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Why are some traders successful?

NewCityTrader
Jun 06 at 10:14
48 posts
Why are some traders successful?

The best traders in the beginning weren’t the best. But that’s probably obvious. They had their problems, which they overcame either on their own or someone helped them. They also made both good and bad trading decisions. That’s why you shouldn’t be afraid of making decisions, you should learn to do it. What’s more, most decisions can be changed… although caution should always be exercised.

Why the best traders become the best?

One of the key traits I’ve noticed in the best traders is that they invested in themselves — they spent a lot of time learning the market and the system. This is just as important as in any other profession, because trading is a profession too! For example, if you want to be a good driver, you have to spend a lot of hours driving. Is that obvious? Sure. If you want to cook well, you have to have a good recipe and you have to cook it many times. This is also quite obvious. It is the same in trading.

The path of the best traders was difficult. They encountered problems that no one had ever faced before, they navigated in the dark. Many of them created this market! They started on paper.

What problems best traders were facing?

1. They were making and losing very big money. And here is a lesson for you: don’t start with large amounts! Because one thing is for sure — you can make money in trading, but it is more certain that you will lose. Most people who come to the market without preparation lose money, they are just providers of capital. Those who have been in this market for a long time know that it’s enough to bring a client here, and the market will do its job

2. They also failed to maintain discipline. They lacked patience. They struggled with fear, hope, pain from loss and euphoria. They did not control their emotions. They closed profitable positions too quickly and held losses. They even suffered from panic attacks with the market retreating. They didn’t know where to enter and exit the market (a common issue). They didn’t have good systems, they were testing a lot. When they wanted to play back — they compounded their losses and couldn’t stabilize their profits (this is also the norm). Familiar? And yet you can!

This is an extensive topic, so I will talk more about it on another occasion.

Testing trading systems
Now let’s talk a bit about testing trading systems. The thing with systems is that practically all the best traders creates their own trading system. The one that suits you. There is no trader who would play someone else’s system without any changes. There isn’t.

Every trader goes through many teachers.

Especially at the beginning, when you start your career on the market, when you don’t know the specifics of the market, the tools, you don’t know what suits you, what your risk tolerance is and what lies in your possibilities. And so on until something finally hits him, a moment of “acha!” (it’s so easy after all!). This process requires a lot of persistence. Many fall away along the path. Stress, emotion, frustration, loss… They can’t handle it. This is why everything that goes on in our heads is so important and I talk about it a lot.

The trading psychology is the key to success.
Huge Changes, New Ideas & Decline Of Traditional Investing
JasperMonvill
Jun 07 at 00:34
39 posts
Most traders do not comprehend the significance of adopting a sound strategy and risk management plan, and they lack fundamental market psychology expertise. To generate a steady profit in trading, you must put in the effort, dedication, and patience.
PhoneticNachos (DavidWilks)
Jun 07 at 02:14
14 posts
I think one of the most consistent things that helped me was always being objective, and never thinking you are too good to learn more.

Having a love of learning, and reading daily, always trying to improve.
Protect against loses and the profits take care of themselves.
HeavenLeighGill (HeavLeighGill26)
Jun 15 at 14:29
380 posts
Knowledge is one of the most important factors when it comes to being successful. Some of that is learned beforehand and the rest comes over time, with experience.
NewCityTrader
Jun 16 at 09:45
48 posts
Thank you for your thoughts! Check out my profile for more, I post few times a week.
Huge Changes, New Ideas & Decline Of Traditional Investing
personifica_
Jul 12 at 12:38
21 posts
Some traders are successful because before heading straight into the live trading, they have made themselves learn the basics and as well the techniques.It take long time to do so but once you figure it out, you know what it takes to be successful.
Suradi (FXOday)
Jul 13 at 00:11
401 posts
Experience is the best teacher, successful traders can learn well and broaden their knowledge about forex, never give up. All results depending the traders and how they can learn well or not, when experienced traders lack in discipline, will so hard to generate the stable result.
Masticate
Jul 14 at 10:15
23 posts
Success in the forex market doesn’t come easily. You have to work for it. You will have to put in your precious time and money to see how trading works for you. You will also have to take losses to learn new lessons that you couldn’t find in your books.
WhiteWitcher
Jul 14 at 12:03
74 posts
Oh I recently read a great book. And it said that if you want to become a professional in your field, it is important to do it successfully for 10,000 hours.
Yes Yes exactly.

And here are all your words @NewCityTrader about this.
About a long time of learning, about the first profit, about the first tangible losses. It's all about it.

So I can give any newbies trader one piece of advice, trade and devote time to trading for at least 10,000 hours.
Marcolis
Jul 15 at 03:57
195 posts
Trading knowledge refers to earning knowledge on a number of aspects like indicators, market analysis and other issues.
Marcolis
Jul 15 at 10:05
195 posts
If you understand the candstick patterns and other technical issues as well, you can easily identify the trend. But according to my experience, the result of technical analysis becomes more cogent when fundamental analysis is accompanied with it.
essencejo
Jul 15 at 11:13
31 posts
Some traders are successful because they follow a strict trading routine and constantly work on their trading strategies
Stel386
Jul 15 at 11:45
19 posts
essencejo posted:
Some traders are successful because they follow a strict trading routine and constantly work on their trading strategies
True that!
It's a highly needed quality to become successful in the trading world.
LabuyaChicay
Jul 16 at 07:51
102 posts
It’s because there are so many scam brokers available out there in disguise. These scam brokers pose a threat to the survival of traders. Traders should keep themselves out of such scam brokers for their own safety.
NewCityTrader
Jul 16 at 07:55
48 posts
Thank you for all your thoughts. Interesting points.

Especially

WhiteWitcher posted:
Oh I recently read a great book. And it said that if you want to become a professional in your field, it is important to do it successfully for 10,000 hours.
Yes Yes exactly.

And here are all your words @NewCityTrader about this.
About a long time of learning, about the first profit, about the first tangible losses. It's all about it.

So I can give any newbies trader one piece of advice, trade and devote time to trading for at least 10,000 hours.

Something may be at stake. From my experience working with traders, I know that on average a trader needs 2-3 years to achieve regularity of earnings. And 10k hours of work is about 4 years according to a standard 8-hour work day, but also taking into account vacations.

And definitely yes, trading is not something that can be learned in a weekend from a few videos on the Internet. It's a profession and mastering it takes time and smart action.

Huge Changes, New Ideas & Decline Of Traditional Investing
Gasbag
Jul 18 at 07:06
27 posts
The very nature of the market is such that it requires learning. One cannot expect to earn without learning first. Learning before trading is essential; learning when one begins to trade is essential too. Everything in trading will teach a trader something and make a trader learn about that. Whatever we learn while trading becomes a part of our experience. This experience will help traders take the right steps in the future in case they did something wrong in the past.
Notandum
Jul 18 at 07:14
27 posts
The post is loaded with great tips. Having the right trading psychology is very crucial.
Hydrophilous
Jul 18 at 08:07
21 posts
Out of all the huge number of traders who enter into forex trading, only a few become successful by making profits for a long term. But how do they do that? Because they are consistent. They keep trading, and strive hard to improve their trades even when the market is down or when they are losing. Trading for years makes them accumulate and used to all types of probable situations that can arise. This experience helps them win trades and become profitable.
WhiteWitcher
Jul 19 at 18:01
74 posts
NewCityTrader posted:
Thank you for all your thoughts. Interesting points.

Especially

WhiteWitcher posted:
Oh I recently read a great book. And it said that if you want to become a professional in your field, it is important to do it successfully for 10,000 hours.
Yes Yes exactly.

And here are all your words @NewCityTrader about this.
About a long time of learning, about the first profit, about the first tangible losses. It's all about it.

So I can give any newbies trader one piece of advice, trade and devote time to trading for at least 10,000 hours.

Something may be at stake. From my experience working with traders, I know that on average a trader needs 2-3 years to achieve regularity of earnings. And 10k hours of work is about 4 years according to a standard 8-hour work day, but also taking into account vacations.

And definitely yes, trading is not something that can be learned in a weekend from a few videos on the Internet. It's a profession and mastering it takes time and smart action.


Oh of course. Only thanks to the constant pumping of one's skills does that trading experience appear, which then bears fruit in the form of profit. You're right.
Adrian78
Jul 20 at 10:26
15 posts
There is no successful mantra for trading. It is your basics and your strategies implemented on demo before going live.
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