How to become a successful trader?
- Thread starter Coner1980
- Start date
you can be a successful trader without having a cool mind , so i think traders should focus on Mental health first of all.
no one can be a successful trader until having powerful money management.
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Good profitable points\praying helps anything.Un -wise prayin' as substitute for plenty work LOL
\not sure.\
Not sure \
that applies to Forex\ it may, just noted\ not sure it does.
Worst way to learn anything\ is with leverage
Have a trading plan and stick to it.
Hi Deaddug,
I apologize for missing your question earlier. The statistics I mentioned come from my experience and the experiences of many students who have worked with us over the past decade. Some of them have been funded or shared their personal account performance with us.
Based on the number of students who have completed different levels of training, here is an approximate success rate we have observed:
- Teaching: If a trader only relies on reading books, watching videos, and following other people's trades, their chance of success is almost zero.
- Mentoring: If a trader practices each teaching concept on their own using techniques like forward-testing, market replay, and live demos, or takes Smart Drills under LMS (Learning Management System), their chance of success jumps to around 20%.
- Coaching: If a trader seeks coaching to personalize their trading approach, considering factors such as psychology, lifestyle, time frames, trading setups, exit strategies, risk tolerance, trading software/data, and broker selection, their chance of success increases to approximately 50%.
- Monitoring: If a trader undergoes monitoring with a coach, which involves systematically reviewing their trading journals, evaluating progress, identifying the need for additional training and exercises, providing strategies for performance improvement, and addressing any technical or psychological uncertainties, their chance of success rises to around 80%.
I'm not sure if your numbers are correct but they sound almost reasonable.I hope this information is helpful. Please let me know if you have any other questions
- Teaching: If a trader only relies on reading books, watching videos, and following other people's trades, their chance of success is almost zero.
- Mentoring: If a trader practices each teaching concept on their own using techniques like forward-testing, market replay, and live demos, or takes Smart Drills under LMS (Learning Management System), their chance of success jumps to around 20%.
- Coaching: If a trader seeks coaching to personalize their trading approach, considering factors such as psychology, lifestyle, time frames, trading setups, exit strategies, risk tolerance, trading software/data, and broker selection, their chance of success increases to approximately 50%.
- Monitoring: If a trader undergoes monitoring with a coach, which involves systematically reviewing their trading journals, evaluating progress, identifying the need for additional training and exercises, providing strategies for performance improvement, and addressing any technical or psychological uncertainties, their chance of success rises to around 80%.
The monitoring part implies that the trader has a plan, has someone else checking to see that he has the discipline to follow the plan and reviews why the trader deviated from the plan.
Focus on finding a trading method that suits your style and stick with it. Develop a clear trading plan with defined goals and strategies. Backtest your method using historical data for confidence and improvement. Prioritize risk management to protect your capital.