4 Things Traders Must Do To Be Successful

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THESE 4 TRAITS WILL MAKE TRADERS SUCCESSFUL


If you have a passion for trading, Dr. Brett Steenbarger has some choice words for you: you're not going to make it. Instead, traders need to be passionate about markets. It may sound like a minor distinction, but it's not. In decades of working with billionaire hedge fund managers and traders, he's found that traders that are passionate about trading don't put in the work and trade too much.


To be successful trading, Dr. Steenbarger has learned:


1. A rule of thumb for how traders should control losses so that they never lose more in a morning than they can make in an afternoon, more in a day than they can make in a week and more in a week than they can make in a month;


2. Why traders should not just focus on minimizing their weaknesses, but also maximizing their strengths;


3. A simple trading journal that will help you improve each day; and



4. That the best traders are ones that embrace losses and use them to become better.


Author: Dr. Brett Steenbarger


Posted by: Tallinex

 

[epicresearch]

Excellent,
Thank you so much for your valuable suggestions. It gives us more confidence for Trading.

 

[Variss]

Thank you for sharing this. I am learning to pick up the right stock. I record your information in my book and will follow this rule from Dr.Steenbarger.

 

[Onanak]

I find that above 4traits are nice advices but I find them somewhat too abstract for somebody who is new on Forex.Trading forex is not so complicated but it takes time for learning and a full dedication to achieve profit goals.Also, psychological forces that exists on Forex must never be neglected

 

[37riched]

In order to be successful as a forex trader, one must go by these simple rules: Trade using stop losses, have a strategic trading plan and stick to it, do not take high leverage, study the market and what other traders are doing but don't lose your focus. There are several rules for the game, but patience overules them all

 

[Ulacan]

Here is my list of the four traits that will automatically make traders successful 1) Patience- Without patience, you are bound to fail since there is no instant winning in this game 2) Determination- You have to know what you want and never give up even if things don't go your way 3) Confidence- If you see what other traders are doing, it takes confidence to stand your ground. Overconfidence is suicidal 4) Discipline- You must practise trading discipline and follow your plan to the letter

 

[mark_t]

In order to be successful as a forex trader, one must go by these simple rules: Trade using stop losses, have a strategic trading plan and stick to it, do not take high leverage, study the market and what other traders are doing but don't lose your focus. There are several rules for the game, but patience overules them all

True that, patience is the key, but most traders fail here only.

 

[Ary Barroso]

True that, patience is the key, but most traders fail here only.

It’s more important than reading trading eBook or anything like that! This is why, new traders should focus on only demo in their beginning stage!

 

[mark_t]

It’s more important than reading trading eBook or anything like that! This is why, new traders should focus on only demo in their beginning stage!

Agreed, that lets them learn a lot about this field.

 

[james_5]

Yeah i agree. Demo trading is the most important thing for a beginner. Its gives you a more practical idea. Apart from that i would say patience,discipline and risk management are important.

 

[Kingston]

4 things should be -
Formulate a plan
Determine a risk management strategy
Practice and Learn
Dont hesitate to use stop losses

 

[yeneffer]

This is nice to know.

 

[Pretty6]

4 things should be -
Formulate a plan
Determine a risk management strategy
Practice and Learn
Dont hesitate to use stop losses

I agree on that list. Just to add, I think managing money is another important thing that shouldn't be missed.

 

[Sheldon56]

Those were some really good suggestions. Thank you for sharing.

 

[CharlesV]

Thanks

Yeah i agree. Demo trading is the most important thing for a beginner. Its gives you a more practical idea. Apart from that i would say patience,discipline and risk management are important.

for this suggestion, above all I think this is the perfect first step after learning the basics

 

[Brayden]

I liked the points that you shared. Thanks! I think the most important is the 4th point. Learning how to take losses in a positive manner is very essential while one trades, usually traders loose hope and end up quitting trading, which is not done.

 

[Uaredaty]

I would add that trader should continuously learn. In the beginning trader should learn from his or her mistakes, and in later stage, he or she should learn from market.

 

[hk_09]

I would add that trader should continuously learn. In the beginning trader should learn from his or her mistakes, and in later stage, he or she should learn from market.

I think analyzing mistakes and learning from them goes on till the end. What say?

 

[forexking]

I think analyzing mistakes and learning from them goes on till the end. What say?

Exactly!
Analyzing and learning from your good and bad trades help in the longer run. Also, as others are saying, the most important point is learning and practicing forex trading.

 

[danielbro]

I liked that third point regarding to the trading plan. Without trading plan, surely you cannot start trading without having any goal mindset