What makes one a Professional Trader?

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.

Look up 'Rats of Wall Street' on youtube. A guy trained rats for pattern recognition and has them pick forex trades.

Professional4X posted:

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.

Look up 'Rats of Wall Street' on youtube. A guy trained rats for pattern recognition and has them pick forex trades.

Interesting; let me check; I’ll update you very soon. Thank for your info. Have a good day.

I heard a myth about 5% of traders who know what is a profit on forex trading. My option - luck makes a trader profitable.

HyperAI posted:
I heard a myth about 5% of traders who know what is a profit on forex trading. My option - luck makes a trader profitable.

Then you are wrong; the success is all about the trading skill; without proper knowledge we all are unlucky.

Adribaasmet posted:

HyperAI posted:
I heard a myth about 5% of traders who know what is a profit on forex trading. My option - luck makes a trader profitable.

Then you are wrong; the success is all about the trading skill; without proper knowledge we all are unlucky.

You are lucky if you got a proper knowledge.

HyperAI posted:
I heard a myth about 5% of traders who know what is a profit on forex trading. My option - luck makes a trader profitable.

Luck does work. For a while. Like you can make fortune in casino one night and lost your house next 10 times.
What does really make professional trader is following professional trading plan.
Majority of guys here do not do so...

Professional trading plan is gained over years of experience and mistakes. This is a difficult path that every professional must go. Most of traders really only want quick money, but do not want to work for it.

Yes, it is a lot of work to understand trading and most never make it (usually due to lack of work). But with dedication I think it can be done

I like what this guy says: 0.01 Lots per $1000 MAXIMUM.
Consider a $10,000 account: you will not trade more than 10 x 0.01 Lots, or a maximum of 0.10 Lots.
You won't make much. But you won't lose much either.
So who starts with less than $10,000?? Many unprofessional traders do...

I also ask of you to be wise and smart. Trading is a business and not a gambling house. I trade at .01 lots per bullet fired off and per $1,000 USD of account value. Going over this can become very risky if you are wrong in direction. DD (Draw Down) can hurt if you trade larger bullet sizes and is very unwise. I ask that you treat this as a business and not a 'get rich quick' casino.

Prest posted:
Professional trading plan is gained over years of experience and mistakes. This is a difficult path that every professional must go. Most of traders really only want quick money, but do not want to work for it.

Yes, I second this. I'm keeping my fingers crossed that I'm not going to change my strategy. Impulsiveness is an enemy. I would describe trading as a skill like reading and writing. It takes time to learn how to read, and even more so how to write neatly, or if one is a skilled calligraphist there is a lot of work involved.

It is a step-wise process..

And then, a professional has gone through a lot of BS and mumbo-jambo filtering out all that unnecessary and even false knowledge.

I'm not a pro.

BluePanther posted:
I like what this guy says: 0.01 Lots per $1000 MAXIMUM.
Consider a $10,000 account: you will not trade more than 10 x 0.01 Lots, or a maximum of 0.10 Lots.
You won't make much. But you won't lose much either.
So who starts with less than $10,000?? Many unprofessional traders do...

I also ask of you to be wise and smart. Trading is a business and not a gambling house. I trade at .01 lots per bullet fired off and per $1,000 USD of account value. Going over this can become very risky if you are wrong in direction. DD (Draw Down) can hurt if you trade larger bullet sizes and is very unwise. I ask that you treat this as a business and not a 'get rich quick' casino.

I think probably you both are on a different scale talking about the same thing: trading.

If one is trading in 15M time frame that trader can use a bigger lot size than the guy trading 1D. Stop loss can be smaller than the 1D guy uses. Similar set up on both ends can have a devastating effect to the other.

If one starts small then he either ´dies´ or succeeds and then he is a pro and no longer has less than 10k in his account.

It is easier to start on smaller time frame if you have a small account. Trading with 0.1Lot and using a 30 pip stop loss will only result in a small loss but if you are on a longer time frame and use 200 pip stop loss then 0.1Lot cold result in big loss

niceGLer posted:
I think probably you both are on a different scale talking about the same thing: trading.

If one is trading in 15M time frame that trader can use a bigger lot size than the guy trading 1D. Stop loss can be smaller than the 1D guy uses. Similar set up on both ends can have a devastating effect to the other.

If one starts small then he either ´dies´ or succeeds and then he is a pro and no longer has less than 10k in his account.

Regardless of TF... Flash Crashes, Black Swans, etc...

If you trade larger Lotsizes, no matter 15M or 1D, it WILL HURT!
Trust me: I had $13 million, and despite keeping trades to a minimum lotsize, some positions I held over 50 days on AUDJPY killed my accounts!!!

You better think twice if you want to trade larger. Just a warning... great if you are on the RIGHT side, devastating if WRONG.

Once again,
you propose your risk mgmt is the best for someone else.
It is not.

professional trader has to follow trading plan.
Trading plan has to define trae size and risk.
It could be any number which is working for you.

I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

togr posted:
Once again,
you propose your risk mgmt is the best for someone else.
It is not.

professional trader has to follow trading plan.
Trading plan has to define trae size and risk.
It could be any number which is working for you.

I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

#1. It is not my advice - take it from a 19 year veteran:
'Trade SO Crazy small that no one trade can make or break you! LEARN to take 5-12 pips on scalps......'
https://www.twitlonger.com/show/n_1sqdkr1
https://www.twitlonger.com/show/n_1sqdkq1

#2. I don't have a vested interest in encouraging bad trading, for the purpose of garnering subscribers to my signals

togr posted:
I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

I hope you are not serious, but if you truly believe what you say then I question your credentials / experience.
Sincerely, I hope you are making millions, but 99% of traders cannot achieve such trading finesse and they would be wiser to use a larger account and smaller trade sizes.

BluePanther posted:

togr posted:
Once again,
you propose your risk mgmt is the best for someone else.
It is not.

professional trader has to follow trading plan.
Trading plan has to define trae size and risk.
It could be any number which is working for you.

I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

#1. It is not my advice - take it from a 19 year veteran:
'Trade SO Crazy small that no one trade can make or break you! LEARN to take 5-12 pips on scalps......'
https://www.twitlonger.com/show/n_1sqdkr1
https://www.twitlonger.com/show/n_1sqdkq1

#2. I don't have a vested interest in encouraging bad trading, for the purpose of garnering subscribers to my signals

1. I do take verified results on myfxbook
2. Again bad trading, good trading. You are not the one to decide. Everyone has to have its own trading plan.

togr posted:
I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

And here I was, thinking you were a 'professional trader' who understood the meaning of 'proper risk management'.

You have proven me wrong.

togr posted:
Once again,
you propose your risk mgmt is the best for someone else.
It is not.

professional trader has to follow trading plan.
Trading plan has to define trae size and risk.
It could be any number which is working for you.

I can for example imagine trading 1 lot trades on 1,000 account. With tight SL TP it will work as long as majority of trades will be profitable.

Considering what you say, I bet you don't trade more than $100,000, because I cannot fathom even an insane person trading 100 Lots on $100k, let alone 1 Lot on $1000.

I had trades of 20 Lots on my $5m account and I was getting slippage and partial fills, so I had to split my money and trade smaller accounts.
The Yen Flash Crash slipped me so bad I couldn't get filled at the prices that would have saved my account - and I was using much less risk than what you are advocating!

I am speaking from experience, so I know you really don't understand what you are saying.