What it takes to be a successful trader?

Oli_jackson

Trader
Mar 27, 2023
85
10
19
45
Being profitable or in other word being successful trader is a topic that a lot of people share their ideas about it everywhere and a lot of books has been written about it. but as people who are engaged with the market and trading, what's your idea? What does it take to be a successful trader?
 

thomas_novak

Banned
May 1, 2023
44
11
9
23
In my experience, being a successful trader requires a few things. You gotta be on top of the market, which means constantly learning and staying up-to-date with what's going on. You also need to have discipline and emotional control, or else you'll end up making impulsive decisions and losing money.

Risk management is also important. You can't just go all-in on every trade and hope for the best. You need to manage your positions and use tools like stop-loss orders to limit your losses.

And lastly, patience is key. You can't expect to get rich overnight, so it's important to have a long-term outlook and focus on building consistent profits over time. It's not always easy, but if you stay disciplined and stick to your strategy, you can be a successful trader.
 

Amy4

Trader
Mar 15, 2023
28
5
14
28
Being profitable or in other word being successful trader is a topic that a lot of people share their ideas about it everywhere and a lot of books has been written about it. but as people who are engaged with the market and trading, what's your idea? What does it take to be a successful trader?
To answer this question, we need to look at the traits and skills that successful traders possess.
 

Chadpowell

Trader
Apr 8, 2023
71
20
14
New York
As legendry Peter Lynch had mentioned, In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.
So, first, you need to know that being a successful trader does not mean that you should win all of your trades.
Then pay attention to learning and controlling your emotions and the rest will come to you..
 

Oli_jackson

Trader
Mar 27, 2023
85
10
19
45
As legendry Peter Lynch had mentioned, In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.
So, first, you need to know that being a successful trader does not mean that you should win all of your trades.
Then pay attention to learning and controlling your emotions and the rest will come to you..
Wise words.
A question, what is your definition of success then?
 

Lee-me

Trader
Apr 24, 2023
38
7
9
31
Well, first of all the definition of success differs person to person. Some people define it based on the results (did they make profit or not?), and some people define it based on the process. In general, it's all about consistency in following your plans and keep educating yourself.
 
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AlexOZ

Trader
Apr 22, 2023
59
9
14
72
The opposite of most Forex discussions... It's not about killer indicators or secret strategies or heavily promoted EAs.

Firstly except - truly except - that you cannot predict any particular price movement with any certainty. It may go up or down and you cannot truly know which, regardless of your analysis Also acknowledge, without being angry or upset, that you will have consecutive losses. So you need to see trading as a long-term probability game where a consistent (read disciplined) approach will hopefully generate acceptable profits through a series of winning and losing trades.

Patience, discipline, emotional control, suitable trading style with lifestyle are the backdrop to building a trading plan that you'll stick with and not change with the first major success or loss Finally practice with backtesting and on demo accounts until you can honestly and consistently produce say 2-3% return a month over a three month period. Allow a year of learning before any attempts to trade with your money.
 
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Reactions: Phill88 and Oli_jackson

Oli_jackson

Trader
Mar 27, 2023
85
10
19
45
Well, first of all the definition of success differs person to person. Some people define it based on the results (did they make profit or not?), and some people define it based on the process. In general, it's all about consistency in following your plans and keep educating yourself

The opposite of most Forex discussions... It's not about killer indicators or secret strategies or heavily promoted EAs.

Firstly except - truly except - that you cannot predict any particular price movement with any certainty. It may go up or down and you cannot truly know which, regardless of your analysis Also acknowledge, without being angry or upset, that you will have consecutive losses. So you need to see trading as a long-term probability game where a consistent (read disciplined) approach will hopefully generate acceptable profits through a series of winning and losing trades.

Patience, discipline, emotional control, suitable trading style with lifestyle are the backdrop to building a trading plan that you'll stick with and not change with the first major success or loss Finally practice with backtesting and on demo accounts until you can honestly and consistently produce say 2-3% return a month over a three month period. Allow a year of learning before any attempts to trade with your money.
Totally correct. You sound experienced.
 
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Reactions: Lee-me

Gyan Dev

Newbie
Dec 20, 2022
18
9
4
34
Becoming a successful trader requires a combination of knowledge, discipline, and experience. Here are some key factors that can contribute to success in trading:
  1. Education: Traders who are knowledgeable about the markets they trade in have a better chance of making informed decisions and avoiding costly mistakes. This includes understanding technical and fundamental analysis, risk management, and market psychology.
  2. Discipline: Successful traders have a disciplined approach to trading, which includes following a trading plan, managing risk carefully, and avoiding emotional decision-making.
  3. Experience: Experience is important in trading, as it allows traders to develop their skills and gain a better understanding of the markets they trade in. It can also help traders learn from their mistakes and make better decisions in the future.
  4. Patience: Trading can be a volatile and unpredictable business, and successful traders understand the importance of patience. This includes waiting for the right opportunities to present themselves, as well as being patient with their trades and allowing them to play out.
  5. Continuous Learning: The markets are constantly evolving, and successful traders understand the importance of continuous learning. This includes staying up-to-date on market news and trends, as well as regularly reviewing and analyzing their own trading performance.
By focusing on these factors, traders can increase their chances of success in the markets. It's important to note that trading is inherently risky, and there is no guaranteed way to make profits. However, with the right approach and mindset, traders can manage risk effectively and increase their chances of success.
 

jelousgal

Banned
May 3, 2023
37
8
14
29
Becoming a successful trader takes time, effort, and a lot of patience. One of the first steps to becoming a successful trader is to educate yourself. You can do this by learning as much as you can about the market, including technical and fundamental analysis, risk management, and trading strategies. There are plenty of resources available online, including books, blogs, and forums.

Next, it's a good idea to practice with a demo account before you start trading with real money. This will help you get comfortable with the platform and develop a solid trading plan. A trading plan should include a set of rules for entering and exiting trades, as well as risk management strategies. Stick to your plan and adjust it as needed based on your results.

It's important to be patient when trading. Don't expect to become a successful trader overnight. It takes time and experience to develop the skills and knowledge needed to consistently make profitable trades. In addition to patience, managing your emotions is key. Trading can be emotional, but it's important to stay disciplined and avoid making impulsive decisions based on fear or greed. Keep a clear head and stick to your trading plan.

Remember, becoming a successful trader is a journey, not a destination. It takes dedication and hard work, but with the right mindset and approach, anyone can become a successful trader. Good luck, and happy trading!
 

Oli_jackson

Trader
Mar 27, 2023
85
10
19
45
Becoming a successful trader requires a combination of knowledge, discipline, and experience. Here are some key factors that can contribute to success in trading:
  1. Education: Traders who are knowledgeable about the markets they trade in have a better chance of making informed decisions and avoiding costly mistakes. This includes understanding technical and fundamental analysis, risk management, and market psychology.
  2. Discipline: Successful traders have a disciplined approach to trading, which includes following a trading plan, managing risk carefully, and avoiding emotional decision-making.
  3. Experience: Experience is important in trading, as it allows traders to develop their skills and gain a better understanding of the markets they trade in. It can also help traders learn from their mistakes and make better decisions in the future.
  4. Patience: Trading can be a volatile and unpredictable business, and successful traders understand the importance of patience. This includes waiting for the right opportunities to present themselves, as well as being patient with their trades and allowing them to play out.
  5. Continuous Learning: The markets are constantly evolving, and successful traders understand the importance of continuous learning. This includes staying up-to-date on market news and trends, as well as regularly reviewing and analyzing their own trading performance.
By focusing on these factors, traders can increase their chances of success in the markets. It's important to note that trading is inherently risky, and there is no guaranteed way to make profits. However, with the right approach and mindset, traders can manage risk effectively and increase their chances of success.
Thank you for sharing all of that. I appreciate it <3
 

wagtrader

Newbie
May 2, 2023
17
5
4
27
Being profitable or in other word being successful trader is a topic that a lot of people share their ideas about it everywhere and a lot of books has been written about it. but as people who are engaged with the market and trading, what's your idea? What does it take to be a successful trader?
To be a successful trader, it takes knowledge, discipline, risk management skills, staying up-to-date on market events, and the patience to overcome setbacks and continue learning and improving trading skills.
 

jelousgal

Banned
May 3, 2023
37
8
14
29
In my experience, being a successful trader requires a few things. You gotta be on top of the market, which means constantly learning and staying up-to-date with what's going on. You also need to have discipline and emotional control, or else you'll end up making impulsive decisions and losing money.

Risk management is also important. You can't just go all-in on every trade and hope for the best. You need to manage your positions and use tools like stop-loss orders to limit your losses.

And lastly, patience is key. You can't expect to get rich overnight, so it's important to have a long-term outlook and focus on building consistent profits over time. It's not always easy, but if you stay disciplined and stick to your strategy, you can be a successful trader.
I completely agree with you! your points are spot on. To be a successful trader, staying on top of the market through continuous learning is crucial. Discipline and emotional control help to avoid impulsive decisions. Effective risk management, including position management and stop-loss orders, is vital. And yes, patience is key for long-term success, as consistent profits are built over time.
 

AlexOZ

Trader
Apr 22, 2023
59
9
14
72
Totally correct. You sound experienced.
Yes and surviving ha ha. I'm shocked by newcomers who immediately trade with large amounts of money to lose it all so quickly. "Lambs to the slaughter". I can't really blame them when FX and Crypto industries are full of 'get rich quickly (with my system)' charlatans ☹️. Sorry I'll step down from the soap box.
 
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Reactions: Phill88 and Lee-me
May 13, 2023
109
14
24
39
As was already mentioned, there are some requirements, and in my opinion, continuously learning and studying are key components of those requirements.
 

MichelleS

Trader
May 16, 2023
4
0
6
47
Becoming a successful trader requires a combination of knowledge, discipline, and experience. Here are some key factors that can contribute to success in trading:
  1. Education: Traders who are knowledgeable about the markets they trade in have a better chance of making informed decisions and avoiding costly mistakes. This includes understanding technical and fundamental analysis, risk management, and market psychology.
  2. Discipline: Successful traders have a disciplined approach to trading, which includes following a trading plan, managing risk carefully, and avoiding emotional decision-making.
  3. Experience: Experience is important in trading, as it allows traders to develop their skills and gain a better understanding of the markets they trade in. It can also help traders learn from their mistakes and make better decisions in the future.
  4. Patience: Trading can be a volatile and unpredictable business, and successful traders understand the importance of patience. This includes waiting for the right opportunities to present themselves, as well as being patient with their trades and allowing them to play out.
  5. Continuous Learning: The markets are constantly evolving, and successful traders understand the importance of continuous learning. This includes staying up-to-date on market news and trends, as well as regularly reviewing and analyzing their own trading performance.
By focusing on these factors, traders can increase their chances of success in the markets. It's important to note that trading is inherently risky, and there is no guaranteed way to make profits. However, with the right approach and mindset, traders can manage risk effectively and increase their chances of success.
Thank You
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Thank You
 

ArnavDeshmukh

Newbie
May 27, 2023
4
1
3
30
Being profitable or in other word being successful trader is a topic that a lot of people share their ideas about it everywhere and a lot of books has been written about it. but as people who are engaged with the market and trading, what's your idea? What does it take to be a successful trader?
I think keep a journal of trades is helpful. Keeping a journal record of your trades is an important practice for traders of all levels of experience. This works very well.
 
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Reactions: Lee-me
Dec 29, 2023
5
0
6
21
Be patient, keep learning, control your emotions, find your optimal strategy, and always set stop losses on big trades. Don't get greedy or carried away after a bunch of good trades, keep your expectations realistic.