how to be a good trader?

[Uaredaty]

If you want to make 10.000 steps, you need to make the first one. Same is with trading forex. Dont think how much time you will need, think about your final target and take this first step toward it.

 

[Zeenat shein]

My 3 mantras to become a good trader
1. Always Use a Trading Plan
2. Learn everything about the business ie trading.
3. Set realistic expectations for your business and always use stop loss.

 

[Dora_WalletInvestor]

I just look at anther post where people recommend to start with demo too, thanks for giving all the picture

What do you think it should be learnt first? Data analysis? I've seen some estadistical methods that are recomended for people to learn

I think the first things to learn should be psychology, mindset, money management and setting realistic goals and expectations. Analysis should come after that, that's how you get the most out of it - that's my experience, at least. There are many ways to analyse data and that is only one step of the trading process.

 

[Dora_WalletInvestor]

only 40% i am surprised at that but i understand the thinking if you have10 lose and 1 win but your risk to reward is great then tat can out way all your loses and some

Yes, totally, this is why it is so important to learn good self control in trading.

 

[Martimx]

My 3 mantras to become a good trader
1. Always Use a Trading Plan
2. Learn everything about the business ie trading.
3. Set realistic expectations for your business and always use stop loss.

Yes, these are major factors to consider. Learning is the most important, imo.

 

[Sheldon56]

Strategising and planning are important factors to consider, but to start with you'll have to do good on learning and research. Those are the first steps to become a good trader.

 

[Akwin]

It seems to me that the most important criteria for the success of traders, and not for me, are to have a knowledge base in this field of activity, they can control themselves and clearly understand what you want and how to achieve it.

This is what I am working on to be a good trader , in addition to practicing on demo account.

 

[Akwin]

There is no specific time to make big profits, it will all depend on the determination and studies you have not only of trade but also of the market in general, When you join these studies and learn to analyze the market effectively the profits will be obtained almost safely but the effort you put in will be the basis of everything you want to achieve and how far you want to go.

I strongly agree, in addition to what you have mentioned in trading we should manage our emotions skillfully so that we make wiser choices. Don't you agree?

 

[galaxy]

I strongly agree, in addition to what you have mentioned in trading we should manage our emotions skillfully so that we make wiser choices. Don't you agree?

Correct. Emotions hinders a trader's performance to a great extent. We really should know how to have a control over them if we want to do profitable trading.

 

[vicjon1995]

My 3 mantras to become a good trader
1. Always Use a Trading Plan
2. Learn everything about the business ie trading.
3. Set realistic expectations for your business and always use stop loss.

Well said Zeenat.

 

[Akwin]

Correct. Emotions hinders a trader's performance to a great extent. We really should know how to have a control over them if we want to do profitable trading.

Good Day,

Hope you are doing well.

Please give me the opportunity to add to what you have mentioned, some tips that every trader can follow to keep emotions controlled.

Traders should do the following:

1. Establish their own rules
2. Lower trade size
3.Keep a training journal
4.Relax

Would like to hear more tips from you.

Best Regards,
Akwin

 

[Jerry_Ken]

Good Day,

Hope you are doing well.

Please give me the opportunity to add to what you have mentioned, some tips that every trader can follow to keep emotions controlled.

Traders should do the following:

1. Establish their own rules
2. Lower trade size
3.Keep a training journal
4.Relax

Would like to hear more tips from you.

Best Regards,
Akwin

Along with that, I believe meditation helps a lot too.

 

[vicjon1995]

Being a good trader required year of experience and consistent effort. Remember that.

 

[hk_09]

There is no specific time within which we can become a good trader, learn a lot about forex, make a strong trading plan and spend time on analyzing chart patterns, practice trading on demo. First, spend time on learning so you will become a good trader.

That's right, acquiring those basic skills and knowledge has to be the first step of any journey.

 

[Fritz Fabiano]

That's right, acquiring those basic skills and knowledge has to be the first step of any journey.

Agreed, but so many beginners just want to skip proper learning. They think they can just master this field by some days of prep, which is wrong.

 

[hk_09]

Agreed, but so many beginners just want to skip proper learning. They think they can just master this field by some days of prep, which is wrong.

That's totally wrong. Not only forex but every field in which one aims for success, demands proper learning in the first place, If that is missing, nobody can assure success there.

 

[Fritz Fabiano]

That's totally wrong. Not only forex but every field in which one aims for success, demands proper learning in the first place, If that is missing, nobody can assure success there.

Agreed. I just hope they think twice before jumping into the live account. Trading is no feat and very risky.

 

[forexking]

To become a good trader,

• Learn as much as possible about the forex market
• Always trade with a trading plan
• Keep track of your trades
• Analyze your good and bad trades and learn from them.
• Keep your emotions aside while trading.
• Never think of the forex market as a get-rich-quick scheme.

 

[HeavenLeighGill]

Depends on the person and how much time you actually dedicate to it. If you spend hours each day researching you'll be prepared sooner than someone that just looks into it every now and then. Also have to consider that some are quicker learners than others.

 

[lotsun]

In order to become a good trader, you need to learn from your trades. Once you have that mindset you will see your growth. You can begin that by keeping a trading journal and backtesting your strategies.