4 Things Traders Must Do To Be Successful

ituglobal

Master Trader
Apr 17, 2013
485
23
59
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
 

Variss

Active Trader
Sep 14, 2015
43
5
44
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

Trader
Feb 5, 2019
60
2
24
45
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
 
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Reactions: CharlesV

37riched

Active Trader
Dec 26, 2018
117
24
34
35
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
 
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Reactions: mark_t

Ulacan

Trader
Feb 21, 2019
91
9
24
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

Newbie
Oct 19, 2019
29
5
4
41
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.
 

james_5

Newbie
Oct 19, 2019
13
2
4
37
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.
 
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Reactions: CharlesV

Kingston

Trader
Mar 20, 2020
30
3
9
33
4 things should be -
Formulate a plan
Determine a risk management strategy
Practice and Learn
Dont hesitate to use stop losses
 

CharlesV

Trader
May 18, 2020
5
0
6
37
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

Newbie
May 15, 2020
23
4
4
39
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

Trader
Jan 19, 2019
67
3
24
30
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

Banned
Oct 30, 2020
90
12
19
38
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

Newbie
Feb 15, 2021
28
4
3
32
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

Trader
Nov 26, 2020
60
11
9
40
I liked that third point regarding to the trading plan. Without trading plan, surely you cannot start trading without having any goal mindset