The best traders in the beginning weren’t the best. But that’s probably obvious. They had their problems, which they overcame either on their own or someone helped them. They also made both good and bad trading decisions. That’s why you shouldn’t be afraid of making decisions, you should learn to do it. What’s more, most decisions can be changed… although caution should always be exercised.
Why the best traders become the best?
One of the key traits I’ve noticed in the best traders is that they invested in themselves — they spent a lot of time learning the market and the system. This is just as important as in any other profession, because trading is a profession too! For example, if you want to be a good driver, you have to spend a lot of hours driving. Is that obvious? Sure. If you want to cook well, you have to have a good recipe and you have to cook it many times. This is also quite obvious. It is the same in trading.
The path of the best traders was difficult. They encountered problems that no one had ever faced before, they navigated in the dark. Many of them created this market! They started on paper.
What problems best traders were facing?
They were making and losing very big money. And here is a lesson for you: don’t start with large amounts! Because one thing is for sure — you can make money in trading, but it is more certain that you will lose. Most people who come to the market without preparation lose money, they are just providers of capital. Those who have been in this market for a long time know that it’s enough to bring a client here, and the market will do its job
They also failed to maintain discipline. They lacked patience. They struggled with fear, hope, pain from loss and euphoria. They did not control their emotions. They closed profitable positions too quickly and held losses. They even suffered from panic attacks with the market retreating. They didn’t know where to enter and exit the market (a common issue). They didn’t have good systems, they were testing a lot. When they wanted to play back — they compounded their losses and couldn’t stabilize their profits (this is also the norm). Familiar? And yet you can!
This is an extensive topic, so I will talk more about it on another occasion.
Testing trading systems
Now let’s talk a bit about testing trading systems. The thing with systems is that practically all the best traders creates their own trading system. The one that suits you. There is no trader who would play someone else’s system without any changes. There isn’t.
Every trader goes through many teachers.
Especially at the beginning, when you start your career on the market, when you don’t know the specifics of the market, the tools, you don’t know what suits you, what your risk tolerance is and what lies in your possibilities. And so on until something finally hits him, a moment of “acha!” (it’s so easy after all!). This process requires a lot of persistence. Many fall away along the path. Stress, emotion, frustration, loss… They can’t handle it. This is why everything that goes on in our heads is so important and I talk about it a lot.
A well-known figure in the forex world is that 90% of retail forex traders are unsuccessful. Some publications cite failure rates as high as 95%. Whatever the actual numbers are, having interacted with thousands of traders over the years, I can tell you that these numbers are not far off.
The key to success in the forex market is to focus on the currency pairs you trade when you have time and use strategies that do not require 24/7 monitoring. An automated trading platform may be the best way to achieve this, especially for new traders or traders with limited experience.
Some sugestions of numbers can be checked on brokers website (good brokers!). Some countries require statistics of traders who (not) make money using the platform.
If I missed your question then I am very sorry. I’m trying to keep up to date, but I don’t see any questions from you… Also, I do not deny that I may have missed something.
My only excuse is that forums are not the essence of my private or professional life. It is a very good place to share knowledge and passion from time to time. My intention is not to spend many unproductive hours at any forum, but to specifically help traders. So much and so much.
It’s not quantity but quality that counts. Just like in trading (or any other profession in fact). Remember that it is not the number of hours spent on the market that will make you a trader, but the quality of the time you dedicate to this profession.
The key to success in the forex market is to focus on the currency pairs you trade when you have time and use strategies that do not require 24/7 monitoring. An automated trading platform may be the best way to achieve this, especially for new traders or traders with limited experience.
To be a trader you need ENOUGH knowledge and experience to be on TOP of the job.
It’s aquireing the necessary knowledge and experience that will make you - or break you!!.
I too was a bit skeptical when I first saw his topics but he doesn’t link to any articles at least or actively shill any services/signals. Although a quick check did reveal that these posts are “copy pasta” and looks like he reposts them on other forums (myfxbook, forexfactory) as well… At least he replies though and not just dumps his stuff here and leaves lol.
That’s true. But why not? Not all traders are on this forum, there is no reason for me not to share my knowledge somewhere else if I only want to. If you do not like that - just ignore
The only golden rule that I believe in is that you must change with time. No matter how profitable your strategy has been or how well you would have been earning with your previous strategy, you must make changes to it with time if you want to stay in the race.
do we have to mention discipline ,psychology etc? for me ,some traders successful simply because they have a technic you don’t know ,that’s all ,don’t holy-fy things up.
what kind of technic ?
1.technic how not to lose any trade,this is the key .
2.technic how to win ALL your trade .
go ahead and insult others advice ,and wish you having fun doing this .
something you dont believed in doesn’t mean it doesnt work for others.
if you are so full of yourself ,why are you still here, i don’t think you are trying to learn ,you are only trying to prove you are right .
yes im actually doing this ,and im happy with my return.
lastly, someone like you ,is the reason 1% wouldn’t share knowledge,what a shame.
