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Sucessful Trader ~ Few Questions

  • #1
  • First Post: Nov 6, 2022 6:27am Nov 6, 2022 6:27am
Dear Friends / Teachers and Success Guru

I have few simple question for all of you please answer

a) How to become Successful Trader

b) When should we consider ourselves Sucessful

c) Are there really any success stories

d) What are resources to become successful

e) How much money to start to become successful

Thanks to all in advance

Hoping for positive feedback and response


Newbie
PaRaM
PaRaM
  • #2
  • Nov 6, 2022 6:42am Nov 6, 2022 6:42am
Inserted Video
on a postive roll...
  • #3
  • Nov 6, 2022 9:43am Nov 6, 2022 9:43am
Quoting pgidia
Dear Friends / Teachers and Success Guru I have few simple question for all of you please answer a) How to become Successful Trader b) When should we consider ourselves Sucessful c) Are there really any success stories d) What are resources to become successful e) How much money to start to become successful Thanks to all in advance Hoping for positive feedback and response Newbie PaRaM
Hey pgidia, in my view, to call these questions "simple" is not reasonable.. some of these questions we have to answer for our selves... even if someone told you the answers you think you need to seek... the answers will still be based on the person that is telling them to you... they did the doing, and you would not have done yourself..

I will share some insights... Figure out if you want to 'trade' or you want to make 'money'... A trader can be/ consider themselves a 'successful' trader in the way of pushing the buttons and making trades... but they may not be necessarily profitable or making cash...

The best thing you can do with these questions is to throw these questions into the trash bin and work on making new questions based on yourself and identify the definitions so you know what the heck you are talking about.

For example; What does a successful trader mean to me? you could answer that with something on the lines of : does the homework daily, places trades, manages risk, takes the cash... makes the least amount of mistakes....
When you know that, then you have more chance to answer a question such as ; How do I know I am succeeding in my trading?... I am doing my homework, I manage risk.... I make sure to not make mistakes and when I do I quickly try to correct them as best as I can.... for example...

Now do same for other type of questions for; What do I need to do... etc.

Do you see the flow? Define better, ask a better question and you can find a better answer... That is useful to 'you'..
"Work hard, put in the effort, and follow your dreams..." -Me
  • #4
  • Edited 10:44am Nov 6, 2022 10:31am | Edited 10:44am
Hello mate! My 2 cents in a long story short:

Do the hard work necessary.

Be scientific.

Be an eternal student.

Be creative

Be disciplined

Be unique, be a cool alien, think outside the box, don't believe that you can't, that you are not "that" type, innovation can be learned by all ! (in the long-run, you need to outrun much faster players!)

Stop spending money on a live account and/or data and/or learning ressources. why waste your time on it while you don't know what you are doing 100%?+you have everything at your fingertips with data (I used metatrader with imperfect data to develop my strategies years ago, and it was fine!).

Learn the ins and out of trading: risk management and all its forms, all types of strategies and approaches, etc. Enough free ressources now !

Inspect all there is about existing strategies ON A CHART + LIVE and with ALL occurrences throughout many years. Don't take strategies that are not 100% mechanical. Must have rules anyone could follow 100%, no discretion allowed, or you cannot be scientific ! Any other human being or martian should be able to replicate your testings and come to the same comclusions and similar best plan with any one given strategy.

Develop a strategy.

Build a plan and see how it would have worked in the last 20 years for one given pair, one direction.

Learn from the above, make appropriate changes

Rinse and repeat a million times...

Once you have your strategy, if you want to go further:

Focus on diversity: Each strategy works better under certain conditions(bad periods are rarely identifiable early enough to avoid a significant drawdown and/or long period of stillness!), SO smooth that return/drawdown curve by doing all of the above again and again = build yourself a system of strategies that complement each other.

Sorry for the messy post, it's Sunday !

Hope it helps, cheers good luck to all who is reading this!
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If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #5
  • Nov 8, 2022 11:58am Nov 8, 2022 11:58am
mtako, WOW, fantastic. Might not be what some want to hear because that's a ton of work but it's the truth. All the full time traders that have been around for years and years seem to say the very same things. They each have different ways of saying what you have said, but it all boils down to the same things. Thank you for the post. If I hear this enough times in enough ways I might actually listen!! HAHA
When you don't know where your going, any road will take you there.
  • #6
  • Dec 4, 2022 9:58am Dec 4, 2022 9:58am
Quoting Darfirst
mtako, WOW, fantastic. Might not be what some want to hear because that's a ton of work but it's the truth. All the full time traders that have been around for years and years seem to say the very same things. They each have different ways of saying what you have said, but it all boils down to the same things. Thank you for the post. If I hear this enough times in enough ways I might actually listen!! HAHA
Happy Sunday Darfirst! You are most welcome my friend, and thank you warmly for expressing your appreciation! thanks for the laugh also ! I sure hope you do not need to hear it more. Be one of the very few that act. Also, keeping in mind all the battles that need to be fought along the work, which I did not even talk about in my above post. Being psychologically ready for the possible obstacles ahead along with all the stress they will cause will actually lower that stress and make it that more possible to break through the seemingly unbreakable walls and keep on moving forward instead of giving up.


P.S I invite you to quote the poster next time so he/she knows you wrote to/about them. I had no clue of your post. Cheers mate, wishing you the very best !!!!
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If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #7
  • Dec 4, 2022 10:49am Dec 4, 2022 10:49am
Quoting mtako
{quote} Happy Sunday Darfirst! You are most welcome my friend, and thank you warmly for expressing your appreciation! thanks for the laugh also ! I sure hope you do not need to hear it more. Be one of the very few that act. Also, keeping in mind all the battles that need to be fought along the work, which I did not even talk about in my above post. Being psychologically ready for the possible obstacles ahead along with all the stress they will cause will actually lower that stress and make it that more possible to break through the seemingly...
Okay that helps. Thank you again and I appreciate the new nuggets of info you've given me. Just knowing what to expect seems to take out most of my fears and the fear keeps me from making the moves I should have. I had a good week last week (good for me) $104.00 profit after a 2 week losing streak. I traded a demo for six months and live for only one. Thank you again for the boost of support.
When you don't know where your going, any road will take you there.
  • #8
  • Dec 8, 2022 11:46pm Dec 8, 2022 11:46pm
Everyone has an own idea of success, but in my opinion, it comes when we have mastered our skills.
  • #9
  • Dec 17, 2022 12:39am Dec 17, 2022 12:39am
Quoting pgidia
How to become Successful Trader b) When should we consider ourselves Sucessful c) Are there really any success stories d) What are resources to become successful e) How much money to start to become successful Thanks to all in advance Hoping for positive feedback and response Newbie PaRaM
=> Same like you become successful in all other business/professional fields . How do you become 'successful' civil engg ? How do you become 'successful' shopkeeper ?
Learn - Practice - Improvise - Repeat

Quoting pgidia
c) Are there really any success stories
=> Yes, there are many. But it won't help you / me

Quoting pgidia
b) When should we consider ourselves Successful
=> the same day when you meet you yearly expenses solely from trading profits.
That's how you know somebody is really successful in this field.
merda taurorum animas conturbit
  • #10
  • Edited 9:00am Dec 22, 2022 5:11am | Edited 9:00am
Quoting pgidia
Dear Friends / Teachers and Success Guru I have few simple question for all of you please answer a) How to become Successful Trader b) When should we consider ourselves Sucessful c) Are there really any success stories d) What are resources to become successful e) How much money to start to become successful Thanks to all in advance Hoping for positive feedback and response Newbie PaRaM
A) Work it!
B) All the time.
C) Yes.
D) A brain, a spine, arms, fingers.
E) With 001 lots 300$ or £ or euros is fine.
My signature is: "Classified".
  • #11
  • Dec 23, 2022 4:26pm Dec 23, 2022 4:26pm
Quoting pgidia
Dear Friends / Teachers and Success Guru I have few simple question for all of you please answer a) How to become Successful Trader b) When should we consider ourselves Sucessful c) Are there really any success stories d) What are resources to become successful e) How much money to start to become successful Thanks to all in advance Hoping for positive feedback and response Newbie PaRaM
a) Learn to trade with automated systems - code portfolios of n automated systems run in parallel

b) The main Nr1 objective in Forex trading = "Don't lose your money". When trading for 2-3 years and having positive balance - you already can consider yourself successful (because >90% lose money)

c) Yes, go to Darwinex, see TOP accounts with >1 milj $ investors' money, trading more than 5 years, consistent profits

d) Google, only free resources are needed and is enough - you can learn MQL5 and learn trading concepts and build your automated systems

e) 10$ with a cent account and make it as signal provider - you then can earn % from investors' money (social trading)
  • #12
  • Dec 30, 2022 10:46am Dec 30, 2022 10:46am
Quoting gepards
{quote} a) Learn to trade with automated systems - code portfolios of n automated systems run in parallel b) The main Nr1 objective in Forex trading = "Don't lose your money". When trading for 2-3 years and having positive balance - you already can consider yourself successful (because >90% lose money) c) Yes, go to Darwinex, see TOP accounts with >1 milj $ investors' money, trading more than 5 years, consistent profits d) Google, only free resources are needed and is enough - you can learn MQL5 and learn trading concepts and build your automated...
90% lose $ thats my problem
I keep x5 ing my money, quickly. then all of a sudden poof it's gone.

Does anyone have any ideas or a system what I should do?
  • #13
  • Last Post: Jan 16, 2023 12:38pm Jan 16, 2023 12:38pm
a) To become a successful trader, one should have a strong understanding of the markets and the assets they are trading, as well as a solid risk management strategy. It's also important to continually educate oneself and stay up-to-date on market trends and news.

b) Success in trading can be measured in various ways, such as consistent profits, achieving financial goals, or reaching a certain level of expertise in the markets. Ultimately, it's up to the individual trader to determine what success means to them.

c) There are many success stories of individuals becoming successful traders, but it's important to remember that trading is challenging and risky. It's essential to be realistic about the potential for success and failure.

d) Resources for becoming a successful trader include books, online courses, seminars, and mentorship programs. It's also essential to stay informed by regularly reading financial news and analysis.

e) The amount of money needed to start trading can vary depending on the type of trading and the market being traded. It's possible to start with a small amount of capital, but it's important to remember that the more capital you have, the more potential for profit. It's also essential to manage risk by not over-leveraging your account.
Knowledge IS Power
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