enjoyed today's Daily Pip Talk! simple forex trading - understanding the high and the low of the day My simple forex trading strategy is all about making 50 pips a day. I hope you enjoyed today's Daily Pip Talk!