How to become a successful trader?

[themickey]

Forgettaboud Brooks and don't follow anyone religously.
Use your own brain to work it out.
Even Tiger Woods' coach can't play to Tiger's standards by copying/emulating.
ET is full of cultists who lack a brain to think for themselves.

 

[algoseek]

Forex is not a get-rich-quick scheme. Consider this please.

 

[traderjakelong]

The path to become a successful trader starts with learning. Learn as much as you can about the forex market. Then only you can make appropriate strategies for your trading.
Also, don’t forget to go for demo trading before jumping into the real one.

 

[padutrader]

If you'd rather say, "OP, after 13 years I have not yet made it, but Brooks philosophy seems to have some promise." I would have no objections.

if you cannot or will not follow what he says anyone will lose money.

that was the case with me

i did not follow him......totally.....

you have to start step by step like he says in the book.

trade one set up......he suggest one........so read the book......

and trade demo when you try anyone new

 

[padutrader]

Trading is not a game. You trade for additional positive cashflow.

If you do not have an edge or not profitable in the long run or forseeable future, you should divert your effort and time to activities that will general marginal positive returns.

But if you treat it as gambling. And the act of placing trades with no regard to wins and losses brings you incremental pleasure - feel free to do so.

day trading i do treat like gambling

that is what i am saying
no casinos in India

cannot leave India too many responsibilities here

 

[zghorner]

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.

what medication do you speak of?

 

[TimtheEnchanter]

what medication do you speak of?

Ask your doctor. Some degenerate gamblers take meds. Medications that have been found to be helpful in decreasing either the urge to gamble or the thrill involved in doing so include antiseizure medications like carbamazepine (Tegretol) and topiramate (Topamax), mood stabilizers like lithium (Eskalith, Lithobid), medications used to address addictions like naltrexone, etc.

The treatment of compulsive gambling usually uses more than one approach, including psychotherapy, medication, financial counseling, support groups, 12-step programs, and self-help techniques.

 

[zghorner]

Ask your doctor. Some degenerate gamblers take meds. Medications that have been found to be helpful in decreasing either the urge to gamble or the thrill involved in doing so include antiseizure medications like carbamazepine (Tegretol) and topiramate (Topamax), mood stabilizers like lithium (Eskalith, Lithobid), medications used to address addictions like naltrexone, etc.

I might just borrow some of grandmas lithium and see what happens, thanks for the great idea.

 

[TimtheEnchanter]

I might just borrow some of grandmas lithium and see what happens, thanks for the great idea.

I would not take lithium as the therapeutic dose is close to the poison dose. Long-term use of lithium will kill your kidneys and you may be on dialysis! You can get in a coma and/or suffer permanent brain damage. If you are a gambler, take it seriously and try to have a professional take a look at you.
I was a gambler for most of my adult life but, various factors "fixed" it, one being my marriage and the birth of my daughter. I am in therapy and had an on and off unbalanced impulse control. As impulsive I was I lost a tidy sum with a prop firm, then I turned to Poker where I lost far more.
Because of COVID, I would not play table poker and I find online poker boring. It seems I do not need the ups and downs adrenalin surge of gambling. Amusing tidbit; I worked in a Casino for 14-years. I have seen people with 10 houses in San Francisco, lose it to the one house to have a roof over their head. It is a sickness.

Most traders have the issue of impulse control for various reasons. Then they will self-sabotage no matter how talented they may be.

 

[zghorner]

I would not take lithium as the therapeutic dose is close to the poison dose. Long-term use of lithium will kill your kidneys and you may be on dialysis! You can get in a coma and/or suffer permanent brain damage. If you are a gambler, take it seriously and try to have a professional take a look at you.
I was a gambler for most of my adult life but, various factors "fixed" it, one being my marriage and the birth of my daughter. I am in therapy and had an on and off unbalanced impulse control. Because of COVID, I would not play table poker and I find online poker boring. It seems I do not need the ups and downs adrenalin surge of gambling. Amusing tidbit; I worked in a Casino for 14-years. I have seen people with 10 houses in San Francisco, lose it to the one house to have a roof over their head. It is a sickness.

Most traders have the issue of impulse control for various reasons. Then they will self-sabotage no matter how talented they may be.

im not a gambler...but If there was a way to chemically enhance my trading ability...im in.