practice…
Trading is a tale of struggle, reassessment, and adaptation. You’ll fail, you’ll make mistakes, but you’ll learn.
To become a good trader you have to practice more and more. You can practice on demo account to become expert in trading.
Im also learning trading and I do not have a live account so make your own decisions as I’m not a professional but,
Open a demo account(like you have) take a look at charts everyday for more than 30 mins just to get used to the look and feel. Treat the funds in your demo account like it was your real money
Step 1: Decide what you want to trade.
Step 2: research people that have already made it to where you want to be, find out how they learnt, what they did, how they did it.
Step 3: Start learning from the basics and don’t move on until you get every concept, “if you don’t understand one way something has been explained, find another article”.
Step 4: keep trying no matter how long it takes, it takes 2-10 years of experience to understand everything about forex you are fine.
Remember: don’t guess, if you don’t make a trade everyday that’s fine if you even make 1 trade a month your better off then making multiple but loosing.
Some traders have certain personality traits about them that give them a competitive advantage. For example traders that have strong “pattern-recognition” abilities tend to learn faster and spot better trade ideas than others, they make good discretionary traders which is the highest level of trading. I teach my students the holy-grail of trading is not one things but 3. These 3 things act as a trinity that affect one another in perfect harmony.
- Creative trading & good trade ideas,
- Risk management
- Proper mindset.
Missing one of them as you can imagine can collapse your entire performance. Example: Some traders have great ideas but poor risk management so eventually they fail, others have both but can’t seem to follow their plans. Others lack good ideas but have good risk-management and proper mindset so they don’t lose much but don’t make much if any either. You get the picture…
I also teach my students that being a good trader is being a good planner. Track, learn and optimize. Good trading is good math. It’s all about probabilities and when you track you will know what your numbers are.
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you need to have a strategy and try to learn about the Forex pair on which you’re going to place trade.
Practice and experience are the best ways to learn and grow at trading.
Have you gone through the Babypips school here? If not, I recommend it.
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its very nice post with lot of information , thanks for your nice post. newcomers will make sure good knowledge from this post.
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When we will learn about the different currency pairs and also do our trading with a trading plan then we can make good profits from our trades.
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to become a good trader in this market you have to gather all kinds of knowledge about trading and about the market.
to become a good trader is a long time process , for that reason we the traders lost interest after passing sometime.
Yea, correct !
A lot. I review my trading weekly to find the mistakes I made, whether the current strategy works, any rules to follow or not to follow and so on. To become a successful day trader, you need to learn every day.
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Hello, I am a beginner in trading so I want to know the best ways to learn and grow fast in trading ?
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You get good at trading by first learning what forex is all about and all the things associated with ti. You will realise that forex trading is a very wide business and needs a lot of facts understood before it can be taken. Not everyone can take it. After learning you practice and practice as long as you cna in a demo account until you are ready.
Gain proper knowledge about the market. Journal your trades and be consistent.
Go through the entire babypips course. Develop reading habits, keep yourself updated with all latest forex news and start practicing on a demo account.
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You get good at trading when you are calm and focus on building a solid trading strategies rather than making some hasty decisions.
Hello , can you please suggest E-books or provide links that help me grasp the full knowledge as a beginner ?