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What makes one a Professional Trader?

Donald Betcher (DonaldB)
Jan 16 2019 at 15:10
38 zpráv(a,y)
jamesgwyther posted:
To me a Professional Trader is someone who does this for a living, as their main source of income.

If the trader has no plan B (alternative job). In this case, he should make profit for a living.

Adribaasmet
Jan 17 2019 at 07:34
947 zpráv(a,y)
Okay; but for me I have plan B even plan C according to the market situations! Since, there is no guarantee in Forex; so I have to move with multiple trading plans on trading.

jamesgwyther
Jan 17 2019 at 11:29
289 zpráv(a,y)
Adribaasmet posted:
Okay; but for me I have plan B even plan C according to the market situations! Since, there is no guarantee in Forex; so I have to move with multiple trading plans on trading.


All your plans involve Forex Trading?

Matt (BluePanther)
Jan 17 2019 at 11:47
1354 zpráv(a,y)
jamesgwyther posted:
Adribaasmet posted:
Okay; but for me I have plan B even plan C according to the market situations! Since, there is no guarantee in Forex; so I have to move with multiple trading plans on trading.


All your plans involve Forex Trading?


So they should! If all your plans involve forex, then you are a professional trader, because you have a strategy for success in forex!

vontogr (togr)
Jan 17 2019 at 12:48
4862 zpráv(a,y)
Professional trade follows trading plan. Amateur trader does not so he is a gambler. That's why 95% of traders are losing.
Trading plan has to define when to enter trade and when exit. (also when you DO NOT trade, trade size, etc.)
So there is no need for plan B or whatever nonsense.

jamesgwyther
Jan 17 2019 at 14:44
289 zpráv(a,y)
togr posted:
Professional trade follows trading plan. Amateur trader does not so he is a gambler. That's why 95% of traders are losing.
Trading plan has to define when to enter trade and when exit. (also when you DO NOT trade, trade size, etc.)
So there is no need for plan B or whatever nonsense.


Good answer.

Matt (BluePanther)
Jan 17 2019 at 14:58
1354 zpráv(a,y)
togr posted:
Professional trade follows trading plan. Amateur trader does not so he is a gambler. That's why 95% of traders are losing.
Trading plan has to define when to enter trade and when exit. (also when you DO NOT trade, trade size, etc.)
So there is no need for plan B or whatever nonsense.


You can be professional with only one plan (read 'strategy'), or you can have multiple plans (strategies).
I personally use multiple strategies, on multiple accounts also:
Plan A: Primary EA on Main account
Plan B: High-risk Asian scalper on secondary account
Plan C: High-risk all-sessions scalper on tertiary (overclocking) account
Plan D: Linear Cost-Averaging Grid EA
Plan E: Manual trading
etc.

The qualifying factor is: 'Do you ultimately aim to make money (ie. commercial enterprise)?'
https://www.business.gov.au/planning/new-businesses/a-business-or-a-hobby/

vontogr (togr)
Jan 18 2019 at 09:44
4862 zpráv(a,y)
BluePanther posted:
togr posted:
Professional trade follows trading plan. Amateur trader does not so he is a gambler. That's why 95% of traders are losing.
Trading plan has to define when to enter trade and when exit. (also when you DO NOT trade, trade size, etc.)
So there is no need for plan B or whatever nonsense.


You can be professional with only one plan (read 'strategy'), or you can have multiple plans (strategies).
I personally use multiple strategies, on multiple accounts also:
Plan A: Primary EA on Main account
Plan B: High-risk Asian scalper on secondary account
Plan C: High-risk all-sessions scalper on tertiary (overclocking) account
Plan D: Linear Cost-Averaging Grid EA
Plan E: Manual trading
etc.

The qualifying factor is: 'Do you ultimately aim to make money (ie. commercial enterprise)?'
https://www.business.gov.au/planning/new-businesses/a-business-or-a-hobby/


Sure you can have more strategies
But you cannot have more trading plans per one strategy
You can even trade more strategies on single account

Nasrul
nasrul_poyo
Jan 18 2019 at 10:54
124 zpráv(a,y)
Just consistent profit withdrawn, it is enough for me to call them Professional.

vontogr (togr)
Jan 18 2019 at 12:50
4862 zpráv(a,y)
nasrul_poyo posted:
Just consistent profit withdrawn, it is enough for me to call them Professional.


Nope withdrawing money could mean you were lucky.

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