Can You Be A Forex Winner?


The difference between being a successful trader and a losing trader can sometimes only be a few key things. My definition of successful trader: is one that is consistently profitable, that does not mean that the trader has to make millions as long as he or she is consistent in there profits. Over time if you are consistently profitable you can be a forex winner. Even if you are not making much now.

Which brings me to the main point of this article. Yes you can be a forex winner but you need to change some of the areas in your trading that are keeping you from success. What is that area? You need to decide for yourself, do some self evaluation find that area and then fix it. It is a simple concept but it is much harder to do then you realize, but it can be done and you can do it!

So what is the area?

Is it:

  • Trade Size too big?
  • Not Following Strategy?
  • Not following your trading plan?
  • Do not have the  right mental Attitude?
  • Not having a trading plan in the first place?

Yes you can be a forex winner! I encourage you not to give up, for those of you that have made that step please join in with a word of encouragement in the comments below. I have found that one of the most important tips I can give is to not have a trade size that is too large for your account. That is a recipe for a margin call and a margin call will is unacceptable and will mess up your mind.

I have identified some common areas for traders to get hung up on in the list above.  Is there any other areas that I have forgot to mention? Is there any area here that you need work on that I have mentioned if there is leave a comment and I will answer some tips on how you can fix those areas.  I currently have a video posted about Forex confidence that you can check out.

You can also ask me questions on twitter I always answer all of them on twitter and on the comments on my site.

Thanks for reading I hope this post has been helpful.

Casey

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • David Campbell

    Thanks Casey.

  • David Campbell

    That’s about as close to the “Holy Grail” of trading as one can get, well said.

  • True that is a very valid strategy. Being Consistant is very important.

  • Dave,

    thanks for the great comment and that was very insightful and added benefit to the community.

    My best to you.

    Casey

  • Frankpage

    Good article, I think a very common mistake amongst forex traders is they beleive to be successful they need to make a high number of pips every trade. This is not true! To be successful you only need to be a consistent winner and you only need to make a small number of pips everyday. You can then adjust your Lot size to make the money!

  • Anonymous

    There is no free lunch and just like anything in life, forex success favors the prepared. Set it and forget it strategies should be called what they really are which is How-to-wake-up-with-a-really-big-drawdown-then-panic-then-watch-my-account-bleed-to-death-over-the-next-few-days-while-I-develop-an-ulcer strategies. The first lesson is money management, period! Do not pass go until you throughly understand how leverage directly impacts your funds. Next DO NOT FIGHT THE TAPE there’s more money on the other side of that trade everytime. Follow trends and bank profits. Watch, watch, watch the markets in realtime until it makes sense, until you can see the patterns. Understand the psychology behind the ticks. Now above all else when you trade, never allow a big loss. I would rather get stopped out on the same trade three times and have it work the fourth time than suffer a big drawdown. Think in terms of protecting what you have, when you focus on what you can make you ignore the risks. Ask me how I know. Experience is a great teacher but the price tag can be hefty! Good trading to all 🙂

  • Pipcollector

    My November Forex Trading Results (5min chart scalping): Win percentage: 46.25%…
    My Trading Rule #3… DO NOT CHASE PRICE…
    Well, I had six chases in November, when I could not resist the urge to be in that “big move”… all six times that I broke my own rule it cost me… My average loss size in November is 9.4 pips (for scalping)… if I subtract those six ‘chases’ then my average pip loss is 4.8… A HUGE DIFFERENCE…
    So… Follow Your Rules Fellow Traders… I DID NOT follow my own rules in November – SIX TIMES – and it cost me!!!!!
    YOU must obey YOUR RULES and always be PATIENT for YOUR SETUP and YOUR TRIGGER… YOUR BOTTOM LINE will be rewarded for YOUR DICIPLINE…
    Reviewing every trade each week and each month is also a big help in identifying each mistake and learning how to overcome the mistake on the next possible trade.
    Hopefully I will be a more diciplined rule follower in December…
    Good Article… thanks and HAPPY HOLIDAYS EVERYONE