The 5 Steps to becoming a trader

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i think that this system made me grow faster than normal by knowing the features of each step.
so it is not just for ranking but it is also for developing.
thnx

Well I think I rated myself as 3 ages back but dropped back to 2, took a work enforced break and just starting to find the time to get back into it I had another eureka moment back in Feb right before time became lacking, hopefully simple enough to keep working.

So back to Stage 3, hopefully be knocking on Stage 4 over the next month or 2.

Oh! For me, I have never thought trading is easy, and so Step 1 does not apply. Also from day one, I realized most of what have been said in Step 3. There are only Step 2, 4, and 5 for me.

More importantly, the sequence of what happened to me is more complex that what can be described in 3-5 steps. Personally, I like the 38 Steps to being a Trader much more, because it divides steps more and also allows some mix-and-match flexibility.

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Thanks for posting this diallist. And thanks soultrader for writing it

I think most traders struggle to ever make it to step 3.


Pure gem.

I would go one further and say:

You realise that its actually possible to make money with any random line on the chart.

Very interesting, never heard about this.

Proud to say I'm finally at stage 3. After two blown accounts and a lot of humiliation and frustration, I have finally gotten my head around money management and have developed a sound methodology that I'm sticking with for the long haul.

I'm not trading live at the moment, (currently without a broker), but am demo trading successfully...sort of following the J16 system of trying out a method for a few profitable months before going live again. I estimate I'll be live again by March or April...this time I'll be doing it the right way.

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late step 4 early step 5 making small $ wise big % wise consistent profits here and it's becoming easier and easier and less emotional as it goes


4 or 5 profitable weeks in a row, despite some bad / stupid trades still nicely up each week.

This is amazing, is soo true.... i recognise myself in step 1,2 and 3(i think is about me ) some day i will be recognise myself in step5

i believe i am at stage 3&4 after 1 yr in forex...still have problems with second guessing myself.part of this is coz guys who've made it say you cant crack it after one year.maybe in a month or five years ill be at 5...who knows!!!!

I hear you, indeed you've been there, thanks for this wonderful insight.

VNT12

You lot still reading this? Lol

Any of the old crew left?

I'd say I'm at step 5.. It was hell going through it though. Good thing I havent blown my live account. Up 40% so far in 5 weeks with sound MM. IT upsets me when I see people gaining 150% in a month in the trade explorers only to see that their overall gains are negative.

Terrible money management and it looks like most are chasing the loser with a rediculous amount of pips lost..

I think the hardest part of trading successfully is finding the right entry point.. If you're late on the move then you won't even be able to set your stop to BE. I like to get into a trade where I KNOW it will go 50 pips in my direction so I can set my stop to BE and have a risk free trade.

Stick to basics =).. I have to admit though.. finding success was hard but now trading is boring zZz. and it should be =)

I trade long term though and I think everyone should.. it will take a shitload off your back knowing that you have plenty of breathing space to make money

Reminded me of a song "dead and gone".

It's not about the right entry point unless your scalping, it's about with the right market direction I've given up on exact entries it's not possible, so I get on the trend on a pull back, if it pulls back more I get more, too much it hits SL.

Tis all about direction, yes direction changes then you take a loss, but 70% of the time the direction will hold ( given the right market conditions ) and you can make 2 - 3 x's the SL amount if you play it well.

Back to Stage 3 after a break and my method lost most of it's strength, so back to previous method with a bit of new method and we'll see, only started yesterday after 6 weeks off.

I still think entry is an important point. More than 95% of traders get in a trade too late (which is why 95% are losers) Even on a longer timeframe the best time to trade is the first 10 days of the month as most news releases will cause a trend on a certain currency.

Once you pair strength vs. weakness it's all about finding the right opportunity to enter.

more importantly when to get out. I usually trail my stop every 100 pips gained and just let price take me out