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What are the tools of successful trader???


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I think every successful trader always follow some good indicator. They take daily currency news from different newspaper and website. And they have well idea about money management. It think every kind of knowledge is necessary to be a expert trader.

 

to be a successful trader what is your thinking????

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  • 2 weeks later...

@tray, you are right, it is always the learning which brings the knowledge that matters more. Without having that trading skill and knowledge, the trader has to learn and has to learn well in other to make something good out of Forex. Trading in Forex is not just about opening other or copying or even subscribing to signals, it involves the personal practical trading nurtured by knowledge.

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  • 2 weeks later...

The person who want to be successful in trading in the forex business should be able to have patience. Without having enough patience to learn how to trade, the trader cannot be able to trade very well in the forex market and cannot be able to make profit from his or her tradings. Patience is a very important thing for any trader.

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DEAR IN FOREX THE KNOWLEDGE IS THE ONLY SKILL FOR EVERY TRADER BY USING SKILL WE CAN EARN HUGE PROFIT WHICH IS GOOD FOR EVERY PERSON THAT HE CAN RECIVE THE PROFIT IN FOREX.WE HAVE TO GAIN KNOWLEDGE IF WE WANT TO EARN IN FOREX ,FIRST WE HAVE TO LEARN THE FOREX THEN WE CAN TRADE SO THAT WE CAN GET PROFIT IN FOREX.

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  • 2 weeks later...

indicators, news and economic data is traders tools to analyze the circumstance of market. if traders has good understanding how to read the data to produce good trading decision, majority trades will end up with profit. but if traders lack knowledge to use analysis data or material, they'll unable to generate good decision in trading.

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Any forex trader must always be ready to work very hard and the tools which forex traders need is nothing but indicators and good forex trading system.

Yes that is very true you must always have indicator and learn more about how to use it to succeed

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In order to be a successful trader you must first study the market very good and then start analyzing her on it whatever you want, whether technical analysis or fundamental then start operations with a low profit margin on each transaction

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Also determination is such an important tool for any trader that wants to be successful. Trading in Forex requires the trader to be persevering in other to understand how to trade. There is hardly a way a trader can come out successful when he lacks the zeal to keep pushing hard. It is not easy to make money in Forex and it is that which the trader must also consider.

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  • 1 year later...

I won’t claim to be any expert or too highly successful, but one thing is definitely sure that I am making good profits consistently and in my tool kit there is nothing too great, but all simple stuff like few indicators which include MA and Bollinger band, it is really helpful to have these tool to work with. 

 

The biggest tool for me is by broker OctaFX, it gives me license to trade with great freedom having low spread of 0.2 pips for all major pairs while their customer service too is quite great with having many platform to contact them like having live chat, call back facility, email support and many ways including social sites, so it’s awesome to be with such company.

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  • 3 weeks later...

First a good mental for trading, this is useful for now and in future. Second, they need some bucks in their account, you can't trade without money isn't it?. Third, they have a set of experience or at least nice confidence but not overconfident about their skill and market condition. Fourth, They either using technical or fundamental analysis, Fifth, they always able to manage the risk by using a strict rules from their own risk management,

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Trading client for sure, what do you need aside from that? That is really important without that we cannot trade in forex and it means that we cannot make profit from it. After that there are confidence, experience and our own skills that support us later.

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  • 7 months later...

Take coolit post's part, i think it is a trusted broker too and then your platform, use a platform that could help you to achieve optimal trading, in my end i use metatrader 4 but if you prefer ECN then try Java Based Platform or proprietary platform that owned by your broker, and the last two are a profitble strategy and a good risk management.

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