This is a great thread, thanks for the tips!
tips for become a good trader?
- Thread starter Mauwebluefinger
- Start date
That depends on your definition of a good trader. If a good trader for you is someone who makes a lot of money then you are wrong. A good trader is someone who doesn't deviate from his process. If you are continuously going to change your process, you’ll never find out what leads to your winning. You are going to have random, inconsistent results which are no different from gambling. The best tip I can give is not to focus on results, instead try on finding out what suits you.
totally agree this is good information
To become a good trader the very first thing a trader should figure out is the right trading method that suits him. A trader should know whether he is comfortable with fundamental analysis or technical analysis, high risk or lower risk, etc. Following a common approach can’t guarantee success but there are certain tips that can be considered by everyone:
Educate yourself about the currencies and the market.
Risk only as much as you can afford to lose..
Apply risk management techniques.
Don’t overtrade.
Be consistent.
Educate yourself about the currencies and the market.
Risk only as much as you can afford to lose..
Apply risk management techniques.
Don’t overtrade.
Be consistent.
Your experience makes you learn the most. So, when you are in the live market, stay active so that you can garner information about what is happening in the market so that you can make use of that information in your future trades.
I know some, including my father, but they are swing traders, surfing weekly timeframes and above, only occasionally going after daily candles. Sclaping and day trading is in their opinion almost impossible. Also they never touch leverage, that is something that divides them from the failing aspirants (check 2015 CHF event for reasons)
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Many new traders see the forex market as a place to make money easily. But when the reality hits, they start blaming the market for not being in their favor. It’s simple to understand. You have to learn to make profitable trades and the journey is not going to be easy.
Pretty much this!
Spot on. Accept that there are no short cuts.
Do not trade if the market does not feel comfortable. Wait for that moment when you are completely relaxed before trading. Use stop losses early on. Avoid impulsive decisions, get out of the market if you are not sure what to do next. Let the market come to you, do not go after the market.