Journey of a successful trader - page 5.

Hamphser

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Quote from: seleme on February 20, 2022, 04:27:48 PM

Having a financial background will surely accelerate trader passing first levels quickly, without basic understanding of financial terms I doubt user will be familiar in short term studies. Having a dedicated trading plan and keep applying your own trading rules on each single trade will make trader successful and profitable the long term. Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Have some experience in demo trading which i could really say that its a whole different kind of experience yet you couldnt able to enhance out your emotional aspects or psychology thing when you are doing demo.

This is why i had decided on starting up on small capital on which you could at least able to deal or engage with the market with real funds and experience where it could really be helpful later on.

Trading journey doesnt talks about 1 or 2 days on which it would take years or long months before you could able to have a good grasp on it.

boyptc

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Quote from: Edith1994 on February 20, 2022, 03:54:10 PM

Quote from: boyptc on February 19, 2022, 07:22:15 AM

IMHO, a holder is also a trader.

And with those strategies that you've mentioned, they're good if they're effective to you. But to say that there's only a certain number to become a successful trader.

It differs and varies to each trader.

Everyone can experience dynamic strategies that are not on that list or even fewer based on how they see themselves effective with the strategies that they've come up with.

Yes I agree totally with you, every one experience different strategies base on there encounter in life.

And that experience you've made will teach you how to proceed and become better with the market.

Some experiences are good to remember and some are good to be forgotten. Successful traders never stop learning and experiencing good and bad trades.

But the deal is to minimize the loss that we don't like to extend with our trades.

seleme

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Having a financial background will surely accelerate trader passing first levels quickly, without basic understanding of financial terms I doubt user will be familiar in short term studies. Having a dedicated trading plan and keep applying your own trading rules on each single trade will make trader successful and profitable the long term. Demo trading isn't same as live trading with your own capital, emotions can affect your next trading decision, so stick to small bankroll rather than demo trading, IMO.

Edith1994

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Quote from: boyptc on February 19, 2022, 07:22:15 AM

IMHO, a holder is also a trader.

And with those strategies that you've mentioned, they're good if they're effective to you. But to say that there's only a certain number to become a successful trader.

It differs and varies to each trader.

Everyone can experience dynamic strategies that are not on that list or even fewer based on how they see themselves effective with the strategies that they've come up with.

Yes I agree totally with you, every one experience different strategies base on there encounter in life.

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Quote from: rhomelmabini on February 19, 2022, 04:01:23 PM

Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

Yeah right, having the right strategy isnt good enough if you dont know how to manage emotions towards trading. Do not let your emotions ruin everything coz it can give you bad results .Trading psychology is your foundation, and without it your trading will end up faster. And possibly leads you to stress and anxiety. Having discipline and consistency is the key to success.

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Quote from: Ararbermas on February 19, 2022, 04:05:22 AM

Be consistent and be disciplined!

Consistency and discipline is quite difficult to do especially for new traders who are often tempted by the achievements of other traders without trying to understand that what they have achieved has gone through a long process.
I agree consistency and discipline is the ultimate key to successful in trading without it all science would be seen in vain because traders will more often violate what they already understand.

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Quote from: freedomgo on February 19, 2022, 04:38:31 PM

Quote from: Mahanton on February 19, 2022, 04:23:41 PM

Quote from: rhomelmabini on February 19, 2022, 04:01:23 PM

Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

Whether you do like or not you would definitely able to experience it and for you to sustain and survive on this unpredictable market then you should consider on developing this
because its true that no matter how perfect the system you do have if you do sucks on handling out your emotion then you would just simply commit out mistakes.
This would be the main reason on why you would definitely fail which means that this area would needing to be that handled or developed well.

You would not succeed in trading if you don't have the right attitude on it. Not just in trading, but in all aspects being able to manage your emotions is very essential as you don't want to end up embarking on a wrong tree. And as far as i'm concerned, that's already given in the first place before you decide to take the risk in trading, otherwise trading will not fit for you.

Absolutely right..Trading plan would be useless if you dont know how to manage your emotions. Yes, emotions are everything in trading. You have never going to be success unless you can control those emotions.And when you can start control your emotions, you're gonna start to make more money.
Even if you have the best strategy in the world,if you dont have descipline,you will lose your money.

Rehan Zakir

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Journey of a successful trader is not so easy. It has to bear so many failures to become a successful trader.
First we have to learn basics about trading. How to place a trade? When to take entry in market? When we exit from market? These are the most confusing questions of every crypto trader. But i believe that your bad experience can tells you their answers. Your experience tells you about how to place stop loss and which is the best entry level in market.
I am in crypto industry from more then 4 years. I have learnt too many things from my experience.

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Well, is there a successful trader?
I may think that 30% of trading is based on luck and I don't how you will make it 100% just to be considered perfect. Though the tips and guidelines provided by the OP were right it does not enough to make a good trader ^{[at least no a successful one]}. There are too many factors to consider before you will call yourself a good trader and it should be a long thread to discuss them all.

palle11

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Quote from: Rengga Jati on February 19, 2022, 04:42:01 PM

Some trials and errors may be also there coloring the journey. Sadness and happiness are there around the successful trader.

That is sure to say. Being an expert in trading looks like a gold that is still in crude stage but now cleaned up and everyone is liking it. Being a professional trader is not easy, you have to deprive yourself of your time because you have to learn, read and practice what you have learnt. Including also your money involved in it and many times you lose it but because of the high passion, you will continue to get to the top.

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Quote from: freedomgo on February 19, 2022, 04:38:31 PM

Quote from: Mahanton on February 19, 2022, 04:23:41 PM

Quote from: rhomelmabini on February 19, 2022, 04:01:23 PM

Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

Whether you do like or not you would definitely able to experience it and for you to sustain and survive on this unpredictable market then you should consider on developing this
because its true that no matter how perfect the system you do have if you do sucks on handling out your emotion then you would just simply commit out mistakes.
This would be the main reason on why you would definitely fail which means that this area would needing to be that handled or developed well.

You would not succeed in trading if you don't have the right attitude on it. Not just in trading, but in all aspects being able to manage your emotions is very essential as you don't want to end up embarking on a wrong tree. And as far as i'm concerned, that's already given in the first place before you decide to take the risk in trading, otherwise trading will not fit for you.

It's always the crucial thing to have as you progresses. Some successful trader was patient and most are into long term and I think those traders who are into long term has trained themselves to manage how they'll behave. This volatile market needs patience the most and if not then expect to fail.

Rengga Jati

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Quote from: Ararbermas on February 19, 2022, 04:05:22 AM

Journey of a successful trader

This will need a long story and also some precious lessons and learning as you said. I agree with those lists.
Additionally, a successful trader is commonly not an instant trader. He must have passed many experiences, both bad experiences and also good experiences. Many mistakes were done, many lessons were taken, doing mistakes, evaluating the mistakes, taking the lessons, and repairing the strategy based on the previous mistakes.
Some trials and errors may be also there coloring the journey. Sadness and happiness are there around the successful trader.
He is not the one who becomes rich overnight, he must be the one that has passed many things. And of course, he never gives up on what happened to him, with tough in trading.
SOmeone may stare at him about his success, but no one really understands what he has been doing and experiencing so far.
And success for one another may be also different, to measure success, we need to determine some things. We may consider that he has been successful, but he may not think so because he is still here trying to be better and better again.

Coyster

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There are quite a lot of threads guiding newbies on how to start trading, and i am pretty sure there will be more, do not get me wrong, your thread is likewise helpful, i just hope people who actually want to be traders are painstakingly going through all of the guidelines made available to them. I actually noticed something of late, many people just hear about Bitcoin and immediately want to trade, i am talking about newcomers and total novices here, i think many of them think they are guaranteed to make profit when they trade, people should understand that trading is indeed a process, and they must go through every step, and going through all that still does not mean you will be successful, but it will definitely increase your chances of success and reduce that of huge losses.

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Quote from: Mahanton on February 19, 2022, 04:23:41 PM

Quote from: rhomelmabini on February 19, 2022, 04:01:23 PM

Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

Whether you do like or not you would definitely able to experience it and for you to sustain and survive on this unpredictable market then you should consider on developing this
because its true that no matter how perfect the system you do have if you do sucks on handling out your emotion then you would just simply commit out mistakes.
This would be the main reason on why you would definitely fail which means that this area would needing to be that handled or developed well.

You would not succeed in trading if you don't have the right attitude on it. Not just in trading, but in all aspects being able to manage your emotions is very essential as you don't want to end up embarking on a wrong tree. And as far as i'm concerned, that's already given in the first place before you decide to take the risk in trading, otherwise trading will not fit for you.

stadus

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Quote from: CaVO32 on February 19, 2022, 03:59:18 PM

Quote from: harizen on February 19, 2022, 12:36:26 PM

Quote from: Ararbermas on February 19, 2022, 04:05:22 AM

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

I have to agree that a successful trader should experience those losses, regrets and other things that will give him solid foundation in this trading journey. It is not always he is in the winning side. Losses will teach him lessons where he made mistakes. And possibly make use of those lessons learned as he embarks again his trading journey. Yes, the steps are simple but when you apply it on yourself, it is somewhat complicated. But if you are diligent enough to go thru this journey, in time, you will reap your rewards.

The steps are quite simple but actually they are not that easy to follow once you're in real trading already. We still stick to what we used are doing and the fact that we are also making good profits from it, then its good to say that our own strategies are still working. But i believe if traders can follow those steps listed by OP, it will open to more opportunities to gain profits and maybe losing will certainly be minimized. However, we can still have our own choices either in which we think we are still comfortable of doing.

Mahanton

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Quote from: rhomelmabini on February 19, 2022, 04:01:23 PM

Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

Whether you do like or not you would definitely able to experience it and for you to sustain and survive on this unpredictable market then you should consider on developing this
because its true that no matter how perfect the system you do have if you do sucks on handling out your emotion then you would just simply commit out mistakes.
This would be the main reason on why you would definitely fail which means that this area would needing to be that handled or developed well.

rhomelmabini

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Don't you forget your psychological behavior towards trading as it was more crucial than anything else. You may have a perfect system, a trading plan, etc. but if your resolve towards this journey isn't firm then consider it as a failure in the very beginning. Maybe you can put that on the list.

CaVO32

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Quote from: harizen on February 19, 2022, 12:36:26 PM

Quote from: Ararbermas on February 19, 2022, 04:05:22 AM

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

I have to agree that a successful trader should experience those losses, regrets and other things that will give him solid foundation in this trading journey. It is not always he is in the winning side. Losses will teach him lessons where he made mistakes. And possibly make use of those lessons learned as he embarks again his trading journey. Yes, the steps are simple but when you apply it on yourself, it is somewhat complicated. But if you are diligent enough to go thru this journey, in time, you will reap your rewards.

palle11

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Quote from: tbct_mt2 on February 19, 2022, 11:05:09 AM

Along the journey of a successful trader, painful experience with loss is unavoidable. If any successful trader says he or she has never gotten loss in trading, short term and long term, small and big enough, it is lie. I don't mind who is the person says it but it is definitely a lie and you should find another person to learn or listen to, not that one.

I get the point here that you are saying. I think that while we watch the videos of traders in YouTube we can know genuine traders by the losses they have and not to avoid talking about there losses because as you said that every trader record some losses but at lower times compared to the profit made. The profit should be higher in percentage to the losses.

JooBra

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Quote from: Botnake on February 19, 2022, 03:04:54 PM

Quote from: harizen on February 19, 2022, 12:36:26 PM

Quote from: Ararbermas on February 19, 2022, 04:05:22 AM

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

Thanks for the shared information OP. But for me, you can have your own strategy on how you will exceed in trading. As long as you're not making frequent losses, i guess you are still good in trading. But honestly, what makes us all successful traders is that we often make motivations from all our negative experiences, unexpected losses and yes, pressures and regrets. And we never quit having all of them as being a successful trader is not just developed within a day or month, but a lot of years from taking risk and trading management.

Knowing basics is good but having years of failure and experience is what makes you really really good so I agree with you on that.

Topic: Journey of a successful trader - page 5. (Read 752 times)