How to be a good trader?

[pipeguy]

To be good trader, you have to follow the rules and always keep in mind that Forex is risky so never risk more money which you can not afford to loss.

The question is what are these rules. We want to follow the rules but they can be wrong which prompts us to take high risks sometimes carried away by emotions and impatience.

 

[icallgod]

To be good trader, you have to follow the rules and always keep in mind that Forex is risky so never risk more money which you can not afford to loss.

I could not agree more with you, you have to be dedicated to what you do and how you go about your trades.

 

[Byrne.d46]

for me if you want to be a good trader, always trade with a stop loss, that's it.

 

[BaconSandwich]

If I may ask quickly, how do you handle or deal with your emotions in the market, especially when they are high?

I was reading through this thread before jumping in with some sarcastic comment.

But, this kinda stood out, not because it's necessarily important to many here, but more so because I can relate to it too.

My solution was to open up two separate real money accounts. The majority of your funds will go into the account that warrants trades based on your own adaptive approach (which i'd assume has been already highly tested, developed, analysed and smashed against the wall a few times).

The remainder of your real money funds would go into a discretionary account - this is where you take trades that are not part of your predetermined algo or manual systematic method. This is where you can test in real time without the worry that you are affecting your potential results in the account that you value most....logical right?

Ironically, this month, my production "testing account" is for the first time outperforming my bread & butter systematic account. So now I have two ugly questions.

1. Do I need to overhaul my systematic approach and adapt to what i'm doing subconsciously in my discretionary account ?

2. Has my own up-to-date knowledge of trading which is represented within the discretionary account exceeded the knowledge which was programmed into the systematic account?

it's a tough old game - but we do keep developing - far less so now though than I was prior to taking this seriously. At some point the development 'curve' becomes flat(er)...this is when you're on the edge, it's the place to be.

 

[Esha.J]

To earn more profit, you have to learn at the starting age of Forex, without learning one can not manage a big amount and risk at the same.

 

[Esha.J]

To be honest, there are many rules that one trader can follow but it depends on trader that how he want trade with those rules.

 

[BaconSandwich]

To be honest, there are many rules that one trader can follow but it depends on trader that how he want trade with those rules.

Do you just state the obvious all the time?

 

[Vuu]

To be good trader, you have to follow the rules and always keep in mind that Forex is risky so never risk more money which you can not afford to loss.

I agree, simple basic rule. Don't over do it, work within your budget and you will be fine.

 

[Esha.J]

I just follow the rules, not just state all the time. That way mind is set for my rules and I strictly follow my routine for trading.

 

[Vuu]

Sometimes we should be flexible and be more adaptive in the market if we must succeed, what I mean is; we don't have to follow the rules all the time. When necessary we can make some quick decisions.