Trading involves a lot of trial and error. There is one exact way to get better at it, except trading. So, keep practising your strategies and find loopholes. The task is to get better. Keep consistency. You will get better.
what does it mean being good at trading? earning a lot of money? then I guess the most part of traders aren’t good at trading, and even professional traders… I believe being good at trading means that you have already learnt all the regularities happened to the market. Yeah, regularities! The market is like a history always draws us the same picture from day to day… I can’t state that I am good at trading just because I can earn money here. I will claim that I am good only when I understand that i learnt all the stuff about trading, investing and i am considered to be a real guru.
Practice, practice and more practice. And do this with a real account. Not demo trading.
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Developing a solid trading plan and train your discipline to stick to it. Also it’s a good idea to learn from your losses so you can avoid your mistakes the next time. It’s a long process that requires discipline and continous learning to adapt to the ever changing market.
By practising and learning in the “hard-mode”, you will get good at trading. Hard-mode means discipline and patience, as opposed to taking it very seriously.
As an experienced trader, I would suggest Choosing a trading strategy that works for you, managing your risk effectively, and take lessons from your previous trades.
Invest in knowledge, don’t hunt for profits. Try to understand what can be your edge in trading.
Invest in basic forex knowledge. Focus on the process rather than results.
Hard work, consistency and patience are the most important factors that define the success of your trades.
Even though you might have years of expertise, there’s always room for more practice. In my opinion, always use a trading plan, cut losses with limited orders, maintain strict discipline, stay updated about the market and admit to mistakes.
Sincere practice on demo, maintain discipline, stay consistent with your trading and awareness about market updates, maintaining a trading journal all these could help you to get good at trading.
You need to practice an edge that can be learned from a mentor then more importantly improve your psychology by reading books like Trading in the Zone. Persistance is a valuable trait to have
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To be good at trading requires certain skills such as:
- Risk Management
- Time Management
- Strategy Building
If you have your money and time managed well, focus on reducing risk on your trades. Backtest a few strategies and make room for learning so when you suffer losses, you turn it into a lesson and change your plan. Practice and create a plan that will benefit. You don’t need to trade 24/7, learn to take breaks and relax.
Knowing your strategy has an edge from back testing and your account P/L .
Set and forget no chart watching let the arrows fall where they may
The post is quite old and I hope OP has figured out things by now. Still, the only way to get better at trading is through continuous learning. Giving up is an easy decision and to keep going is a hard but right choice if you want to become a successful trader. Pay more attention to risk management and switch your strategy if scalping is not working for you. It’s a lot of trial and error until we find what works best for us.
You will eventually get better results if you put more time, effort and study into the market.
To become a good trader, you need to internalize a lot of fundamental and technical knowledge. Getting good at trading requires a lot of practice and most importantly:
1: Using a Trading Plan.
2. Use technical Indicators .
3: Study the Markets.
4: Risk Only What You Can Afford.
5: Always Use a Stop Loss.
I improve my trading skills by analyzing daily market conditions and developing strategies based on that analysis. However, a demo account also aided me greatly in my trading. Trading on a demo account teaches you how to proceed and what precautions you must take. Also, leave emotions are the door when you trade.
With my little experience in the forex market, I learned that there are 3 things which make you a good trader.
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Being rational and mature – You must avoid riding on your emotions while trading. All your decisions must be backed by logic and reason. Moreover, you must be mature and treat trading as a serious profession. Risk management is a must and that is the key to success in forex. -
Passion to learn and patience before you earn – You will have to learn a lot of things to become a skilled trader who can earn. Patience is the key and you should not expect to become profitable right away. -
Discipline and consistency – You may not feel motivated to trade every day. But you must build discipline and show up to become consistent.
So that’s all. I think you can see all these traits in any forex trader who is successful in the long run. So, in order to reach that level of success you must possess these traits.