tips for become a good trader?

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

  1. deaddog

    deaddog

    I focus on the process. Losses are inevitable, I really don't think they can be avoided.

    Don't beat yourself up over a loss by calling it a bad trade. You can't possibly know or control what the market does. You have to control what you do. Taking a small loss is usually the correct move, and you shouldn't label a correct move as bad. It messes with your mind.
     
    #221     Dec 6, 2021
    Fonz likes this.
  2. Fonz

    Fonz

    We just have a very different approach. I am results driven and I focus on my 10% best and my 10% worst... Results.
    My goal I to make money, not to make good trades.

    I understand the appeal of the "process mindset". This is a way of keeping emotion "under apparent control".
    I feel the plaisir of winning and the pain of losing money. I see the whole market as emotions from emotional humans and bots programmed by emotional humans.
    We are a very small rational thing based on a top of so many emotions.
    Embracing our emotions in a conscious way and learning how to use them is called "rational emotions".

    Perhaps what messes with minds is thinking of being right, when losing money?
     
    #222     Dec 6, 2021
    deaddog likes this.
  3. Trading always involves risk in every single trade, maybe not all trader will have the good qualification to become good and profitable trader, and all good trader usually has strong psychology and have the courage to make a decision by confidence but not overconfidence.
     
    #223     Dec 6, 2021
  4. easymon1

    easymon1

    Look into the information that the internet puts at your fingertips.
    Many of the sponsors of this very website have some excellent information, tips, tricks, and traps. Start a notebook and study at a level and intensity that matches your expectations.
    You may face some stiff competition. Just sayin.

    Here's a screenshot of one of the sponsor's education tab:
    hmmmmm

    delete cano.jpg
     
    #224     Dec 6, 2021
  5. Joculator

    Joculator

    How do you manage that? Whenever I lose a trade I feel so disappointed and it gets hard to focus on the next trade. I always wish to be right which definitely is not possible. I’ve learnt that shifting your focus from making to learning helps. Don’t you feel the same way when you are concerned about the results?
     
    #225     Dec 8, 2021
  6. Fonz

    Fonz

    I focus on the best 10% with one goal: Being able to replicate the same trades, during the same context, with at least the same results.
    I also focus on the worst trades, to be sure I understand why they didn't work: I don't want to make the same mistakes.

    I am always concerned about the results as I trade real money, I win and lose $$$.
     
    #226     Dec 8, 2021
    Leob likes this.
  7. deaddog

    deaddog

    Can you walk us through a couple of mistakes and what you learned?
     
    #227     Dec 8, 2021
    Fonz likes this.
  8. Leob

    Leob

    All the best Mr. Fonz.
    This work to locate the best of the best is really the next level.
    Good luck
     
    #228     Dec 8, 2021
    Fonz likes this.
  9. Patience is a must and keep testing strageties
     
    #229     Dec 8, 2021
  10. Fonz

    Fonz

    FED Days:
    I use to lose and to lose big, especially during FOMC meetings. So, at first I just turned off my trading station during those days. The immediate result was more profit and less drawdown for the week.
    Then, I observed, recorded the days (with Multicharts) and paper trade during this recorded days.

    The usual belief for intra day traders during super slow moves before announcement and huge nervousness right after, is if you really want to trade these days, you should use large stops.

    In fact, nothing scientific, I just wait after the announcement for a strong momentum and I use larger targets and more tight stops (not larger).
     
    #230     Dec 10, 2021