tips for become a good trader?

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

  1. 777

    777

    True.

    I read some of your past posts and have to ask you why you think you have an edge trading FOREX?

    To win you need more than the good traits you mentioned, you need A edge and B. risk management.

    Almost no retail traders beat FOREX. Why do you think you have and Edge?

    Best wishes.
     
    #151     Sep 20, 2021
  2. Esha.J

    Esha.J

    Practice is the only key to become successful in Forex Trading. Without proper practice, you won't be able to achieve the skills you are going to require in surviving in Forex Market.
     
    #152     Sep 20, 2021
    fxforlife likes this.
  3. Agreed buddy!
    Patience depicts a lot of things. If you hurry and do trades without thinking, then it can result in the loss of capital. There is not any quick method of making a buck if you are not unrealistically lucky. Build upon the knowledge you gain and start slow. Play it safe until and unless you are not fully confident that you have built a significant capital and have a backup plan too.
     
    #153     Sep 20, 2021
  4. Zithiel89

    Zithiel89

    I feel that you should start with learning economics, i.e. what the demand and supply are and everything which is connected with the fundamentals of economy. Some might say that it is not important for trading, but I noticed that the understanding of such thinks helps to analyse the news and come to the right conclusions. I'll draw you an example with OPEC related news about oil extraction rates. The mere understanding of supply and demand will help you understand the consequences which this news can have on the market.
    The next thing you've got to learn is the market that you want to work with. You should learn forex if you want to trade forex, crypto if you want to trade with this instrument and so on. All the markets behave differently in the same economic situations and you've got to understand them. If we talk about forex, there are so many different resources online which are available to everyone free of charge.
    After it, you can go to understanding more technical stuff like platforms, indicators, charts, pending orders and so on. These tools are a must to every trader who wants to make decent consistent profits.
    The last but not the least is learning psychology. It is an open secret that emotions play huge role in decision making process, so, your aim is to control your emotions in the most effective way in order to remain sober and sensible before opening this o that deal.
     
    #154     Sep 20, 2021
    Louis_tr likes this.
  5. How to understand why the price moves deeply need more knowledgeable, in forex trading trader will take advantage from volatility market, but how to making a good forecast is not simpler like in technical trading theory, fundamentalist trader usually pays attention to the inflation rate, interest rate, etc.
     
    #155     Sep 20, 2021
  6. jocrape

    jocrape

    To be a good trader you must have a passion for learning, a strong personality to accept losses, a will to learn from your mistakes and patience, discipline and consistency to survive through the market. If you have these qualities you can do decently well in the forex market.
     
    #156     Sep 21, 2021
  7. Louis_tr

    Louis_tr

    Couldn't agree more on this!!!
     
    #157     Sep 21, 2021
  8. Discipline, for sure.
     
    #158     Sep 23, 2021
  9. 777

    777

    Be around people who are better than you.

    Be a learning machine.

    Develop a personal relationship with a winning trader, or work with one or for one.
     
    #159     Sep 23, 2021
  10. Esha.J

    Esha.J

    A good trader never stops learning. You must never stop learning in the Forex Market. Without proper knowledge and skills, you wouldn't be able to survive for long run,
     
    #160     Sep 23, 2021