What it takes to be a successful trader?

Phill88

Trader
Dec 17, 2023
49
7
14
Germany
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.
Absolutely agree with this perspective! Trading is less about certainty and more about managing probabilities with discipline and patience.