Originally posted by Sasha

Percentage of successful traders in forex is very low. In my opinion success is measure by following factors.

 

1- Historical data

2- Consistency

3- Experience

4- Strategy

5- Professionalism

Long historical data with consistent profitability is an important measure of trader's sucess. Then experience and strategy comes next. Professional behavior matters if u want to acheive more success.

What other factors do u think r important?

 

These factors do not represent success successfully. For example a 5 years of successful trading history is better than 2 years of successful trading history. Similarly one professional can be better than the other and at the same time they both can be profitable. Experience is an important factor in forex trading but not a good measure of success. Strategy and consistency can be seen when we look at historical data which, again, is a good tool to measure comparitive performance but not "success".

IMO, when u acheive ur goal, u r considered as successful. In forex trading, goal is profit but different people have different profit targets in their mind. For example u want to acheive 5% per month on an average so as long as u keeps urself above or equal to this average, u r successful but when u go below it, u failed to acheive ur target and thus no longer successful.

Similarly A person with very small amount of investment may be thinking to make 100% each month or even thousand percent (people with $100 or around it), so they remain unsuccessful most of the times. Even if they make 10% a month, they do not consider it a success. 

In short, if u r able to acheive ur goal, u r successful otherwise not. 

Originally posted by uniquetrader

These factors do not represent success successfully. For example a 5 years of successful trading history is better than 2 years of successful trading history. Similarly one professional can be better than the other and at the same time they both can be profitable. Experience is an important factor in forex trading but not a good measure of success. Strategy and consistency can be seen when we look at historical data which, again, is a good tool to measure comparitive performance but not "success".

IMO, when u acheive ur goal, u r considered as successful. In forex trading, goal is profit but different people have different profit targets in their mind. For example u want to acheive 5% per month on an average so as long as u keeps urself above or equal to this average, u r successful but when u go below it, u failed to acheive ur target and thus no longer successful.

Similarly A person with very small amount of investment may be thinking to make 100% each month or even thousand percent (people with $100 or around it), so they remain unsuccessful most of the times. Even if they make 10% a month, they do not consider it a success. 

In short, if u r able to acheive ur goal, u r successful otherwise not. 

There is no "thumbs up" emoticon.... I hope fxstat management will review the "emoticon".

For me the success of the trader is when he start making consistent pips and then the money will start to roll in.

I think it will happen if you can make consistent profit whatever the market condition is. And also whan you can manage your accounts effectively while making profits. Also when your making profits that can already fund you more than that of the social security system can provide. 

But consistent profit is not easy to achieve and if it would have been easy then we dont see more than 90% trader having losses.

well, i consider myself a successful trader once i've made big profits with minimum losses as possible...

Successful traders are chosen according to their trading history, so, you can consider yourself a successful trader once you have an excellent record of trades where your winnings are much more frequent than your losses

I am successfull when I make my own profits without getting any help from other signal providers

In other words when I gain excellent experience that is enough to make me decrease the amount of loss and increase the amount of profits

I think communication skills and leadership experience plays a huge part too

I'll consider myself as a successful trader once I've made consistent profits for many consecutive months