tips for become a good trader?

Discussion in 'Forex' started by Mauwebluefinger, Sep 13, 2019.

  1. Hello, i am a rookie to trading in forezx and what to seriously start with it.
    Now i'm asking for some tips to get started and now the basics.Maybe some kind of courses you followed to recommend to me.
    Thanks in advance
     
  2. Handle123

    Handle123

  3. Thanks for the tip Sir. Will look into it!
     
  4. SteveM

    SteveM

    My recommendation:

    1. Learn to use a backtesting platform.
    2. Develop a trading model that is robust, with logical trading rules on when to enter, exit and take stop losses on your trades.
    3. Trade the system religiously for 1 year straight, following your rules on every trade.
    4. Keep a journal documenting how well you are following your system.
    5. Keep backtesting other ideas and refining your current system as new information becomes available to you.
    6. Judge your success not by making money. Judge your success by how you handle losing trades and your ability to stick to your trading system.

    If you can do the above for a year straight, you may have a shot at becoming successful at this.
     
    Sekiyo, Esha.J, tommcginnis and 2 others like this.
  5. Great tip Steve. I couldn’t agree more. The only other thing I would add is when journaling keep track of your emotions while you trade. Emotions can take you on a serious roller coaster ride when trading that can have a big impact on how you perform.
     
    SteveM likes this.
  6. Thanks you very much Steve!
     
  7. Yeah, I've read that a lot, hope i am able to deal with it. Thanks
     
  8. bd10

    bd10

    In trading you're in the risk management business. So, keep the trade size small, say 1% of total equity. This ensured you can't blow up quickly and stay in the game in the long term (google 90/90/90 rule). But before you trade real money, develop a strategy and back-test it. No eye-balling but systematic back-test to see whether it works or not, what the drawdowns/risks are. Can be done with a few simple scripts and for cash FX if you should be so inclined, you have not to worry about futures rolls.
    When your system/approach has proven to be profitable after costs, then you can start with real money, again keep the trade size small.
    Detach yourself from the monetary aspect. Trading is a business, no place for emotions (nb: so the more you automate or give the computer the better for that reason, also small bet size keeps emotions at bay).
    Lastly, keep your costs under control. This applies to commission and platform costs. Keep things simple and low cost. There is so much mumbo-jumbo sold as "essential" etc which is so unnecessary. You just line the provider's pockets. (for my own biz which is not FX, I pay $2/lot, no platform fee, no data fee which perfectly suits my style and objective. I could have easily signed up for an all bells and whistles platform for 100 bucks a month before the first penny P&L).
    Otherwise, good luck!
     
  9. comagnum

    comagnum

    Learn everything you possibly can about how the mob of retail traders are operating & make sure you are doing everything entirely different.

    These habits are pretty much spot on. This is a good template for developing into a successful trader. The only thing I would add to this is only taking trades where your reward to risk is at least 3:1.

     
    Last edited: Sep 13, 2019
    tommcginnis likes this.
  10. MattZ

    MattZ Sponsor

    I did an interview with Jake Schwager. I hope it helps.
     
    #10     Sep 13, 2019
    vanzandt likes this.