What is a "sucessful trader"? | Forex Factory

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What is a "sucessful trader"?

  • #1
  • First Post: Oct 12, 2006 1:47pm Oct 12, 2006 1:47pm
Hi,

After having read a lot about Forex in this forum and elsewhere one term keeps coming back: "successful trader". What is that? Someone who consistently makes a profit regardless of how he/she does it? Or is it more to the term than mere profit and/or loss? It would be interesting to hear what people here mean when they use this term. Who are the heros and idols in the world of Forex trading? Again, is it the ones that are able to pick a big winner and stay with it making a years salary in a week, or the ones that stick to their guns and make a profit in the end treating ups and downs as part of the trade they are trying to master? Is it ia "craft", or is it a game?

I'm too inexperienced to to be able to determine what to beleive, but I'm sure people that has been around this trade for a while have an opinion on it.
//C
  • #2
  • Oct 12, 2006 4:19pm Oct 12, 2006 4:19pm
A succesfull trader is a trader that improves him/herself and tries to do so now and in the future.
  • #3
  • Oct 12, 2006 4:30pm Oct 12, 2006 4:30pm
Ok, I will offer this:

A successful trader is soemone who is getting everything he wants out of trading.
Profit is where readiness meets Opportunity
  • #4
  • Oct 12, 2006 4:37pm Oct 12, 2006 4:37pm
Quoting cdysthe
Hi,

After having read a lot about Forex in this forum and elsewhere one term keeps coming back: "successful trader". What is that? Someone who consistently makes a profit regardless of how he/she does it? Or is it more to the term than mere profit and/or loss? It would be interesting to hear what people here mean when they use this term. Who are the heros and idols in the world of Forex trading? Again, is it the ones that are able to pick a big winner and stay with it making a years salary in a week, or the ones that stick to their guns and make a profit in the end treating ups and downs as part of the trade they are trying to master? Is it ia "craft", or is it a game?

I'm too inexperienced to to be able to determine what to beleive, but I'm sure people that has been around this trade for a while have an opinion on it.
We've all had this question. I answered it by reading books like trading in the zone, market wizards, and a number of other books. Any time i saw a sentence that discussed a habit of a successful trader I wrote it down in an index card notebook. If it discussed a poor habit I reversed it and turned it into a positive statement. In a short period of time I had a great mental model of what a successful trader looks like and how they act in different situations. I still refer to those notes quite frequently.
  • #5
  • Oct 12, 2006 7:21pm Oct 12, 2006 7:21pm
A successful trader is one who is consistently making money all the time.
  • #6
  • Oct 12, 2006 7:27pm Oct 12, 2006 7:27pm
Quoting philmcgrew
We've all had this question. I answered it by reading books like trading in the zone, market wizards, and a number of other books. Any time i saw a sentence that discussed a habit of a successful trader I wrote it down in an index card notebook. If it discussed a poor habit I reversed it and turned it into a positive statement. In a short period of time I had a great mental model of what a successful trader looks like and how they act in different situations. I still refer to those notes quite frequently.
Why not publish those notes somehow?
//C
  • #7
  • Oct 12, 2006 11:21pm Oct 12, 2006 11:21pm
Someone who is independent, disciplined, hard working, confidence, patience, and master risk control. Mostly, they have consistent performance year after year.
"Even the word impossible says that I M possible"
  • #8
  • Oct 13, 2006 3:06am Oct 13, 2006 3:06am
A successfull trader trades for fun not for money, money means nothing to him. There are other things greater in trading then money (adrenalin). Thats like climbing to Mont everest (my friend do that quite offen) i respect him...and he do that for fun...happiness...But its nice to make money, and to come back to solid ground.
its just money
  • #9
  • Oct 13, 2006 9:34am Oct 13, 2006 9:34am
I will address the question in a different light... "what makes someone a successful trader that I would want to study?"

I would say that someone who has consistently proven to me that he can trade... that he can survive off of his trading income alone and has been doing so for 5 years or more.... this is the kind of trader I would want to study.

Of course it depends on his trading method. If he has generated 1000+ trades in a much shorter period of time than that, and has had good results... then I would say this guy is very succesful.

Conversely if some guy has survived even 5 years with 20 trades per year, then I would say this guy is lucky. He may be a good trader, who knows.... but he might just as easily not be. So this is not the kind of trader I would want to study.

Quoting cdysthe
Hi,

After having read a lot about Forex in this forum and elsewhere one term keeps coming back: "successful trader". What is that? Someone who consistently makes a profit regardless of how he/she does it?
  • #10
  • Oct 13, 2006 9:57am Oct 13, 2006 9:57am
Quoting ycomp
I will address the question in a different light... "what makes someone a successful trader that I would want to study?"

I would say that someone who has consistently proven to me that he can trade... that he can survive off of his trading income alone and has been doing so for 5 years or more.... this is the kind of trader I would want to study.

Of course it depends on his trading method. If he has generated 1000+ trades in a much shorter period of time than that, and has had good results... then I would say this guy is very succesful.

Conversely if some guy has survived even 5 years with 20 trades per year, then I would say this guy is lucky. He may be a good trader, who knows.... but he might just as easily not be. So this is not the kind of trader I would want to study.
I like your approach to the question. Especially the point with the trader who makes 20 trades a year and live off it. Looking at the result one would have to say he has picked some successful trades, but is the trader a successful one? Hardly in my opinion. He is lucky beyond what you can expect. The successful trader makes a lot of trades every day and mostly comes out with a profit. If he on this activity levels makes, let's say $200 per day, and thereby a nice yearly income over a few years I would say he is as successful trader.
//C
  • #11
  • Oct 14, 2006 1:01pm Oct 14, 2006 1:01pm
Quoting cdysthe
Hi,

After having read a lot about Forex in this forum and elsewhere one term keeps coming back: "successful trader". What is that? Someone who consistently makes a profit regardless of how he/she does it? Or is it more to the term than mere profit and/or loss? It would be interesting to hear what people here mean when they use this term. Who are the heros and idols in the world of Forex trading? Again, is it the ones that are able to pick a big winner and stay with it making a years salary in a week, or the ones that stick to their guns and make a profit in the end treating ups and downs as part of the trade they are trying to master? Is it ia "craft", or is it a game?

I'm too inexperienced to to be able to determine what to beleive, but I'm sure people that has been around this trade for a while have an opinion on it.
In my opinion, a successfull trader is a trader who never thinks that he is successfull...The moment a trader believes that he is successfull, he destroys his trading account shortly after...

The definition of success is the same for all professions...If you believe you are successfull in your work & that you are ahead of everyone, then there is nothing more to be done & you will probably stop working hard because you already think that you are the best...

A champion who believes that he is the faster of all competitors in the 100m race over the world will most likely fail in his very next race, because he believes that he will win it anyway or the other...

It's believing that you need more to be successfull which makes you really successfull...


Thanks,

Nader
  • #12
  • Last Post: Oct 14, 2006 4:54pm Oct 14, 2006 4:54pm
i belive that successful trader is a person who can make money constantly over longer period of time and has mastered market, that means every decision is made wisely and not by blind faith nor driven by emotion :
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