How to be a good trader?

padutrader said:
all of you are talking about risk discipline etc, has it ever occurred to you to to find out what the market is doing and understand market movements?
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They are dependent on each other.

Simply, if you know what the market is doing and you understand market movements...you need discipline to execute the trading plan within the market.

Without the discipline...you can not execute in a way to exploit those market movements. Just the same...without understanding the market movements...having discipline will not help exploit the market movements.

To be a good trader implies you have a good trading plan and not just a pretty looking piece of the puzzle. Its the primary reason why two traders using the exact same strategy while trading the exact same markets will produce different trade performance...one understands something or has something that the other does not.

wrbtrader
 
wrbtrader said:
They are dependent on each other.

Simply, if you know what the market is doing and you understand market movements...you need discipline to execute the trading plan within the market.

Without the discipline...you can not execute in a way to exploit those market movements. Just the same...without understanding the market movements...having discipline will not help exploit the market movements.

To be a good trader implies you have a good trading plan and not just a pretty looking piece of the puzzle. Its the primary reason why two traders using the exact same strategy while trading the exact same markets will produce different trade performance...one understands something or has something that the other does not.

wrbtrader
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What is trading discipline? Seeing market opportunity requires adjustment of trade size, stops etc. according to this opportunity. But if we talk about market edge, i.e. inefficiency which is much harder to discover, then the notion of discipline gets correct implementation. Most traders are simply lured by the search of opportunities that's why they fail
 
I think that saying lines for being a good trader is easy but in reality managing the stuff around with the market is not as easy as we have spoken.
 
Esha.J said:
I think that saying lines for being a good trader is easy but in reality managing the stuff around with the market is not as easy as we have spoken.
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Of course that's why official data shows about 80% of traders are losing in the first year of trading. But getting into 20% is possible just many give up too early.
 
I have never seen any percentage of how many losing and how many are winning. Win and loss are part of this business, we should focus on how we can minimize the loss.
 
Esha.J said:
I have never seen any percentage of how many losing and how many are winning. Win and loss are part of this business, we should focus on how we can minimize the loss.
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Just cut your losses short. Easy, right?
 
to be a good trader, you need to know when to stop, mostly traders lose because they lose control over their trade volume and end up losing every penny.
 
Harperpro said:
to be a good trader, you need to know when to stop, mostly traders lose because they lose control over their trade volume and end up losing every penny.
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Yes I do 3 trades max per day and never exceed that amount. As I see it helps me to control my emotions and not let me make silly mistakes because of overtrading.
 
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