38 Steps to being a Trader | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The 5 Steps to becoming a trader 237 replies

first steps on meta trader, help pls! 3 replies

Steps a trader should carry out before putting a new discretion system into action 4 replies

The 5 Steps of becoming Successful Trader 13 replies

Attachments: 38 Steps to being a Trader
Exit Attachments

38 Steps to being a Trader

  • #21
  • Nov 7, 2007 10:27am Nov 7, 2007 10:27am
Quoting scalpt
You can't trade being intimidated by the market like most traders (95%) I've seen here in this forum, you have to find ways to be the best your own way. I don't have to tell you that because I know you're a good trader, I'd learned something from you also.

How I learned to trade was by pure luck and found a good system early on. It took me another 2 mos and two down accounts later with good MM practice to be profitable.

Like some poster said: "Fear is a mind killer"

scalpt
Well, I can confess a sin: I'm freaking scared of trading.

I have been paper and live trading almost every day in recent years and I have find out that I can't find no advantage with my trading. In the long term always ending up in zero, minus the spread, so overally losing slightly.

I have never blown up a single trading account, but I'm losing always 1-4% per month, I have been doing the same slight losing stabilliy in recent 18 months. I'm quite happy although with losing only so little as I trade quite often But even without the spread I wouldn't be making profit, ending up zero without spread. So trading less often wouldn't make it positive neither, just a smaller lose.

There is no good or bad systems technical systems, it's just the question of luck whether the market will match your system or not. Same with money management. Only good rule is to trade small.
  • #22
  • Nov 7, 2007 10:38am Nov 7, 2007 10:38am
Quoting scalpt
You can't trade being intimidated by the market like most traders (95%) I've seen here in this forum, you have to find ways to be the best your own way. I don't have to tell you that because I know you're a good trader, I'd learned something from you also.

How I learned to trade was by pure luck and found a good system early on. It took me another 2 mos and two down accounts later with good MM practice to be profitable.

Like some poster said: "Fear is a mind killer"

scalpt
with all due respect Scalpt - even if all of your three months have been profitable it still cannot be classed as 'consistent'.

the way the market has been with sub prime and now the chinese even a monkey could make money since august.

ps, I was an engineer too
https://linktr.ee/Soultrader
  • #23
  • Nov 7, 2007 11:41am Nov 7, 2007 11:41am
Quoting soultrader
with all due respect Scalpt - even if all of your three months have been profitable it still cannot be classed as 'consistent'.

the way the market has been with sub prime and now the chinese even a monkey could make money since august.

ps, I was an engineer too
Sorry for not being so cleared, I've been trading stocks and options for along time; I just got into forex in the case of a recession, which is coming very soon, so that I can trade both ways of the market, up and down. I've been consistent in forex for over a over a year now with very minimal drawn down which is the key to my trading strategy.

As an engineer I supposed you can see the differences in measured distance by either walking or flying between two points; which ever method can covers more mileage is how I like to approach trading, and that's why I chose day trading over trending; I like all methods however depending on
the agenda of the month.

Good trading to you,

scalpt
  • #24
  • Nov 7, 2007 3:53pm Nov 7, 2007 3:53pm
I think I am ready for step 38.

Traded parttime, 4 hours a week with naked charts for 1,5 years and have a ROE of 650% so far. Therefore I have 4 years experience of Forex with backtesting (4 years backtesting), Risk Management and Money Management.

Forex is boring, but also very scared, look at the EUR/USD, It hurts my earning in Euros. What if the USD continues to fall or crash

Most wanted question: How do you do that?

Well very simple, I have learned from the Internet! Work very hard and I am glad that I have great math skills so I can develop MM and RM very fast and accurate. I did constantly modelling trades strategys, exits, entrys, compounding etc.. I am sure that 4 years succesfull backtesting and 1,5 years live trading is enough to conclude that I can trade it succesfully in the future. Why? Because I did naked price action backtesting only and have proved my earnings in 1,5 years as expected. I didnīt have readed any books or Internet forums how to do that! I created a system at my own that works from me. Very hard and time wasted. Somethimes I was thinking about Forex is hard, please stop this Project!

I am very happy that it is all over and I have passed steps 1 t/m 37

I am still a 22 years old student LOL...

Anyone who is in step 38? I like to hear your story too!
Trainee at UBS Investment Banking
  • #25
  • Jan 18, 2008 9:03am Jan 18, 2008 9:03am
excellent post

sorry i was just bored and dug up something rather too old.
  • #26
  • Edited Mar 10, 2009 11:44am Mar 9, 2009 9:31pm | Edited Mar 10, 2009 11:44am
I was going to post "The 38 Steps to Becoming a Successful Trader" in the Rookie Discussion but found it was already in Forex Factory. This was something I read years ago when becoming interested in trading and is still relevant (Referring to Post #1). Certainly worth revisiting once a year to track your progress.
  • #27
  • Apr 21, 2009 1:43pm Apr 21, 2009 1:43pm
This has been here for quite sometime and find it useful everytime I read it. There seems to be plenty of steps where one could get lost easily.
  • #28
  • Apr 21, 2009 5:11pm Apr 21, 2009 5:11pm
I'm at step 31 Just chuggin' away.
  • #29
  • Apr 22, 2009 4:07pm Apr 22, 2009 4:07pm
Interesting in August 08 I figured @28 area, okay I had 6 - 7 months off working, and think I'm 30-31 area currently.


Slow game this, but took me 4 1/2 years to get here, a few more pushes to go, likely the hardest ones
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #30
  • Aug 4, 2010 9:07am Aug 4, 2010 9:07am
This is timeless wisdom.
  • #31
  • Nov 29, 2010 7:10pm Nov 29, 2010 7:10pm
Great post Neers. Most worthy for the numero uno thread on FF.

Quoting Neers
1. We accumulate information...
2. We begin to trade with our 'new' knowledge.
35. We continue to learn our lessons.
I have found that screen time continually provides more than enough information. These three steps are an ongoing/iterating process IMO.



I also compiled the original post into a PDF for anyone who wants to download and print.
Attached File(s)
File Type: pdf 38 Steps to Becoming a Trader.pdf   48 KB | 1,011 downloads
  • #32
  • Apr 24, 2012 12:51pm Apr 24, 2012 12:51pm
I seem to be trapped in a range from 24 to 31. Have been in this range for some months.

I feel it is close, and all of a sudden I will have left this range. It just takes more hard work, especially analysing the myself.
  • #33
  • Jun 4, 2013 12:29am Jun 4, 2013 12:29am
Interesting thread topic. Feel like I just arrived at 15. Suddenly have a sense of looking at a new horizon hahaha
THERE IS AS YET INSUFFICIENT DATA FOR A MEANINGFUL ANSWER.
  • #34
  • Jul 8, 2013 7:43am Jul 8, 2013 7:43am
I'm at 33.....hope to get to 38 soon.I ate ,breath n slept fx for 2― years.Now I can face the future with courage knowing I have a skill no one can take away from me.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #35
  • Jul 11, 2013 12:40am Jul 11, 2013 12:40am
I wish to tell the new traders that it is not before 1-2 years of hard working, until you only start to understand what is going on around you. This is totally natural and completely normal for an ordinary member of the human race. So what is required is to be patient and realistic. Money will come, but as anything else in life it takes time. No matter how genius you thing you are, you need time to make any achievement. That is real life. Don't give up and enjoy it.
  • #36
  • Jul 11, 2013 1:12am Jul 11, 2013 1:12am
i'm still nobb after all this time,

*sigh*
  • #37
  • Jul 12, 2013 3:04am Jul 12, 2013 3:04am
I think I'm in 10-14 range
  • #38
  • Aug 19, 2014 5:59am Aug 19, 2014 5:59am
Maybe its best that where ever we think we are on that step ladder, we dont tell others about it. For why should we? If somebody lower then yourself on the step ladder sees you over there 5-10 steps ahead, all that will happen is that envy will be created. Nobody is helped by knowing how far behind someone else they are. So actually saying which step you think you are on is the wrong approach. Thats what i have found out.
My signature is: "Classified".
  • #39
  • Oct 24, 2016 12:05pm Oct 24, 2016 12:05pm
Quoting yaed
Maybe its best that where ever we think we are on that step ladder, we dont tell others about it. For why should we? If somebody lower then yourself on the step ladder sees you over there 5-10 steps ahead, all that will happen is that envy will be created. Nobody is helped by knowing how far behind someone else they are. So actually saying which step you think you are on is the wrong approach. Thats what i have found out.
Bravo, friend. I like your post.
  • #40
  • Oct 24, 2016 12:32pm Oct 24, 2016 12:32pm
Step 39: You finally realize you're wasting your money trying to win in a rigged, fixed market like FX.
Step 40: You get a real education and get a real job, one that pays the bills ( forex never will).
0 traders viewing now