Rules of a successful trader

[Emmadon96]

I have come to understand that to become successful in Forex, one must cultivate some personal discipline to stay in the game and become successful in the long run.
Some examples are: number of trades to undertake per day, your stop loss and take profit must not be adjusted because you want to cover up for a previous loss, your lot sizes, and most importantly you must plan your trade and trade your plan.
Don't change a trading strategy because you think it's not fetching you money, instead look for what's wrong with the strategy and correct it.
Every trading strategy pays. What doesn't pay is changing strategy everyday.
Stay focus, learn more and remain discipline and you will soon begin to fly.

 

[Victorial]

I remember when I first started to trade forex, I have many strategies that I used. These strategies are based on indicators like MAC, ADX, but I realized that none of them was actually correct in predicting the market moves. I had to change the strategy over and over again. Currently, I believe the best way is to understand the candlesticks reversals and continuations and see how they are formed in the higher time frame before placing any trade. Stop loss protects losses but some trades will hit your stop loss and reverse. How terrible!