What did you do to become a profitable trader?

Patience is Virtue in Trading. Learning forex everyday and using that to make strategies helps a lot!

1 Like

Thanks for the advice @QuadPip. How long did it take for you to eliminate your fear of losing trades?

Took me about 1 year of intense screen time to improve my analytical skills and to get rid of my bad habits such as not trading with the prevailing major trend, taking trades because of FOMO and attempting to average down losing positions, among others. As my win rate increased and my confidence grew, the fear dissipated.

Now if I’m unsure about my analysis then I wait until price shows me where it is going before I will enter a trade. I don’t enter into trades unless I’m very confident that price will do as my analysis suggests. Of course I could still be wrong and in that case I will exit the trade and accept the loss in a mechanical fashion without emotion when that becomes evident in price action.

1 Like

I speak as a daytrader and scalper:

-no more entry prior to an upcoming signal! I mean entering a trade because “it looks the lines will intersect next seconds so i go now in to get a better price”-in 70% of the cases they did not intersect and the trade was gone…

-Canceled the account with market maker and went to ECN account without manipulating my closing prices and spreads

-as i had the time, i played the game "i am a full time trader from 0800 untill 1700hrs.So i was not under time pressure as many are who say “okay, i have two hours free for trading, i must get the best out of it” (by the way-i think that is the main reason why so many private parttime traders fail in the official statistics)

-i cut the number of trades and took only “the best of the best”-from them i worked out the signals and just use these signals.

-as i traded and trained full time trading, i learned, that there are some times up to 3 hours when no trade ocurs (i mean no “sure trade”)-in former times i became nervous after one hour no trade opportunity and said to myself-“fu…, now i must get in somewhere to make some bucks!”
You can fancy the results of such trades…

-no more “gamble trades” just for fun

and at last an old trader proverb a little bit modified:
“10 pips a day, and in may i am away!” :stuck_out_tongue_winking_eye:

3 Likes

i like everything you have wrote @steveepperson

1 Like

Reading all the answers I feel a weirdo. I have studied technical and fundamental analysis of companies, and everything was losses. Until I began to wonder what could be my advantage against big capitals. The only advantage I have is that I can get in and out very quickly, or in other words they can take several days or weeks because of the large volume of contracts they may have. Then I wondered how I could spy on their positions, and found the COT reports. These reports contain all the positions of all market players classified by type. When I was able to understand all that number of numbers, I realized that I am only able to win when they are deep inside and want to get out of the asset. If they are not within the asset, the value is freer. When they want to leave the asset, the address can only be a long-term one, if they are too short it will have to go up, and if they are too long it will have to go down. The confidence is so great that I no longer use STOP LOSS, and my operations can be extended for many months. I do not recommend my operation to anyone, but it is the only profitable found so far. I feel weird because in a year I can do 3 operations, when others do 3 operations a day. The knowledge of financial options (not binary options) was also a great discovery. Being a programmer, over time I became a software that facilitates decision making.

1 Like

Lots of research.
Learning the basics through demo first.

For me it was when I lost 15 consecutive trades in a day . The money i lost was so huge that i couldn’t trade for 6 whole months because i had to recover my losses. All i could learn from that experience was that trading is not as easy as it seems when you make a profit. It can not just make you rich but it can make you bankrupt as well. Plus greed and patience is one thing which will never let you take logical decisions.

anyone can be profitable trader , its not a bid deal , the main issue is to keep continue the same profit ratio.

No I am speaking from my personal experience. I am more than happy to take 1:1 profit. Now what is wrong with that? I know I am certainly not going broke with that strategy.

It took a long time but when I realized that I should not over trade, to follow a trend and to watch out on the lot size I become more profitable.

Additional to above said, writing down trades that I took and analyzing them to see where were the mistakes and how each trading decision had impact on the result it helped to improve.

1 Like

Thanks @steveepperson I’ll try the things you listed. I hope I stick to it.

1 Like

Thank you @alphahavoc. That seems a little complicated for my level right now. Are you posting your trading results here?

I stopped trading. :joy:

1 Like

Thank you @Drekieyja. Would you mind sharing the current strategy you’re using?

I agree. What’s important is that you’re continuously profitable because you can just scale up.

Ohh time to get back in! Get lured into trading by crypto, stay for the fx gains! Or more losses. :joy:

1 Like

He!he! :joy:

This is a good idea but my problem would be spotting if the trend is about to reverse. Do you have any tips on how to know that the trend will continue or reverse?

1 Like

LOL! :sweat_smile: Nobody knows. Price will either bounce off a level of S/R or breakout of it. Maybe, divergence of price and oscillator could offer some hint of forthcoming reversal, but when price proceed to breakout, the reversal opinion is immediately called off. And after a breakout, price reversed and breakout the opposite S/R. You just got whipsawed. You can scream F *** at this point in time.

1 Like

I honestly don’t know of a reliable indicator that suggests a reversal before trend has reversed.

But maybe you don’t mean reversal anyway. Reversal means an uptrend becomes a downtrend. That cannot happen in 1 day so price will almost always show an indication before the new trend. But trends can weaken in 1 day and when it weakens enough I exit anyway. This is usually a long way from my stop-loss so my maximum risk is not usually reached.

Of course, a good place to enter a trend is right after it has weakened, when it starts to resume. So sometimes I find the trend weakens, I close my position and the very next day I can get back into the same trend.