Why are some traders successful?

Jun 06, 2022 at 10:14
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106 Replies
Jun 06, 2022 at 10:14
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
Jun 07, 2022 at 00:34
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.
Biedrs kopš   14 ieraksti
Jun 07, 2022 at 02:14
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.
Jun 15, 2022 at 14:29
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.
Jun 16, 2022 at 09:45
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
Biedrs kopš   21 ieraksti
Jul 12, 2022 at 12:38
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.
Biedrs kopš   470 ieraksti
Jul 13, 2022 at 00:11
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.
Jul 14, 2022 at 12:03
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.
Biedrs kopš   219 ieraksti
Jul 15, 2022 at 03:57
Trading knowledge refers to earning knowledge on a number of aspects like indicators, market analysis and other issues.
Biedrs kopš   219 ieraksti
Jul 15, 2022 at 10:05
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.
Biedrs kopš   40 ieraksti
Jul 15, 2022 at 11:13
Some traders are successful because they follow a strict trading routine and constantly work on their trading strategies
Biedrs kopš   19 ieraksti
Jul 15, 2022 at 11:45
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.
Jul 16, 2022 at 07:51
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.
Jul 16, 2022 at 07:55
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
Biedrs kopš   21 ieraksti
Jul 18, 2022 at 08:07
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.
Jul 19, 2022 at 18:01
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.
Biedrs kopš   3 ieraksti
Jul 21, 2022 at 12:14
Great post by @NewCityTrader !
The title of your post attracted me but the content made me stick at reading it to the end.
It is really a great post from someone who knows what becoming successful trader means and why are some traders successful.
As he said ' trading is a profession too '. If well learnt, anyone can become successful. Learning and applying consistently the knowledge aquired is key.

Master thyself, trade well and create wealth. No Signal No Trade. No Stop-Loss No Entry. In Profits Pay Yourself.
Biedrs kopš   22 ieraksti
Jul 26, 2022 at 08:59
The most effective way to master forex trading and to become a successful trader is to pick one technique and stay with it. Utilise a demo account more frequently to learn how the market functions. Making it a practice to check the daily charts will provide you some insight into the instrument's patterns. There is no such thing as learning too quickly; everything develops at its own rate. Just have faith in the procedure and be patient.
Biedrs kopš   9 ieraksti
Jul 27, 2022 at 10:17
Catice posted:
Some traders didn’t give up soon. They knew that the market is a good place to make their dreams true and so they kept taking challenges and improving. You don’t become successful by merely knowing what needs to be done. You become successful by doing what needs to be done.

This is it. Not giving up. So many give up after a few losses but the successful ones keep going
Biedrs kopš   24 ieraksti
Jul 27, 2022 at 11:28
Knowledge and experience is what determines our success in forex. We have to seek knowledge for learning the skill of trading and gather experience to refine this skill as we trade. There are also some psychological traits such as discipline, emotional control and patience that are essential to become a profitable and successful forex trader.
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