tips for become a good trader?

skill is temporary but experience works for all time , its a permanent something.

 

Imo, it all comes down to practise. If you are someone who constantly backtests and keeps a track of his trades, you have a better chance of improving your skills.

 

Some really good tips in this thread.

In doing thousands of trades for over 20 years, here's a couple of ideas that may help:

+ tiny stops, lots of small trades is better than trading large size ... throw lots of small darts

+ avoid "inside" days and charts, which means never trade charts that are inside prior day's high/low range... go long when charts have small gap above prior days high

+ timing is key, eg if daytrading remember markets often pivot at 10am.... avoid trading 11am-3pm for the most part

+ expanding ranges on high volume provides strong entry signals

+ the market's always right, price action is everything

+ feed your winners (add to winning trades), starve your losers (stop out early if trades don't work out)

+ look at your trades as a sequence of 2-3 trades, including re-entries if initially stopped out

+ post a note by your monitors that says "Small Stops"

 

thanks for your nice explanation. thanks for your nice post.

 

In order to be good at trading, traders should have an optimistic attitude toward mistakes and should learn from their past trading experiences. The more you trade, the more you understand the market and hence, get better with time.

 

optimistic attitude not only important in trading life but also more important in real life.

 

a negative attitude just leads to bigger mistakes when you lose a trade cause you won't be able to learn from it, as worst you will continue to revenge trade and cause an even bigger loss so having a good trading mentality when trading is always important.

 

1. Always have a trading strategy in place.
2. Consider trading as a business.
3. Make use of a demo account.
4. Secure Your Trading Funds.
5. Research the Markets

 

The one key, how to become a good trader the key is trader have strong psychology trading, with strong psychology usually trader will able to move and work fully discipline to obey rules trading in advance to minimize the risk tolerance on average trades.

 

I’d only suggest you look into the important elements for a successful trades and practice as much as you can.