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What makes one a Professional Trader?

Donald Betcher (DonaldB)
Jan 16 2019 at 15:10
38 ieraksti
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
993 ieraksti
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 ieraksti
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
1355 ieraksti
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 ieraksti
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 ieraksti
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
1355 ieraksti
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 ieraksti
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 ieraksti
Just consistent profit withdrawn, it is enough for me to call them Professional.

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Just consistent profit withdrawn, it is enough for me to call them Professional.


Nope withdrawing money could mean you were lucky.

niceGLer
Jan 18 2019 at 17:35
168 ieraksti
I think a trader can be qualified as a pro trader if trading is if s/he can support living by trading as a a main source of income (of course that varies according to each country) I think somebody has said that already. Intelligent emotionless traders, INTJ variants,(look for Briggs-Myers personality theories), and women fare the best I've told myself.

Nasrul
nasrul_poyo
Jan 20 2019 at 07:14
124 ieraksti
I mean consistent withdraw, not one time withdraw. It means that, they can make money by self trade, not by selling or teaching goods from Google

Tosin Ajiboye (ProfitMiner)
Jan 20 2019 at 07:18
6 ieraksti
Experience has shown that most manual strategies pass the eye test. They have good risk reward ratios.
The greatest problem, in my view is EMOTIONAL CONTROL. You really cant call yourself a professional trader is you dont have emotional control of your trades. And the only way to that is to consistently use proper money management.

Trade In A Way That Leaves You With Money To Trade More
jamesgwyther
Jan 20 2019 at 07:45
289 ieraksti
niceGLer posted:
I think a trader can be qualified as a pro trader if trading is if s/he can support living by trading as a a main source of income (of course that varies according to each country) I think somebody has said that already. Intelligent emotionless traders, INTJ variants,(look for Briggs-Myers personality theories), and women fare the best I've told myself.



I know a couple of very good female traders.

AniLorak
Jan 20 2019 at 10:04
920 ieraksti
jamesgwyther posted:
niceGLer posted:
I think a trader can be qualified as a pro trader if trading is if s/he can support living by trading as a a main source of income (of course that varies according to each country) I think somebody has said that already. Intelligent emotionless traders, INTJ variants,(look for Briggs-Myers personality theories), and women fare the best I've told myself.



I know a couple of very good female traders.


That’s really interesting; in my community there have so many interested girls; but almost all of they are the newbie’s or intermediate traders.

Donald Betcher (DonaldB)
Jan 21 2019 at 12:21
38 ieraksti
What a great conversation here! Even a Kelly formula was reminded.
No matter how much strategies and business plans you use, the most important thing is to be changeable and be ready for market behavior.

vontogr (togr)
Jan 21 2019 at 13:01
4862 ieraksti
jamesgwyther posted:
niceGLer posted:
I think a trader can be qualified as a pro trader if trading is if s/he can support living by trading as a a main source of income (of course that varies according to each country) I think somebody has said that already. Intelligent emotionless traders, INTJ variants,(look for Briggs-Myers personality theories), and women fare the best I've told myself.



I know a couple of very good female traders.


I know a couple of very good male traders.

jamesgwyther
Jan 21 2019 at 14:50
289 ieraksti
togr posted:
jamesgwyther posted:
niceGLer posted:
I think a trader can be qualified as a pro trader if trading is if s/he can support living by trading as a a main source of income (of course that varies according to each country) I think somebody has said that already. Intelligent emotionless traders, INTJ variants,(look for Briggs-Myers personality theories), and women fare the best I've told myself.



I know a couple of very good female traders.


I know a couple of very good male traders.


Touche!

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