Community Forex Questions
5 Things Successful Forex Traders Will Never Tell You
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
Most people understand that forex trading is a good investment, but it also has a disadvantage. So, if you're interested in learning more about forex trading and the secrets behind it, here are 5 things you won't hear from a successful forex trader.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
No. 1: "In all market situations, my plan is lucrative."
There is no such thing as an infallible method that can be effective in any market environment when it comes to FX trading. If there was, every trader would be a billionaire by now. It takes a lot of experience and hours of trial and error to develop a good plan. Nonetheless, this method cannot be completely profitable.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
No. 2: "I am 90% correct."
In fact, 90% of traders lose money and quit, while the most successful traders seldom achieve a success rate of 70%. You may deceive people, but you can't deceive numbers. Because the market is so volatile, a long-term success rate of more over 90% is quite unlikely.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I don't need risk management," says No. 3.
While losing money in forex is unavoidable, risk management can help to mitigate losses. We will become illogical and emotional if we do not have a risk management approach. As a result, a successful trader would never convince another trader that risk management is unimportant.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I never lose," says No. 4.
Even a successful trader cannot win all of the time and never lose money. The ability to win and lose is an important aspect of the forex trading game. It is something you must accept if you want to be a successful forex trader.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I'm self-taught," says No. 5.
Trading education is critical to success. Because, even if you have a genius IQ, you will never be able to understand everything about forex on your own. Expect your learning path to be difficult. A genuinely effective forex trader would be willing to employ a variety of learning tools and learn from both other traders and his own errors, which will make him stronger in the long term.
Most people understand that forex trading is a good investment, but it also has a disadvantage. So, if you're interested in learning more about forex trading and the secrets behind it, here are 5 things you won't hear from a successful forex trader.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
No. 1: "In all market situations, my plan is lucrative."
There is no such thing as an infallible method that can be effective in any market environment when it comes to FX trading. If there was, every trader would be a billionaire by now. It takes a lot of experience and hours of trial and error to develop a good plan. Nonetheless, this method cannot be completely profitable.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
No. 2: "I am 90% correct."
In fact, 90% of traders lose money and quit, while the most successful traders seldom achieve a success rate of 70%. You may deceive people, but you can't deceive numbers. Because the market is so volatile, a long-term success rate of more over 90% is quite unlikely.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I don't need risk management," says No. 3.
While losing money in forex is unavoidable, risk management can help to mitigate losses. We will become illogical and emotional if we do not have a risk management approach. As a result, a successful trader would never convince another trader that risk management is unimportant.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I never lose," says No. 4.
Even a successful trader cannot win all of the time and never lose money. The ability to win and lose is an important aspect of the forex trading game. It is something you must accept if you want to be a successful forex trader.
Retraces are brief price fluctuations that occur as part of a bigger trend. The crucial point is that these price variations are only transient and do not represent a shift in the wider trend.
"I'm self-taught," says No. 5.
Trading education is critical to success. Because, even if you have a genius IQ, you will never be able to understand everything about forex on your own. Expect your learning path to be difficult. A genuinely effective forex trader would be willing to employ a variety of learning tools and learn from both other traders and his own errors, which will make him stronger in the long term.
5 things successful forex traders will never tell you
They Lose More Than They Admit – Even top traders face losses, but they rarely discuss them. Risk management, not just wins, keeps them profitable.
Luck Plays a Role – Short-term success can be luck. Consistent profits come from discipline, not just perfect predictions.
They Use Simple Strategies – Many traders hide that their edge is basic—like price action or moving averages—not complex algorithms.
Emotions Still Affect Them – Fear and greed impact even pros, but they control reactions better through strict rules.
They Keep Their Best Tactics Secret – The most profitable strategies are rarely shared; mentors often teach basics but withhold real money-making techniques.
Success in Forex requires patience, risk control, and continuous learning, not just flashy wins.
They Lose More Than They Admit – Even top traders face losses, but they rarely discuss them. Risk management, not just wins, keeps them profitable.
Luck Plays a Role – Short-term success can be luck. Consistent profits come from discipline, not just perfect predictions.
They Use Simple Strategies – Many traders hide that their edge is basic—like price action or moving averages—not complex algorithms.
Emotions Still Affect Them – Fear and greed impact even pros, but they control reactions better through strict rules.
They Keep Their Best Tactics Secret – The most profitable strategies are rarely shared; mentors often teach basics but withhold real money-making techniques.
Success in Forex requires patience, risk control, and continuous learning, not just flashy wins.
Jun 09, 2022 18:32