tips for become a good trader?

The best tip that I got in my initial days as a trader was to maintain a trading journal and keep
track of my trades, which has helped me grow as a trader. I also backtest strategies everytime
before implementing them on a live account, it helps me to correct flaws in my trading strategy
and improve them.
 
Trading is very simple but far from being easy. So build a strategy and set your rules. And build your confidence as well. There's only one way to build up your confidence about yourself and your strategy. It is practice.
 
AndrewMcCalam said:
discipline is important i know but the main problem is , as a newcomer its really difficult to maintain trading discipline.
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Indeed! That happens because we look for quick results, which is not possible in forex. I think discipline builds up once you show up every day, despite how you feel.
 
Have a trading plan and always stick to it.
Do not risk more than you can afford to lose.
Use stop losses to prevent losing a big amount.
 
Muffuletta said:
Have a trading plan and always stick to it.
Do not risk more than you can afford to lose.
Use stop losses to prevent losing a big amount.
More...
Agreed mate, in addition to this I would say that keeping a control on emotions is also important because some traders do overtrading which eventually puts them in huge risks and losses.
 
Using stop loss and cutting off the losses earlier can help us reducing the risks of loss because bad day can also occur to professional traders and without stop loss we can blow up our entire account within no time if odds turned against us.
 
Practice makes a man perfect, but in forex, practicing makes you smarter & more experienced. Because of how often the market changes so you have to keep learning.
 
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