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Can anyone become a trader?

  • #61
  • Aug 21, 2017 11:13pm Aug 21, 2017 11:13pm
Yeah, anyone, or everyone can become a trader, but it is not necessary, that they all will achieve success. Only those who will gain appropriate knowledge and experience and skills, will make the most of it in Forex, others will just come and lose their all money.
  • #62
  • Aug 22, 2017 12:07am Aug 22, 2017 12:07am
This kind of post usually attracts all sorts of creatures some sincere but most ain't. You have heard personally from those who are in this game for 10 to 15 years and almost all are still searching for that pot of gold. They all know it's there but just couldn't get their hand on it. They are now mostly scrapping by and resort to scalping some gold dust and still end up buried under the mud from time to time. They are still hanging on supplemented by their fast vanishing savings and incomes from their close ones. Most are suffering from ridicules and indignation from those around them. It's a dogs live. I personally understand their journeys and pains as I have gone thru it myself. Even though my path is less punishing now I hesitated to offer a lifting hands cos no one not even my wife had offered me a lift before. The main reason why I am still hanging around this forum is actually to feel lucky and vindicated to see and know that there are those who were like me still stuck in the hole. I would not have done it if I knew it was so tough. So my advice is to stay away becos I m one in a million. Cheers.

GS
  • #63
  • Aug 22, 2017 1:38am Aug 22, 2017 1:38am
Quoting M.A.C.Doug
Some excellent posts in this thread. The honesty of Cindyxxx has always impressed me and now so many others are posting truthfully about trading forex. The forum has grown up. Having said that I would probably not have listened 12 years ago when I started with my dream and my shovel. If I had known how long it would take and what it was going to cost me there is no way I would have started. I lost more money than I can ever get back and sitting at a computer screen for days, weeks, years on end cost me more than just money. I had become obese and...
What have you replaced bread & cereals with in your diet? Just fruit and veg or something else? Hearty congrats on your turnaround and discipline.
Hope for the best, prepare for the worst.
  • #64
  • Aug 24, 2017 5:12am Aug 24, 2017 5:12am
Quoting dab
{quote} What have you replaced bread & cereals with in your diet? Just fruit and veg or something else? Hearty congrats on your turnaround and discipline.
I have a lot to say on the subject but It was to of topic to say here. I pm'd you my reply
BTC Return This Year: na
  • #65
  • Aug 24, 2017 10:31am Aug 24, 2017 10:31am
Anyone can try to become a trader but only few stay really successful in long-term period, because most of them don’t really have the patience, dedication and knowledge needed.
  • #66
  • Sep 2, 2017 10:43am Sep 2, 2017 10:43am
Anyone with a little money and patience can become a Forex trader. However, the skill and patience required to become a successful or profitable trader requires limiting losses while identifying good trade set ups with a positive risk: reward set up. Forex traders do not need to have a lot of capital to trade due to being able to trade on margin. The average forex broker requires at least $300 to open an account and start trading.
  • #67
  • Sep 2, 2017 1:39pm Sep 2, 2017 1:39pm
This is the greatest thing about Forex; it is easy for anyone to start off their career here. But, it is obvious that a lot of hard work is required to be put in. If we are hardworking enough then we will easily go far. But, if we are not determined, passionate or even hardworking then we will not get much and then becoming trader is not going to take us anywhere at all!
  • #68
  • Sep 2, 2017 7:28pm Sep 2, 2017 7:28pm
Quoting faisal13
Anyone with a little money and patience can become a Forex trader. However, the skill and patience required to become a successful or profitable trader requires limiting losses while identifying good trade set ups with a positive risk: reward set up. Forex traders do not need to have a lot of capital to trade due to being able to trade on margin. The average forex broker requires at least $300 to open an account and start trading.
Excuse me, member falsal123

Why do you take references from the web, without quoting the original source?
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  • #69
  • Sep 3, 2017 11:03am Sep 3, 2017 11:03am
Quoting Piquant
I apologise if this question has been asked before. Can anyone become a trader ? OR Does it take someone with certain quality to become one ? Regardless of your answer please explain why. I came into trading roughly 2 years ago. I wasn't sure if trading was my passion or a calling (BS that junk btw). I didn't even know what I wanted to with my life. But I was fascinated by the charts and price behaviour and wanted to know everything about it to understand the reasoning behind the move with the hope of predicting the future direction. Few years fast...
Trading is easy just press buy or sell, yeah anyone can do that

Can everyone become a profitable trader? is what it think you are asking, the stats would say no, in a meeting with my broker a large global firm, my contact hinted that 90%+ retail traders are losers.

Many ways of skinning this cat so I am not sure there is a profile that describes the perfect trader. I suspect tenacity, as in most things, is a key ingredient.
I live entirely from the growth of my personal trading account
  • #70
  • Sep 3, 2017 11:14am Sep 3, 2017 11:14am
Yes, anyone can be a trader. But not just anyone can be a successful or consistently profitable trader. I believe the latter is what your question should be about.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #71
  • Sep 3, 2017 12:48pm Sep 3, 2017 12:48pm
Can anyone become a loser?

Of course...
  • #72
  • Sep 13, 2017 11:56pm Sep 13, 2017 11:56pm
Quoting genghistar
This kind of post usually attracts all sorts of creatures some sincere but most ain't. You have heard personally from those who are in this game for 10 to 15 years and almost all are still searching for that pot of gold. They all know it's there but just couldn't get their hand on it. They are now mostly scrapping by and resort to scalping some gold dust and still end up buried under the mud from time to time. They are still hanging on supplemented by their fast vanishing savings and incomes from their close ones. Most are suffering from ridicules...

You have come a long way buddy the journey is same for almost everyone untill they decide to learn and overcome their feelings..... only an analytical mind capable of figuring out what is going wrong can make things right in future .......... Hope your successful journey continues and u prosper in future
  • #73
  • Sep 14, 2017 3:20am Sep 14, 2017 3:20am
I guess not. Not everyone can become a trader. Yes there is no minimum qualification required, no degree, no experience required. Thing what is required is your passion towards the trade. If you are just entering the forex hoping that you are only going to earn and make profits all the time then you cannot become a trader. You should be open to both losing and winning. You just need to have a focused mind set.
  • #74
  • Sep 14, 2017 5:45am Sep 14, 2017 5:45am
yes anyone can be a trader but only those with good trading system, discipline and void of emotions/sentiments can become a good trader
  • #75
  • Sep 14, 2017 5:53am Sep 14, 2017 5:53am
This is the question that Richard Dennis and William Eckerhard asked in the 80's.
One was convinced that everybody could become a trader, the other not.

This was the reason why they founded the "Turtle Traders" concept.

You can read the interviews that Jack Schwager made with them and discover the answer...
  • #76
  • Sep 14, 2017 6:59am Sep 14, 2017 6:59am
A person that can become a trader should be emotionally stable, intelligent, stress-resistant.... and have a profitable strategy
  • #77
  • Sep 15, 2017 12:08am Sep 15, 2017 12:08am
Quoting Barrg1
A person that can become a trader should be emotionally stable, intelligent, stress-resistant.... and have a profitable strategy
and finding that profitable strategy is tough work, we recognize a pattern looks good you backtest it (eyeball it) , you count in your mind, that's a winner, a winner and a winner. Great ! you applaud yourself for your hard work and you proceed to trade on live account. And this is where many of us fall into the loophole that very few of us manage to get out. My advice to anyone who's not making anything on a consistent basis on a live account to close that damn thing and get back to demo until you find a consistent approach to trade the markets. I know its tough to get out when you're in so deep. You keep telling yourself you're going to make that lost 100$ or whatever in the next trade only to realize you've lost the whole damn thing and blew your account. Many of us are reckless to start all over again and blow account after account. At some point it becomes an addiction that you can't part with.

for those of you who were fortunate enough to pull yourselves out of that vicious cycle, congrats !! maybe you haven't made a whole lot of money but the fact that you're not losing anything is also something to celebrate. And this is where the real - hard work begins. You're on a guest to find an edge. You do it on the demo. You backtest and forward test your method. When it comes to finding a pattern that works 50% its easy, you eye ball couple of times and you'll find many. But as you start to forward that pattern, you might hit loads of roadblock. Remember we are human, we are prone to make errors. In reality when we trade these patterns you will unconsciously pick out a pattern thats different to the one you first picked out, there'll be many variations with settle differences, and there's also different condition that you'll have to take account. It's A LOT of work. I just realized how hard I need to work to hone my edge for consistency after 4 years!!! no wonder it takes much longer for most of us to get this thing. We think we get this , but in reality many of us don't. You need to collect data, do 100 or more trades backtest and forward test and finalize the result (you realize at this point its too much point, and usually a lot of disappointments) and only after you finalize your result you test it back again on 100 or however more trades only then if you're satisfied with the final outcome you're ready to go live.

so the answer to this question would be - anyone who's capable of doing what I've just written successfully and those who are persistent, open minded, ready to face your mistakes will make it as a profitable trader. It just takes that much work to become one. If you're in it to make easy money you will end up not continuing the journey. If you're persistent enough and enjoy the process you will become a profitable trader one day.
...
  • #78
  • Sep 15, 2017 2:22am Sep 15, 2017 2:22am
Quoting Barrg1
A person that can become a trader should be emotionally stable, intelligent, stress-resistant.... and have a profitable strategy
Yeah, also he needs to have a basic understanding about the Forex Trading, as it would help him a lot to become successful in the Forex Trading
  • #79
  • Sep 15, 2017 2:34am Sep 15, 2017 2:34am
To be a proficient trader is no different than to become a professional in any sport ... we need to put in countless hours of practice and experimentation which could take years of dedication, determination, and hardwork ...
The difference is that we need less money to practice and experimenting on becoming a forex trader if we do it on the demo account ... in fact, today, it's free as we will subscribe to the Internet whether we want to trade or not ...
Market is not random but unpredictable
  • #80
  • Sep 15, 2017 3:24am Sep 15, 2017 3:24am
Quoting 4for4
To be a proficient trader is no different than to become a professional in any sport ... we need to put in countless hours of practice and experimentation which could take years of dedication, determination, and hardwork ... The difference is that we need less money to practice and experimenting on becoming a forex trader if we do it on the demo account ... in fact, today, it's free as we will subscribe to the Internet whether we want to trade or not ...

exactly !
that's what it makes fx trading so appealing. the fact that we don't need much to start.
and also similar to professional sport, that one has to find their strength and work towards maximizing that strength and minimizing their weakness.
in trading this mostly translates to sticking with a pattern or a method that they just get, or are good at.
see you can't be proficient in every scenarios in trading.
don't be greedy
and have a focus.
the journey will be less stressful that way.
...
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