how to be a good trader?

Uaredaty

Active Trader
Jan 19, 2019
68
3
44
32
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.
 
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Reactions: Dora_WalletInvestor

Dora_WalletInvestor

Active Trader
Aug 17, 2020
300
46
44
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.
 

Martimx

Newbie
Oct 5, 2020
10
3
4
44
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

Banned
Apr 18, 2020
41
4
19
35
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

Trader
Oct 12, 2020
52
10
9
33
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

Trader
Oct 12, 2020
52
10
9
33
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?
 
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Reactions: galaxy

galaxy

Banned
May 25, 2020
27
7
14
43
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.
 

Akwin

Trader
Oct 12, 2020
52
10
9
33
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

Trader
Dec 11, 2020
57
5
9
34
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.
 

hk_09

Banned
Oct 30, 2020
89
12
19
40
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.
 
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Reactions: Fritz Fabiano

hk_09

Banned
Oct 30, 2020
89
12
19
40
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.
 
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Reactions: Fritz Fabiano

Fritz Fabiano

Newbie
Jan 7, 2021
23
2
4
45
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

Newbie
Feb 15, 2021
28
4
3
34
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

Active Trader
Aug 5, 2021
389
35
44
28
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

Newbie
Nov 16, 2021
4
0
1
28
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.