I think this will be a big help. Is high leverage really that bad? Last post by ForexTFP Newbie Island 6 replies, views. September 24, at pm Reply. Keep Charts Clean Once a forex trader has opened an account, it may be tempting to take advantage of all the technical analysis tools offered by the trading platform. Good article I want to start trading and know nothing about it at all,my friend makes a lot of money doing futures trading he has a company doing this he is going to teach me how but before he starts I have to learn about trading ect. COT Report Analysis - a thread on market sentiment.
Most struggling traders seem to think that making consistent money in the markets is an extremely difficult achievement that always seems to be just out of their reach. In fact, you may even be surprised to know that you probably already have the knowledge to trade like a pro trader; you just have to make effective use of it. I want to hear from you!
All traders have the motivation to make money in the markets, but most are focusing that motivation on the wrong things. If I can boil down the primary differences between professional traders and amateurs, I would say this; pro traders are motivated by the long-term outcome of their interactions with the markets, whereas amateur traders are motivated by the short-term outcomes.
I can also almost assure you that you are probably spending more time analyzing and thinking about the markets than most professional traders are. Pro traders know what their trading edge is without a doubt, and they simply analyze the markets at their favorite times to do so, look for their trading edge, and then either trade or walk away. Think about it like this; why are you sitting there wasting your brain power if your trading edge is not present? This brings us to number 2… Many traders get caught up in a game of becoming so is forex a good way to make money on a particular thing happening in the market that they convince themselves the market is going to do what they think or want it to do.
This of course causes them to do stupid things like over-commit themselves to a position or over-trade. They simply use their price action chart reading skills to determine the most logical and probable near-term market direction and then look for price action setups that agree belajar indikator forex trading it. Pro traders know EXACTLY what they are looking for in the markets, and they only trade when they SEE IT form.
I realized early-on in my trading career that indicators were not only clouding up my charts, but my thinking too. Professional traders know they need to have a thorough understanding of how to read a naked price chart as the cornerstone of their technical analysis skills. Obviously not, they are reading tape, or price, they are basically just trading based off pure price action, and we can do that my taking off the forex indicators on our charts and learning to trade the natural price action of the market.
In reality, the market ebbs and flows, and no computer program will make money as effectively as a human can over the long run. You need discretion and human brain power to navigate the markets successfully over the long run. Until we have true artificial intelligence the human mind will always be the best trading tool. Whilst there are pro traders who do use fundamentals, I can assure that most do not.
There is simply no real reason to rely heavily on Forex news and fundamentals because all of these variables are ultimately reflected via the price movement on a naked price chart. If you want to see how a news event or economic release affects a market, simply look at its price action, because all variables are ultimately reflected via a markets price action, so when you learn to trade price action you are indirectly learning to trade everything that affects it too.
The latter is usually the best option. Trust what the charts are telling you, not what some talking head on T. You need to consider how much disposable income you have to trade with right now, and then decide how much money you think you are emotionally comfortable with losing on ANY one trade, and then adjust your position size accordingly.
As we discussed in number 4, humans have the ability to be much better traders than computers, because we have the ability to use discretion. Price action trading is a flexible and discretionary trading method, meaning not EVERY pin bar or other setup will be traded. Eventually, you will develop it to the point that you instantly know whether or not a particular setup is worth trading just be glancing at the market quickly.
Above and beyond everything else discussed here, not becoming emotional as you trade the markets is the most important factor that allows pro traders to make money. If we put too much pressure on ourselves to win on any one trade, the whole process of trading just turns into an emotional mess of losses. You need to be organized and disciplined to harvest and maintain the proper Forex trading mindset.
Having a trading plan and a trading journal and actually using them will go a long way towards turning you into an organized and consistently disciplined trader. What is disposable capital? Which of the 12 reasons that pro traders make money surprise you the most? Please leave a comment below and give me your feedback.
Professional traders are realistic. These lessons are really making a difference in my trading experience thank you very much. All the 12 are great. You are the Guru Nial I wonder How I wasted 8 month on analyzing different EAs. I have lots of mistakes but trying to get better and I feel profit for the very first time! Just putting this post up is a great thing and I appreciate it. I would love to talk to you about the markets sometime.
Anyways thanks again and have a nice day Hi Nial. As always, this article was very helpful, especially points 1, 3 and I used to think that the more indicators I used and the more time I spent analyzing the interaction of those indicators with the market, then the better a trader I would eventually become — but I only ended up confused and mentally exhausted. I really admire Nial a lot. He is the only really professional trader I know and sharing most of the things he does for free is just amazing.
Keep it up brother! Soon I will be in your forum. I am almost a decade into fx trading and had ups,downs, quit and restarted. I am just a beginner yet. But I know I want to do daily charts and H4 only already. But I was surprised by point 9 that is the real recipe how not to become emotional. Thanks Nial, great job. Everything is making sense here…thanks Nial for sharing.
All very good points. The challenge in my view is the consistent application of these over time. So much wisdom condensed into 12 points. I have learned early on that laws of success are usually counterintuitive, and doing the opposite to what most people do gets you far ahead of others. Thank you for sharing the wisdom. I still have to work on 10, my journal, but applying the information in your course has made me a different person and trader altogether.
For the first time I am able to execute successful trades without sitting in front of the computer for 12 hours a day. I can truly say that your course has improved the quality of my family life. I have been trading for last 8 months. All points are important for me. Thanks for the valuable post. Number 11 is my biggest road block right now. I trade mini lots bc i have a small trading account and do need to make some money.
My trading has turned around dramatically in the last month. What did I do? Joined LTTM and learnt to trade PA. It is reinforcing my own belief system which helps and strengthens my trading. Like exercising to become fit through repitition. Thanks for sharing todays lesson. Thus beggiers would use their premature trading gut rather than keep the tough discipline and so they : exit trades to early, move around with stoploss, go on Is forex a good way to make money to early or take every single PA formation availible etc.
Thanks to Nial indeed. This is a very good article that has remain me of the key point you i have to strength day by day. I filled that 1 and 8 are the ones where i have to work more. I guess that there is a relashionship between them given that i try to improve my gut feeling by increasing screen time however sometime i start to overanalyse. This is a dynamic feeling.
Of course improve as i have profitable trades and after a few losses this may drive me to overanalyse my strategy I have experienced every point at some stage during my trading life. For me Trading is like having a new born baby soooo challenging yet very rewarding in many aspects, Yes I have a 2 year old lol Thanks to Nials course I am receiving the support I need to take my trading to the next level.
Very Grateful trying to forget is my problem. I can find my setup enrty exit everything else. I had 6 winner turned Break even because of fiddling. Slowly I am rebuilding my account and accepting my edge does work over time. Sometimes you need to fall down a large hole to see the light. Pure price action is the only constant in trading. And I love it. Thanks, Nial, for setting us straight!
As one who is abeginner in forex iamgoing to use all the 12pointsas my guidelines. Another excellent aricle Nial. I lose a trade and I get upset about it, then I start overtrading. Next I start rationalizing why so many setups will work and just keep on losing. I know the US Government policy is for a weak dollar overseas. So when I see the USD strengthening I am hesitant to buy. I put that fundamental information ahead of a good setup. I need to put the setup first. I think everyone is guilty of all 12 at sometime.
A balanced Mentor program is the only way to achieve successglad I am on board. Cheers W This is so true on all levels Nial. I have gone through the indicators stage myself, i think most people do or we all do, however as you said above, i have cut back to only a couple gloria geddes dealing with stock options in corporate acquisitions cross and stochastic and trade totally based on price action now.
I only use these two indicators as another confirmation of say a price action breakout or support or resistance action. Thanks for this wonderful is forex a good way to make money. I will follow them all because I want to become full time trader I am still new and working on all the points you mentioned. I have weaned myself from 6,4. Hopefully, by end of the year will be trading with naked charts. Is forex a good way to make money looking on small timeframes except 4 and daily.
Your insight has given me comfort that I will recover the is forex a good way to make money I suffered due to relying on a trading software, as you state in point 4. I have learnt a lot from your blogs. Hi Nial, My trading strategy is totally different with you, but that does not stopping me in reading your blog. Im glad that my foundations as a future fx trader is built by him!
I am very grateful for the advice you give us in these training articles and videos. You are VERY generous, to say the least!! My mission of success as a consistently-profitable Forex trader began 3. I am still plagued by:. Professional traders trade what they see, not what they think or want to happen. All points mentioned above are very important; as for me no. No 10 speaks to me loudest. So, I am taking on honing those skills over the next month.
Numbers 1,2,3, have been predominate when I started out demo trading. I do enjoy looking at price action on the weekends to keep a feel as to the flow. I had gone mad looking for the right combo I now use only three moving averages rather then two that you use. Fundamentals, from my point of view, are not news releases but global macro-economic information that is indeed moving the market. The idea of weak-Euro, strong yen, etc.
I have been implementing all 12 of these principles in my own trading recently. Thanks Nial, no 2 was my major problem, and i didnt start making profit until i acknowedged the fact that the market leads and i follow,not the other way around. I got a lot from ur trading course and these articles are cementing good habits. Helps reinstate these fundamental but important concepts.
Nial you have given answers to most of my Questions,I had in mind,about pro traders. Thank you again Nial, almost all the points you raised in this blog applies to me but I am working on keeping it simple, thank you again. Point 2 is a biggie for me. I believe the reason for this one is pure EGO. The need to be right. This sbi forex cards for students alone has severely damaged my account in the past.
That is, until it brings you to your knees. Number 9 was also a big one for me. This one has been very difficult to eliminate. I became a member in Dec,but I thought only trading a few times a month was never going to cut it. In fact I lost over 7, pips in those 16 months. I threw in the towel on after 18 losses in is forex a good way to make money row and another 1, pips thrown on the fire. There are some guys on the forum that have learned from Nial and are able to help as well.
Bottom line is I am profitable for the last 4 weeks, and it is fun, fun, fun. Thanks Nial for you persistence in hounding us but I am just a slow learner. Now if I can onle learn to post a chart in the forum Great Nial! It took times to adopt those lines in trading forex. All the points you have mentioned are important for me because I am a novice. Thank you for the lesson. And also the last sentence in nr 7 I found very important for me:.
Nial I salute you. Ive had a bad experience from points 2,4,6,7,8, But thumbs up for your continued support. Am saving to pay for lifetime membership soon before i go live. Thanks Nial great lesson as usual. Am working on all points and not just any one. I think determination and a will to succeed is also important.
If you have the desire and right attitude anyone can succeed and thats where i am heading next. I appreciate your ongoing support and that makes it all worthwhile. When I read sentence is forex a good way to make money and 9 my observational alarm went off…. Points stressed in 6,7,9 is my area of opportunity for improvement. I definitely need to recondition myself on these ones. Thanks Nial From my experience so far, No. Personally I need to work on 1 and 2.
I know these things but am too eager to get in the market. I also struggle with I think the log will help me be more disciplined in staying out of the market when things are not right. Point 2 forex broker in nagpur 10 will help me most. I also need to have the discipline to follow my trading plan without any emotion.
Once I can master points 2 and 10, I believe I have a good chance to become a professional trader. I truly believe this is your best lesson to date!! For me I have been trading a few years so I know your 12 points are spot on. The trouble for me is the time it took to learn all thisoften by the hard way! So newbies save yourself a lot of grief and fully absorb this lesson! By the way I think no. You have to be have total confidence in yourself to be a real trader.
I have gained no confidence. Only when I understood this, did I desire to make money in the markets and KNOW how I made it. Totally agree all the points you mention here. Putting all these knowledge into practice is a challenge. I think there is no short cut in trading,you need to practice and practice until you get it. Enjoying all your updates.
Its like you read in my mind mind every couple of week and put together these articals — Keep them coming! I have found traders need to to strike the right balance of being detached from the markets but at the same time have the confidence to win. Gut feel is amazing, honestly, I have found that if im fearful about a setup then greed normally comes along and encourages me to fail, so I listen to my fear and greed and if its there I dont trade its as simple as that.
Very good article — as usual, working on bits and pieces but surprisingly I think I am almost there! This piece of writing are hard facts to really deal with if one intends to be consistently profitable in this business. But the main problem of the trader is psychology. I think that there is nothing more than just to do so, as is written here. I support this article. This is the basis of success. You are loved in Russia.
English is not my native language. Hi Nial,nice reading this as well,but surprisingly,no 9,10,and 11 affected me grossly before,but as am telling you now I feel like a pro trader and I had decided to work and save the money up to what I plan to start my live account again rather than borrowing. You are really doing a good job,keep it up. To add this,I had made up my mind to visit you physically one day to say thank you!!!!.
Sunday Nial thanks for this shortlist. For me 1, 2 and 8 apply as the most important issues. Have a profitable day! Reasons were stated no. Normally I would never promote any service on a public domain, but this blog changed the way I trade and think. I am still amazed with the difference. Your email address will not be published. Notify me of follow-up comments by email.
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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. By Nial Fuller in Forex Trading Tutorials Comments. Here are 12 surprising reasons why pro traders make money:. This brings us to number 2…. Many traders get caught up in a game of becoming so fixated on a particular thing happening in the market that they convince themselves the market is going to do what they think or want it to do.
Professional traders do not rely heavily on indicators. Professional traders rely on their brains, not on EAs or trading software. Professional traders listen to themselves, not others. Professional traders have a well-developed discretionary trading sense. Professional traders are organized and disciplined.
Professional traders only trade with disposable capital. Professional traders use simple trading strategies. Part 1 — How To Become a Pro Forex Trader: Building the Foundation. Now I want to hear from you! November 24, at am Reply. April 9, at pm Reply. January 2, at pm Reply. November 15, at am Reply. November 9, at am Reply. June 12, at pm Reply. June 4, at am Reply. February 27, at pm Reply.
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Splitting Pennies: Understanding Forex.. a book to increase your Forex IQ. Forex is all around you, even now, as you read this webpage. You have had a feeling all. Forex Money Management. Trade safe building stable gains. Money management is a way Forex traders control their money flow: literally IN or OUT of own pockets. Can You Really Make A Living Trading Forex? - Aspiring traders often ask me whether or not it’s really possible to make a living trading the Forex market. The.