Be confident, Fearless, Take risk, Stable emotionally, Not become greedy and always a learner from mistake are things i follow to become successful trader.
4 Things Traders Must Do To Be Successful
- Thread starter ituglobal
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I totally agree. As a part of this, it is also important to learn about how to analyse your own trading results in hindsight, since it is not as simple as loss = bad trade and gain = good trade - there are many aspects and calculations to consider.
Good points, definitely think all of them are important. A big one for me was focusing a lot on self-improvement instead of just chasing after the money.
Emotional control is the biggest challenge yet the most important act that can help you become successful at forex trading. When you achieve emotional control, you don’t take unnecessary risks; you don’t close or exit trades too early; you don’t use high leverage; and you don’t even set unrealistic expectations. With every trade you enter, try to follow your trading plan and avoid any type of distractions.
Thanks for the post with 4 good tips. Among them, I quite like the idea of keeping a journal. It really helps. I keep my trading history in a journal as well. I take a screen shot of my trade setup and write what equations make me take the entry. Every now and then, I take a look at my journal and try to find out my mistakes. I have been doing it for some years and it has helped me be a better trader that what I was.
i say price action, support and resistance, basic fundamentals and lots and lots or research, you cant actully sum in all in a certain number, its a process of never ending learning.
According to me, understanding the financial market is the most important thing to do to be successful in trading. Understanding about the market is the basis of all other learning in trading.
One think I have been slack on is keeping a proper trading journal. Is there any decent software out there for this? Or are you all just using a word doc or something?
There are a lot of applications that you use to keep track of your trades. But I use Google spreadsheets.
Staying updated with the market is equally important. When you know what is currently happening in the market, you tend to build better strategies that work in real-time.
A trader must not over-complicate his trades. As per normal human tendency, we believe that the tougher a strategy is, the better would be the results. But it’s nothing like that in reality. You have to understand what you are doing, no matter how simple it is.
To be successful, a trader must never follow the herd mentality. You may see that there are many traders who are making money and doing better than you. But it doesn’t mean that their strategy will work for you the same way. You must use the strategy properly so that you know what it requires and how it must be executed.
Keeping a trading journal is a must when a trader wants to trade for a long-term. Nothing helps you more than keeping track of your own performance. Learn to analyse your trades and improve as required.
If you want to become a successful trader, you can keep the following things in mind.
Patience:
Patience is an important factor if you want to succeed in any field, which applies to trading also. You have to keep your patience enough that you can wait for the price to reach the levels that your system predicts for either the entry or exit. If your machine suggests getting the right of entry at a positive stage, however, the market in no way reaches it, skip without delay to the other opportunity. Another transaction will continually be available.
Objective:
Trading decisions are guided by rules in objective trading, also known as rule-based trading. For example, traders should follow a set of rules for order types, periods, entrance and exit points, and markets.
Discipline:
Forex trading needs a certain amount of discipline. You must follow a set of trading regulations and keep a close eye on the price. Being able to respond when your system tells you to is also part of discipline. This is especially true when dealing with stop-loss orders.
Realistic Expectations:
Even though the market occasionally moves considerably faster than you think, being realistic means you can't expect to put a small amount of money into your trading account and make a substantial profit on each deal.
Patience:
Patience is an important factor if you want to succeed in any field, which applies to trading also. You have to keep your patience enough that you can wait for the price to reach the levels that your system predicts for either the entry or exit. If your machine suggests getting the right of entry at a positive stage, however, the market in no way reaches it, skip without delay to the other opportunity. Another transaction will continually be available.
Objective:
Trading decisions are guided by rules in objective trading, also known as rule-based trading. For example, traders should follow a set of rules for order types, periods, entrance and exit points, and markets.
Discipline:
Forex trading needs a certain amount of discipline. You must follow a set of trading regulations and keep a close eye on the price. Being able to respond when your system tells you to is also part of discipline. This is especially true when dealing with stop-loss orders.
Realistic Expectations:
Even though the market occasionally moves considerably faster than you think, being realistic means you can't expect to put a small amount of money into your trading account and make a substantial profit on each deal.
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