How can i become a good trader?
- Thread starter Raidear
- Start date
Robert Morse
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Tells us alittle about you and your trading experience.
What is your full time job if any?
What is your full time job if any?
Hello Raidear,
Great question you ask.
Think of becoming a good trader as great business owner and employee of your business.
Becoming a good trader is the same as becoming a good employee.
What type of trader do you want to be? part time, full time, day trader, swing trader
What is your money goals for trading? Income needs, part time income, extreme wealth, etc.
Would you like to trade stocks or future markets?
Become Mr Miyagi...if you want to excel as a trader,
This is the simplest, yet most complex and clear answer...I can give you
Like everything in life...success...is ultimately about a journey of self-discovery; not something you can truly learn or grasp by just being force-fed random wisdoms from random places on the web with the expectation to become an overnight millionaire sensation.
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Backtest a profitable strategy, first.
If you are like most of us, you will attend a workshop or two, read a few books, fund an account and come out guns blazing. After you fall on your face, you can either blame the "random" markets, the "big boys", HFT, algo's, etc etc or you can realize that you have a long way to go and begin the process in earnest.
Most who enter the fray do not become consistently profitable traders...why? Why do people not adhere to their New Years resolutions, write that novel, finish the dissertation, become fluent in Mandarin or train for and complete the Ironman Tri ? Because it requires a great deal of dedication, perseverance and hard work.
Can YOU succeed?...who knows. There is plenty of sage advice on ET (and some not so much) as to the process, begin your search.
Most who enter the fray do not become consistently profitable traders...why? Why do people not adhere to their New Years resolutions, write that novel, finish the dissertation, become fluent in Mandarin or train for and complete the Ironman Tri ? Because it requires a great deal of dedication, perseverance and hard work.
Can YOU succeed?...who knows. There is plenty of sage advice on ET (and some not so much) as to the process, begin your search.
To improve performance in any endeavor you must measure past performance. So if I could give piece of advice it would be this. Log and review every trade you make. Why did tou get in? Why did you get out? What happened after you got out?
Thank you all for your answers, and especially SimpleMeLike for your questions.
Now it's my turn.
I mainly exchange currencies on IQ platforms, 15 minutes and 60 seconds, IG.com Classic Option.
I'm using demo accounts to properly understand the indicators and their signals, supported by the economic timetable, only to the currencies I have been checking (EUR / USD, EUR / GBP, EUR / YEN, EUR / NZD).
I usually spend 30 minutes or a maximum of 1 hour for 15 minutes and 60 seconds (lately I'm re-evaluating the exchange of these options because of the extremely short timeframe), while I spend 10 minutes on intraday exchanges (lately I'm approaching this kind of exchanges, as a larger time frame allows you to have fewer preoccupations: this is my thought ...).
So I'm a part time trader.
My goal is to minimize the losses and maybe get some small entry.
I started about 10 months ago to engage in trading though I traded first without excluding many processes needed for a rational choice.
For a month, after reading some books and following various lessons I began to refine because I find the activity really interesting.
If you have books to advise or any advice on the procedure to be followed to make a choice as rational as possible I will gladly accept your advice.
Now it's my turn.
I mainly exchange currencies on IQ platforms, 15 minutes and 60 seconds, IG.com Classic Option.
I'm using demo accounts to properly understand the indicators and their signals, supported by the economic timetable, only to the currencies I have been checking (EUR / USD, EUR / GBP, EUR / YEN, EUR / NZD).
I usually spend 30 minutes or a maximum of 1 hour for 15 minutes and 60 seconds (lately I'm re-evaluating the exchange of these options because of the extremely short timeframe), while I spend 10 minutes on intraday exchanges (lately I'm approaching this kind of exchanges, as a larger time frame allows you to have fewer preoccupations: this is my thought ...).
So I'm a part time trader.
My goal is to minimize the losses and maybe get some small entry.
I started about 10 months ago to engage in trading though I traded first without excluding many processes needed for a rational choice.
For a month, after reading some books and following various lessons I began to refine because I find the activity really interesting.
If you have books to advise or any advice on the procedure to be followed to make a choice as rational as possible I will gladly accept your advice.
I say to get good you must spend a ton of time in front of the screen, WATCHING price action. Over time you will get a feel for the instrument. I am a big believer in keep it very focused, I only trade one asset the ES and I have gotten to know it well.
I heard an expert say once that to be good you must do a bunch of small tasks well.
good trading to you
I heard an expert say once that to be good you must do a bunch of small tasks well.
good trading to you