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Originally Posted by Chris Grace
We all know that does not exist but now that I have you attention, I wanted to create a thread for members to post how they finally became profitable in forex trading.
Knowing that no one that has a winning strategy would ever share their secret, I am just looking for you to share just a basic strategy without compromising what took you years to develop!
For example do you:
>only trade one pair?
>use no indicators?
>use many indicators?
NO
>only trade on pure price action?
>look for chart patterns?
>have a favorite time frame?
Also, who or what has been your greatest mentor or influence?
I have been trading for a couple years now and I desperately want to become profitable I appreciate any feedback!
-thread from FXStreet
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My advice:
1) If you HAVE to trade to support yourself stop now. From my experience the best traders are the ones who do not NEED to trade to support their life styles. If you trade when you are desperate you are bound for failure.
2) If you are trading for a living make sure your capital in the account is sufficient enough to target realistic gains. For example, if you plan to turn $10K into $1M in 3 months, I think you are better off playing the lottery.
3) Discover what trading hours suite your lifestyle. Do not attempt to trade 24 hours a day with out either computer assisted trading or a trading partner.
4) The most important thing in my eyes is remembering and beleiving that losing is part of the formula to sucess. Every succussful trader is able and gladly accepts losses. When you are going through a bad stretch you need to have confidence in your strategy and remeber that in the long run you will be ok.
Well...its bed time for me now...I hope this helps...
MadisonFX