knowledge and skills

Ara

Trader
Apr 24, 2023
97
15
9
34
What are some practical steps or habits that successful traders employ to ensure they are continually improving their knowledge and skills?
 
May 13, 2023
98
13
14
39
Hello Ara,
It is important to stay updated with market dynamics, and I suggest that you continue to learn, and review your trades to understand what went right or wrong and how they can be improved, maintain a trading journal, and continuously review and improve your risk management strategies.
 
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TroyP

Trader
Sep 12, 2023
2
1
6
33
New Zealand
What are some practical steps or habits that successful traders employ to ensure they are continually improving their knowledge and skills?
Risk management is a big one. You can learn from books, online, educational platforms
I started trading when i joined ellev8, it helped me with everything i need to know
I am happy to send more information if you're interested anyway lol

Goodluck on your journey and keep emotions out of trading is key also, minset. I don't trade at all if i wake up in a off mood etc, you never want to take that into your trading. Some of the best advice i got lol
 
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Ara

Trader
Apr 24, 2023
97
15
9
34
Hello Ara,
It is important to stay updated with market dynamics, and I suggest that you continue to learn, and review your trades to understand what went right or wrong and how they can be improved, maintain a trading journal, and continuously review and improve your risk management strategies.
I wholeheartedly agree that staying updated on market dynamics and conducting post-trade analyses are pivotal for refining our trading strategies.
 

ella1H

Trader
Sep 14, 2023
2
0
6
Toronto
All successful traders share the same quality: a strong thirst for knowledge. Because of this, learning should be viewed as a lifelong endeavour if you want to make a living through trading. You can do it by using tools like trade books, blogs, and webinars.

Since it is one of the biggest markets in the world, the foreign exchange market is extremely volatile. As a result, maintaining an advantage in the currency market necessitates ongoing modification.
 
Last edited:
May 13, 2023
98
13
14
39
I wholeheartedly agree that staying updated on market dynamics and conducting post-trade analyses are pivotal for refining our trading strategies.
And dear friend try to engage yourself with other traders by joining trading communities or forums to gain insights from peers and experienced traders.
 

Nwalkid44

Banned
Nov 12, 2023
2
0
6
34
Hello Ara,
It is important to stay updated with market dynamics, and I suggest that you continue to learn, and review your trades to understand what went right or wrong and how they can be improved, maintain a trading journal, and continuously review and improve your risk management strategies.
How long does it take? I just started recently too.
 
May 13, 2023
98
13
14
39
How long does it take? I just started recently too.
Becoming skilled in trading and understanding market dynamics varies for each person, often taking several months to a few years. I think you need at least two years. How fast you learn depends on how much you practice, your experience, and how quickly you can adjust to new market situations. keeping a trading journal and regularly checking that can help you learn faster.
 

Phill88

Trader
Dec 17, 2023
29
5
9
Germany
Two years is quite a long time, and personally, I would focus on a metric like a consistent monthly income. For example, the goal might be to generate enough income to eventually leave my primary job. However, for now, it just doesn't seem feasible to me (
 

Oli_jackson

Trader
Mar 27, 2023
85
10
9
44
Communicate with more experienced traders constantly, kind of like what you are doing right now; take online courses as they help out with almost everything; stay informed on whatever asset or pair you trade the most; learn about the near-term economic prospects of the countries your favorite pairs are from; and just keep in touch with the community.
 

Lee-me

Trader
Apr 24, 2023
38
7
9
31
You want to keep a journal, I can't stress how helpful it can be. Never stop learning. Consider reading books on stoicism as they are a great source of mental fortitude.
 
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Phill88

Trader
Dec 17, 2023
29
5
9
Germany
You want to keep a journal, I can't stress how helpful it can be. Never stop learning. Consider reading books on stoicism as they are a great source of mental fortitude.
"The Daily Stoic" by Ryan Holiday and Stephen Hanselman was my discovery last year. Fantastic book that offers daily insights and exercises that are very practical and applicable to everyday life.
 

Phill88

Trader
Dec 17, 2023
29
5
9
Germany
Communicate with more experienced traders constantly, kind of like what you are doing right now; take online courses as they help out with almost everything; stay informed on whatever asset or pair you trade the most; learn about the near-term economic prospects of the countries your favorite pairs are from; and just keep in touch with the community.
Which online courses can you recommend?
 

Oli_jackson

Trader
Mar 27, 2023
85
10
9
44
"The Daily Stoic" by Ryan Holiday and Stephen Hanselman was my discovery last year. Fantastic book that offers daily insights and exercises that are very practical and
Awesome and, of course, worth the time you spent on that. Consider reading a famous gathering of letters from Seneca called "Letters from a Stoic." It would help you immensely to keep a calm state of mind in all situations you might face in your trading experience. A classic Stoic piece that discusses issues viewed in daily life experiences.
 

Chadpowell

Trader
Apr 8, 2023
70
19
14
New York
in this business numbers are everything
they show you how you are doing
your profit - the amount you are making
so test your knowledge on demo and see how's it going
 

Phill88

Trader
Dec 17, 2023
29
5
9
Germany
Awesome and, of course, worth the time you spent on that. Consider reading a famous gathering of letters from Seneca called "Letters from a Stoic." It would help you immensely to keep a calm state of mind in all situations you might face in your trading experience. A classic Stoic piece that discusses issues viewed in daily life experiences.
My next book is "Meditations" Marcus Aurelius. I have decided to delve deeper into the subject of Stoicism )
 
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