Being a Successful Trader

This is a discussion on Being a Successful Trader within the Psychology, Risk & Money Management forums, part of the Methods category; So I've decided to learn more about trading and take it to the next level. In order to help the ...

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Old Aug 2, 2014, 11:11am   #1
 
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Being a Successful Trader

So I've decided to learn more about trading and take it to the next level. In order to help the progress, I want to know what you guys think makes a successful trader.

I've made this simple survey and would really appreciate if you can complete it.

Here is the link:

http://www.surveygizmo.com/s3/175269...ors-of-Trading

Last edited by ted.fitz; Aug 2, 2014 at 11:12am.
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Old Aug 2, 2014, 9:29pm   #2
 
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utter bollox

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Originally Posted by fxaddictor View Post
Good effort but seems to me that you are collecting information on the basis of broker point of view who still is new and want to collect the data of the sentiment and the age basis but still I have taken the survey and thanks it really helps a lot when you really want to know where you stands after years of trading.
Stop posting bollox simply to spam threads with the url in your posts.
The Mods will get yah
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....Indicators show the past. Price Action "Indicates" the future.
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Old Aug 3, 2014, 11:08am   #3
 
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ted.fitz started this thread Yeah Neil, sorry to feel that my survey is not good. But my intention is to learn from experienced traders and then post the results here so that everyone can learn from it.

For of those of you that want to share their experience as a trader and what you think makes a successful trader, then please have a go at this survey.
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Old Aug 3, 2014, 11:12am   #4
 
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ted.fitz started this thread Just to clarify, I don't work for a dealer or anything like that. The most important part of the survey is the ranking of the what you think is key to being successful. Like how highly do you rank ability such as motivation.
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Old Aug 7, 2014, 4:18am   #5
 
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Hey there

Hi ted,

What I think it makes a successful trader are the following,

EDUCATION - Learn, learn and learn. Don't try to shortcut with forex signals or indicators, learn what PRICE tells you i.e. Price Action. There is plenty out there. Trading is a very internal process. They are many types of trading out there, stocks, indices, equities, forex, futures, CFD's spread betting, to name a few; you need to reflect on yourself and who you are, your risk appetite and what kind of trader you want to be. Decide for YOURSELF how to trade. Trading is extremely individual so what works for one person no matter how successful a strategy will not work for another.

A MENTOR. Having a trading mentor, in this case, forex, is great. Not a "guru" or like I said someone who just gives you signals but a mentor who guides you in the right way to independent learning and towards a good way to approach trading. My mentor is a guy called Niall Fuller and I follow his articles on Price Action and was a great introduction for me into the forex market.

A PLAN. This is essential. This is your blueprint to how you will attack the markets. How many pips you want to make. Your entry and exit strategies. The instruments you will be trading. Everything planned out from the moment you turn on your computer to trade to the moment you turn it off at the end of the day so nothing is left to your emotions.

DISCIPLINE : This is essential for you to stick to your trading plan/ method/ strategy. The plan sounds easy but putting it into practice is a whole different story. The markets like to tempt you with what look like great opportunities and tap into our human greed with a 100 point move that you "could" have been in. This is where discipline comes into it. You need to adopt a strategy, a way to attack the markets and stick to it.

PATIENCE: The other side of the coin when deploying your strategy; waiting for an opportunity when the market presents you with one.

HAVE GOALS - These are not just trading goals, but life goals. Know what you want to achieve in life. Books I will recommend are " Think and Grow Rich " and "Outwitting the Devil" both by Napoleon Hill. They will change your life.

SELF BELIEF - A very important one. You need to have a sense of ownership over your own success and believe you can achieve whatever your mind sets out.

REMOVE EMOTION - Emotion will kill your trading account. You need to accept that nobody on this planet (except insider trades) know what the market will do next 100% of the time. We have "indications" and "high probability" but its the same way the weather reporters try and predict the weather. They have past data and they use it the correctly predict the weather. Many times they are right but others they are wrong. Its a fact of life.

UNDERSTAND YOU WILL HAVE LOSING TRADES. - Losing trades are an inevitability of trading. As a new trader they are hard to accept. Don't take them personally and detach yourself from any given trade.

YOU CAN BE WRONG 60% OF THE TIME AND STILL BE PROFITABLE - Risk:Reward. Some may disagree, but if you have a high probability trading approach like Price Action, you are patient, emotionless and disciplined, Risk:Reward is your best friend.

I have missed out loads but here are some links that I think will help you.

http://forums.babypips.com/newbie-is...ing-forex.html

http://www.learntotradethemarket.com...the-holy-grail

www.learntotradethemarket.com



I wish you all the successes in your trading. If you ever want to chat, add me on skype - marcelgsmckenzie

All the best,

Marcel.
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Last edited by HeikenAshes; Aug 7, 2014 at 4:43am. Reason: accidentally posted members section link in post. sorry x
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Old Aug 7, 2014, 7:33am   #6
 
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ted.fitz started this thread Thanks Marcel for those great insights.

With regards to the survey have only around 10 responses, so if any trader out there that wants to have a say, please have a look at the survey.

http://www.surveygizmo.com/s3/175269...ors-of-Trading
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Old Aug 7, 2014, 11:26am   #7
 
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:)

No problem at all, glad I could help,

I'm always looking for trading contacts if you ever want to chat about trading, let me know,

I'm on skype - marcelgsmckenzie

All the best and all the successes in your trading,

Marcel.
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Tempus est pretium libertatis

"It is our choices that show what we truly are, far more than our abilities."
"It does not do to dwell on dreams and forget to live."
"Time is making fools of us again."
“You only live once, but if you do it right, once is enough.”
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Old Aug 8, 2014, 9:48am   #8
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Originally Posted by HeikenAshes View Post
Hi ted,

What I think it makes a successful trader are the following,
Positive emotional setup is highly important, but it's quickly drained away, assuming you get a row of losses or broker simply steals your money. Doing business online take care of your funds first.
Simple example. Before LR shutdown I made withdrawal of XXXX$ to my account there from HF. After LR publicly declared its failure I was sure I lost all my funds there. But thankfully, broker took steps and rescued my money, offering another option of withdrawal. I was happy as a king..
Not knowledge, neither emotional state or skills were able to help to resolve this situation..I could lost all my deposit.

Last edited by gerryg; Aug 8, 2014 at 9:49am.
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Old Aug 10, 2014, 9:23am   #9
 
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ted.fitz started this thread Thanks for the support. Good to hear people trying to make other traders better.

As for the survey, I've got around 10 responses. Would like if I had more responses. So if there is anyone else interested in telling me what they think are the key things to being a successful trader, please try this survey:
http://www.surveygizmo.com/s3/175269...ors-of-Trading

Last edited by ted.fitz; Aug 10, 2014 at 9:24am.
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Old Aug 26, 2014, 8:52pm   #10
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Originally Posted by ted.fitz View Post
Thanks for the support. Good to hear people trying to make other traders better.

As for the survey, I've got around 10 responses. Would like if I had more responses. So if there is anyone else interested in telling me what they think are the key things to being a successful trader, please try this survey:
http://www.surveygizmo.com/s3/175269...ors-of-Trading
@ted.fitz, Hi again. Fair enough - you may well want more respondents to your survey than just ten respondents to date, but tell us please - how exactly do you know whether all, or even most of those responding to your survey, have a solid idea of what it's like to be a consistently profitable (successful) trader?

And if you don't know how many (if any) of your respondent even know what trading success is, then surely that calls into question whether the survey's results have any relevance, or legitimacy? Sorry to throw a dampener on matters, but doesn't it?

When it comes to trading success, are you really looking to hone the majority's opinion? And if so, given that the majority aren't successful, then why?

Curiouser and curiouser.
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Old Mar 14, 2017, 9:04pm   #11
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I think key to success is to have your own strategy that fits your trading style and corresponds to your skills, no matter of the account type. Even if you use money manager, you still need to have an investment strategy with clear risk-reward ratio and tolerance to risk.
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Old Mar 15, 2017, 10:16am   #12
 
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It seems like you are looking for an ideal template.
People should cherry pick what they think suits them. Or even better have someone who knows one well to cherry pick the suggestions and maybe add a few.
Facing up to some unpalatable facts could be the hard part. If one can't admit even to oneself one's faults one hasn't a hope of correcting them.
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