8 secrets of 5% profitable traders

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Unofficial statistics is widespread on the Forex market, according to which only 5% traders succeed in trading. So how to join their ranks? It is very simple - you just need not to do as 95% traders do, but follow the rules that profitable 5% traders adhere to.

What exactly should a trader do to steadily make a profit on the currency market?

Trader rules

1. look for confirmation of a trading signal

The more factors that indicate to buy or sell an asset coincide, the more accurate and reliable is the trading signal. These can be both fundamental factors, such as the publication of data on the number of applications for unemployment benefits in the U.S. and the report on employment NonFarm Payrolls, and technical: confirmation of the signal trend indicator data oscillator.

By using only confirmed signals, you gain an advantage over most traders who trade only on the news release or on the arrow of a signal indicator.

2. Let profits grow

Very often it happens that a trader closes a deal without waiting for the price to reach the set take profit order. Especially beginners and emotionally unstable traders "sin" with it.

As long as the price moves in their direction, they're doing fine. As soon as the price starts to go against, and the amount in the "Profit" column starts to decrease instead of increasing, such traders immediately switch to panic mode and close the deal to keep the profit.

This is a big mistake. A successful trader works solely within the framework of his trading strategy, not on intuition - "here I feel, it's about to turn and will be negative".

Let your strategy work properly and your profits grow.

3. a clear plan and a cold calculation

We've probably said more than a thousand times that emotions are one of a trader's worst enemies. If you can't cope with excitement, fear, greed - you will never succeed in trading.

For a stable profit you need a competent, clearly calculated trading plan and the strictest adherence to it.

Only with a clear head, without giving in to emotions, you can count on success.

4. Don't get carried away with technical indicators

The more indicators will be set on the chart, the more accurate and profitable the trade will be. And if you put two, or better, six monitors, then every position will be profitable.

Surprising as it may seem, many traders think that way. They tirelessly look for superindicators that show entries much better than standard ones, install so many filters on the chart that it becomes simply impossible to consider the price itself.

You must always remember that it is not the indicator that forms the price, but the price forms the indicator's readings.

Therefore, all quest for the Grail Are doomed to failure. Successful professionals use a few time-tested indicators, or even trade on clean charts, preferring the medium and long term. Amateurs seek their happiness in scalping and pipsing, overloaded with dark indicators.

5. Never give up

Success never just happens. In trading, as in any other business, you have to go a very, very hard way to achieve success. An Olympic champion is not someone who has never been defeated, but someone who, after defeat, did not give up, but kept training and persevered toward his goal.

It's the same in trading. Even the most successful trader can have losing trades. But such a trader does not "take revenge on the market" by giving it his last money, does not delete terminals, vowing never to deal with the currency market again. Trader, aimed at success, always analyzes what made him lose. If it is a mistake, the trader will always find it and make appropriate conclusions in order never to repeat it again.

6. Do not deviate from the trading strategy

Professional traders trade only within their strategy, which has been tested over the years, without deviating even a millimeter from it. Each deal you open must strictly comply with the rules of your chosen strategy.

For example, if you trade on the crossovers of moving averages, then you have only two types of entries into the market - the fast MA crosses the slow MA from the bottom up and from the top down. And the deal must be opened only at their intersection. There should be no "well, they almost crossed" or "I feel they will soon cross".

Only strict adherence to the rules of the trading strategy and not even small deviations from it.

7. Trading is work, not fun

You've probably already seen this statement in our articles, but it's worth repeating it again. Trading is work. If you came to the foreign exchange market for quick money - go to a casino instead. The result will be the same - you'll lose all your money, but in the casino you will be served drinks by a beautiful girl.

For successful traders, trading is a business to which you should give your full attention and make every possible effort to develop it. What would your business be like if you treated it as entertainment or a source of emotion?

8. Always be aware of the risks

Whatever market you come to - currency, cryptocurrency, binary options - in it, along with the potential profit will always be present and the risks.

You won't be able to completely avoid risk, but your strategy should ensure that you reduce it as much as possible. This can be helped by strict adherence to the rules of money management, which will save you not only money, but also nerves.

Making a stable profit is the dream of all traders. But not all traders are willing to pay a considerable price for success. There are a lot of climbers in the world, but those who have conquered Everest are thousands times less. And if you want to be one of the unconfirmed 5% of profitable traders, you should make all possible and impossible efforts, and our articles will help you to make the first step to success.

And what reasons for success in trading do you know?