How to become a successful trader?

777 said:
Great Question!

Most people willing to speak with you at length will be losing traders.

Most guru's-for-hire are hustlers and losing traders.

Most traders lose, especially day traders.

Only a few ET posters will be worth listening to and you have to sus this out.

Things change: Big edges stop working. Candy stores close: SOES Bandits, for example. Listen skeptically to even people who used to win.

-----

Shoenfeld, years ago, was the largest trainer and backer of day traders and they gave that up to become a multibillion dollar quant firm.

Fifteen years ago I knew well over ten strong winning trader's; they all lost their edges and quit.

------

You will be outgunned in information, technology, execution, costs, and so on.

A good book to help you understand what is what is Traders of the New Era. The author occasionally posts on ET

If you are very serious, here is what your goal should be:

What you would like to do is find a winning trader who will chat with you. Better yet would be if you could provide value to that trader's life or even work for them




.
More...
now that book even i can afford
 
If you're a price action day trader, I think trading on a vps is essential. Too often new traders are only trading on their home computers. They sit in front of the computer all day waiting for their perfect entry rules. After waiting for hours, they'll break their rules and force enter into a trade that they don't feel confident about. This is a recipe for losing trades.

Instead a vps is the only way to always be connected to the market. Basically you run your trading software on a server that is always on, instead of a home computer. Then you can connect to the server with your home computer, or with your mobile phone. Since you can use your phone to enter into trades, you no longer force trades and can go about your day, just occasionally checking your phone for setups. Them when you see the market moving in a way you like, focus on it for longer and then enter the trade using your phone.

There's lots of vps options, but personally I like NinjaMobileTrader.com because of the low latency to exchanges and cheap hosting plans.
 
2xtrader said:
I'm new here and respect your members, with that said analysis doesn't have to be technical.
If you are a consultant for hire, you want the client to need your technical analysis- you shouldn't and you don't need them.
Independence is where it's at. If you have money, make it grow
More...

Please explain how "consultant for hire" is applicable to trading.... other than to teach someone to trade... aka "learn Technical Analysis". I don't see it.
 
Scataphagos said:
Please explain how "consultant for hire" is applicable to trading.... other than to teach someone to trade... aka "learn Technical Analysis". I don't see it.
More...
i don’t try and muddy the waters with razzle dazzle plays when investing. I look for 30% roi and go from there.

replace consultant for hire with financial planner or anyone you pay to tell you what’s best for you.
 
2xtrader said:
i don’t try and muddy the waters with razzle dazzle plays when investing. I look for 30% roi and go from there.

replace consultant for hire with financial planner or anyone you pay to tell you what’s best for you.
More...

Again... has nothing to do with Technical Analysis in trading. Your post would be more appropriate in some other thread.
 
As a profitable trader myself (last year I had a 36% growth on the account), I'd say biggest thing is Risk Management, Patience and having a solid system you've back tested. Also trade PRICE ACTION. I personally don't know anyone that makes money from retail trading patterns H&S To, Bull Flag etc etc. Just my two cents have happy to share more advice via DMs
 
You must log in or register to reply here.
Back
Top