How to become a successful trader?

[Scataphagos]

As a newbie what things we should consider to become a successful trader? Plz help me to understand it.

There are 2 big obstacles to becoming a successful trader.

1. Learning Technical Analysis. It's the ONLY way. Anyone who tells you otherwise doesn't know what he's talking about! (Specifically, "Price TA". You get paid when "your play is in tune with price". Period!)

2. The obstacle course "between your ears". Learn what you need to know... discipline to see it "on time and act on it". Sounds easy. Isn't.

 

[TimtheEnchanter]

As a newbie what things we should consider to become a successful trader? Plz help me to understand it.

I have been watching the market on and off since 1987 (trading since the 90s). If you are not well-balanced, emotional, gambling type either take medication or do not even start. This racket is mostly psychological and the rest is money management.
I have lost quite a bit of money in trading and in poker. Once you manage a week-end without craving for the action in the markets, then you know you are on the right track.

 

[Turveyd]

Do the opposite of what everyone else tells you to do

Scalping, keep it small is where the money is made, but it's hard work and will cause your brain to melt then you'll blow your account, so only real way, but very very hard to do long term.

 

[deaddog]

Follow the steps require to be successful in any endeavour.
It's pretty well the same process whether you want to be a successful golfer or a successful small business.
Just google how to be successful at .........

 

[SunTrader]

Most important rule: Learn how to lose money properly.

That means appropriate position size, always entering stop loss orders, always sticking to stop loss orders, not revenge trading, not hoping and praying.

It took me 10 years of losing money to understand how foundational this rule is. Hopefully you will learn it quicker than I did.

Ya got a few likes but I will add to that I agree completely.

No need to follow 10 20 30 rules. Just what you said.

As someone once remarked - take care of your losses, your wins will take care of themselves.

 

[CALLumbus]

Work hard. Interact with and within the microstructure of the market a few hours every day, day by day. Do this for 6-12 months. If you dont make any progress, then maybe it is better to look for another adventure.
After a few months of sitting in front of the screen and focussing on one or 2 DOMs or fast charts it should be clear where you have to put your effort, from there it is just daily "practice" then to improve and hopefully get consistently profitable.

The biggest bullshit in trading is, similar to the fitness industry, that there is SOOO much bullshit around, that if you start with this, you have no idea what is right or wrong, where to start, what makes sense and what not.
It took me many years, both in training and in trading, to understand what really matters. Once I got rid of all that crap and lies I finally started to make progress.

The things that matter are simple. Simple and hard.

 

[padutrader]

And that's why I wouldn't recommend anyone to pursue (day) trading at all.

you raise some valid points......

i did not recommend day trading

in fact i was just about to say that.

any novice should avoid day trading.

i bought my first share in 1987 and read my first book in 1990.

i never could make money in day trading but i never followed brooks to the letter.that was my mistake.

i did not read it enough times....

it is not organised and that is why he seems vague

a lot of stuff very powerful stuff he mentions very casually

his first chapter is about set ups.

that is simple enough.

BUT YES YOU CANNOT READ AND MINT.

still his first book is worth a look....

I NEVER SAID IT WOULD BE EASY TO UNDERSTAND HIM.

but trading is not easy to understand

 

[padutrader]

If you've been at this for 13 years and still lose money,

Brooks says he lost money for 10.

but let me be clear i lost money because i did NOT follow him....that is how i learnt his method has value.

by doing everything else and then coming back to him. Ironically that is how i understood him.

how i found out the true value of his technique. i am now trying to follow him to the letter...IT WILL TAKE TIME
maybe i should start a thread explaining what i understood.....the problem is that i have to commit a lot of time

 

[padutrader]

It's vague as hell.

start by reading this small paragraph [see file below]....is it vague?

but i can only guide the work you have to do

it is specific , powerful and it will save you from making bad trades...

 

[Peter8519]

I asked my brother whether he still frequent the casino. He told me he had stop going and I asked him why ? He told me that the casino had up the minimum bet and he got cleaned up pretty fast. It's no more fun. The same goes for betting stock. Bet small to protect the capital and that can buy precious time to improve our trading methods.