Understanding retail FX traders – studying real trade data

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To find success in anything in life; there is successful retail forex traders shame in walking in the footsteps of those that already blazed the trail. Forex is no different. There are many successful forex traders and investors out there who have already walked the path you are on. Looking at their habits and approaches can provide the insight you need to maintain or maximize your profitability.

Here are some habits and points that you may want to explore while seeking success in the forex markets. There are many factors that go into driving price action. Quite a few of these things are publicly known and broadcast far in advance. Find yourself a website that offers a calendar of upcoming economic events that can have an affect on currencies you trade.

There is always the threat of getting whipsawed out successful retail forex traders a position that looks pristine with the impact that news has on the markets. Listening to analysts and advisers can provide insight on circumstances you may have overlooked. On the other hand, you want to be careful about basing your trading decisions on the information provided by one or two other people.

Each trading you decision you make needs to be the right one for you, for your strategy, for your profitability. There are a lot of analysts out there and not all of them have a good grasp on what they are talking about. Humans are creatures of habit. Working to turn your habit into instinct will provide a significant edge in your trading analysis.

How do you do that? A trader must continuously optionshouse and trademonster to combine their method, edge, and trading circumstances to make it a natural extension of themselves. One could look at a martial artist as a metaphor for this practice.

The martial artist practices, practices, and practices more to make their maneuvers an extension of their person so they don't have to think about them when the time arises. Traders should do the same to incorporate their trading plan and practices into successful execution. Do your analysis and trading at a consistent time if possible. Review successful retail forex traders plan, entry, and exit criteria before executing any transaction. Document every transaction with screenshots of the charts to accompany the information so you can visually identify the results.

Forex is a discipline where a person should never stop learning. You never know when you may pull a single sentence successful retail forex traders wisdom out of a book or forex trading video that can help you improve your profitability. Forex communities are another great way to develop your knowledge of the forex market provided it is a quality one.

A lot of times you can gauge quality by activity of mods and just the quality of the first posts in different threads. On the other hand, one must be careful to not try and fit everything they learn into their own trading strategy.

Not everything you learn will be relevant to the way you approach forex. Not everyone with an opinion is worth listening to. Check and cross-check information before you decide to integrate it into your own trading plan. You only want the most relevant, best information that applies to your philosophy on forex trading.

Failing is almost as valuable as succeeding for the person wanting long-term success in any venture, forex included. People that succeed learn from those mistakes and ensure the mistake is not made a second time.

Each trade will have reasons it may have succeeded or failed. You should successful retail forex traders each transaction in your trading journal along with the reasons why it may have succeeded or failed. It is important to dig below the surface to get to real answers. For example, if a trade gets stopped out; why did it get stopped out?

Did you neglect to check for economic events regarding a currency in the pair that took you out? Was there some world event? Or was it just some unidentified circumstance that you cannot nail down? There will be a successful retail forex traders trade that you can't pin down the success or failure of but most of them will have clear reasons for their movement.

So many traders fail to properly document their transactions for analysis. Don't make that mistake! A lot has been said on the necessity of Trading Plans and strategies to find success.

If you have one drawn up- great! There is likely to be room for some refinement and honing to ensure you are eliminating any potential future confusion.

One of the purposes of the Trading Plan is to eliminate excessive thinking, confusion, and emotion from the process. Take some time to think about your last ten trades and how much effort you had to put in to determining whether they were good trades.

If you had to dedicate a lot of effort to it; then your Trading Plan may not be as clearly defined as it should be. Are you using a time based strategy? Where is your Stop Loss placed? When do you advance it to Break Even? Do not use mental stops; clearly define them and place them appropriately every time. Each trade should have clear definition. Yes, successful retail forex traders trade is unique.

That's why you should have a few predefined exit strategies in place before you ever place one. The most common is the hallowed Break Out trade. Break Outs can provide a significant amount of momentum that can put money in your account. However, traders don't always define what makes a clear Break Out and subsequently get caught in the pull-back of a false Break Out.

So what constitutes a tradeable Break Out? So you've been successful retail forex traders for awhile, found a great strategy that works for you, but want to improve the number of pips you take. How you can do that without changing your own strategy too much?

Take the time to successful retail forex traders and understand some of the more common indicators that other traders use that you may not use in your strategy. The idea is to get into successful retail forex traders minds of other successful retail forex traders to try and predict how they are going to respond to a given market action. That does not mean you will adopt these signals as part of your own trading strategy.

Instead, if you are unclear on successful retail forex traders potential trade, they can be successful retail forex traders to see if other traders will be seeing a similarly profitable signal that they may act on.

Some of the most commonly used indicators successful retail forex traders familiarize yourself with include: The mind game is the biggest hurdle to overcome for any trader. Even traders of intermediate experience still make the periodic mistake from lack of emotional discipline or patience. This is a skill that one needs to actively work on to develop. The good news is; it's a skill that will serve you in several other facets of your life.

Family, friends, and coworkers can often use a little extra patience or neutrality when problems arise. A great way to work on this aspect of your mental successful retail forex traders is to embrace other relaxing activities to put your mind in the right place. A number of traders like to meditate before they open their platform. Others trade with soft, soothing music to focus on to drive anxiety away. The retail spot market is closed two days a week.

Use at least one of those days to push forex, the successes, and the failures out of your mind. Your mind is a powerful muscle but it needs rest successful retail forex traders maintain its strength in the long-term.

Don't be afraid to take breaks to reduce the long-term stress and successful retail forex traders your ability to think with clarity. The markets will be there in the coming week. Monitor your emotions closely.

Successful retail forex traders you feel yourself getting out of sorts and too angry; just wait for a little while. Successful retail forex traders easy to make emotional mistakes if you simply act on whatever emotions flood your mind the moment of or shortly after. But what about in ten successful retail forex traders Will your emotional reaction still be the best course of action in your mind? You can read more articles from Dennis over on his MahiFX author page.

MahiFX now offer MT4. Don't have an account? Dennis Hall Dennis is a part-time private forex trader who is based in the US. He has built up a vast knowledge of currency trading through reading and testing out strategies in live trading environments using successful retail forex traders small sums.

This enabled him to develop his own specific trading style that minimizes risk and maximizes gains. MahiFX does not provide investment advice or recommendations, and no material on this site should be construed as such. Opinions are those of the authors and not necessarily those of MahiFX, its successful retail forex traders or directors.

Leveraged trading is high risk and not suitable for all. You could lose some or all of your deposited funds.

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Setting realistic trading revenue goals is a tough question to answer because there are so many factors. Each Trader is different, and the reality is that most traders lose money.

The reason is that trading is tough and it takes real effort and discipline to be successful. It is also impossible to find out what the best independent traders make because only a few people share that information and those that do, may or may not be telling the truth. We will start by looking at some independent forex trader salary public data available on the internet:.

However, this can vary widely depending on a variety of factors. Our team of Certified Compensation Professionals has analyzed survey data collected from thousands of HR departments at companies of all sizes and industries to present this range of annual salaries for people with the job title Foreign Exchange Trader III in the United States.

Foreign exchange trader job is very hard to find but you can do it if you work at it, however, I think it is better if we work on trading for ourselves. There is no Limit on how much you can make! You can make millions of dollars. Anything is possible which is why so many people try to learn how to trade. Before you get crazy here and start throwing loads of cash into a trading account.

I need to tell you that, only a few people get rich trading retail forex, it is difficult, and you must be a master of trading and discipline to make a significant amount of money. They see the possibilities of millions of dollars as what is possible and next thing you know they have lost several thousand dollars trading because they trade without knowing what they are doing and lack of discipline. The first thing you have to realize is that the use of leverage in trading is an excellent way to maximize gains and risk can be managed fairly well, if you have the discipline.

That is the problem though is most people do not have the discipline. But for the sake of this article, I am going to assume you have the trading discipline and have the ability to follow a forex trading income; risk management plan. The great thing is you do not have to risk much to make a substantial profit.

Let me give you an example. You have an account of 10k, and you want to earn 2. Now there are many more numbers that must be calculated such as what is your win rate, what is the risk to reward ratio. So the scenarios could go on and on forever. You could, in fact, raise your risk to 2.

Compare that with something real estate where someone might have to risk a great deal more to achieve the 2. For example, you could spend k or more purchasing a house, and in trading, you can earn 2. You could potentially make 2. The conclusion is simple: Forex has such an incredible potential, that it can easily surpass Real Estate even with minimal risk measures in place.

Now that, my friend, is more than doable in this market. Now, looking at the average income per capita person in the U. Assuming that you increase your lot sizes with your account each month, instead of weekly or daily for risk management purposes. What if you wanted to wait until five years and then start pulling out all of your profits.

So we see that it is much better to build up your account until you feel you NEED to take the money out. I mean, can you imagine making that kind of an income five years from now every month. I am not even talking about something that is unachievable. We have a forex trading income calculator on this site to help you do your calculations. I would challenge you to find another career in the world that will have you earning that kind of money in 5 years.

I say this simply to reinforce how profitable the Forex market can be if you work hard, and have long-term goals in mind.

In conclusion, if we can maintain a realistic view of Forex then we have a greater chance of setting reasonable goals and maintaining a profitable trading strategy that brings us a steady Forex income over time.

What are realistic and acceptable Forex income goals? We will start by looking at some independent forex trader salary public data available on the internet: This professional forex trader income makes, not the retail traders who work from home.

How much can you make Trading the Forex Market? Forex Income Is Challenging: Realistic Trading Income Calculations: Forex Income Compared to Real Estate Income Compare that with something real estate where someone might have to risk a great deal more to achieve the 2. What is the average forex trader salary? I would like to compare Forex Vs Average and above average careers. 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. Latest posts by casey see all. Now Take your trading to the next level by taking our trading quiz to pinpoint your strengths and weaknesses.