tips for become a good trader?
- Thread starter Mauwebluefinger
- Start date
Traders should understand that a good trade is not the one where you make money but the one where you follow your process.
“If you take a trade that follows your process exactly and if that trade loses money, that is not a bad trade. It’s a bad trade only if you deviate from your process and lose money. I would go further and say if you deviate from your process and make money, it’s still a bad trade. People have to differentiate between trades that are consistent with a winning strategy, and trades that are inconsistent. That’s the mark of good and bad trades,” I read these lines in the book Market Wizard and I agree with it completely.
“If you take a trade that follows your process exactly and if that trade loses money, that is not a bad trade. It’s a bad trade only if you deviate from your process and lose money. I would go further and say if you deviate from your process and make money, it’s still a bad trade. People have to differentiate between trades that are consistent with a winning strategy, and trades that are inconsistent. That’s the mark of good and bad trades,” I read these lines in the book Market Wizard and I agree with it completely.
Use proper risk management
Avoid overtrading
Use the best setups as per your strategy
Start of with one pair
Use demo until you can turn a profit
Don't chart watch a trader killer !!
Avoid overtrading
Use the best setups as per your strategy
Start of with one pair
Use demo until you can turn a profit
Don't chart watch a trader killer !!
Though consistency is important, Never be afraid to re-evaluate your trading plan if things aren’t working such as you thought. As your experience grows, your needs may change; your plan should always reflect your goals. If your goals or financial situation changes, so should your plan.
Fortunately, this thread is not about "how to make money with the right mindset".
A good trade is a trade that makes money. A good trader just found a way to do it over and over again.
A good trader makes good trades. The ones that lose money are good trades with bad outcomes. He just makes sure that the good trades with bad outcomes don't cost him a lot of his capital.
Yeah sheesh wtf was Fonz saying bro.
Fonz said a good trade makes money. I'm saying a good trade is one where you followed your strategy whether it makes money or not.
Right, yours is the correct definition.
We should all keep what we are doing
Some make good plan with good strategies, and make good trades following a plan based on strategies... And keep bleeding money.
Others make good money.
The meaning of what I was saying before was: " Focus on what makes money" not on a so called successful trade, that results in loss: A loss should never be accepted as a good trade.
The right mindset is what makes a difference, just saying.
Good trades!
Some make good plan with good strategies, and make good trades following a plan based on strategies... And keep bleeding money.
Others make good money.
The meaning of what I was saying before was: " Focus on what makes money" not on a so called successful trade, that results in loss: A loss should never be accepted as a good trade.
The right mindset is what makes a difference, just saying.
Good trades!