how to be a good trader?
- Thread starter Sforextrader
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To be a good trader check this points:
- Start with Demo Account
- Set Goals
- Follow a Forex Trading Strategy
- Manage Risk
- Do Your Research
- Be a Patient Trader
- Don't Overtrade
- Find a Trading Style That Fits Your Personality
There is no specific answer, it depends on your dedication & determinations level; for me, it took almost 1 year to make my 1st profit.
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.
There is no shortcut to success in trading . Patience and hard work are just ways which will make you a better trader . However there are a few things that you can do to become a good trader .
Learn through courses on websites . You can read some good books or articles on trading .
Always keep yourself updated on forex news , markets trends and price movements.
Calculate your risk reward proportion . Take reasonable risks .
Avoid over trading . After making consecutive profits ,close the trading platform.
Build a plan for yourself . Develop mental toughness and remain disciplined.
Manage your emotions . Decisions affected by emotions will not let you close profitable positions.
Choose your stocks wisely . Analyse them carefully and choose liquid stocks.
Learn through courses on websites . You can read some good books or articles on trading .
Always keep yourself updated on forex news , markets trends and price movements.
Calculate your risk reward proportion . Take reasonable risks .
Avoid over trading . After making consecutive profits ,close the trading platform.
Build a plan for yourself . Develop mental toughness and remain disciplined.
Manage your emotions . Decisions affected by emotions will not let you close profitable positions.
Choose your stocks wisely . Analyse them carefully and choose liquid stocks.
There is no exact timing in this market, unfortunately it’s not a university where you can get your license after two year or four years. Some people spend their whole life in here and still are losers. Some people are profitable since the first month. If you have a good mentor that could help you a lot. You don’t wanna make the mistakes that other people already did. You can invent “the wheel” or you can learn it from someone who knows how to build one. The second choice is a very better one.
Having a long term learning plan is very much essential here; no one can make instant success! Since, it’s a decentralized market!
In order to succeed in trading, you need to think through each of your actions. I'm not a believer in the fact that business can just be lucky or a miracle can happen. Trading is a constant work on yourself and your knowledge, it is a concrete plan of action and statistics, which allows you to eventually assess your productivity and change your approach if it does not bring you the profit you need. In this business, it is not theorists who win, but practitioners who know exactly what they want and are actively moving towards their goals. Although I think everyone will have a different opinion on this issue, I guess we won't be able to create any universal recommendations, because this list can go on forever.
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.
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