Community Forex Questions
15 steps to becoming a profitable trader
We accumulate information: we buy books, go to seminars, research and study.
We start trading with our "new" knowledge
By constantly paying tribute to the market, we begin to realize that perhaps we need more knowledge.
We collect even more information
Switching to other trading instruments
Return to the market and trade with "updated" knowledge
The market pushes us in full again and we start to lose confidence. Fear creeps into our soul.
We start listening to the news and opinions of other traders
... Only then, to return to the market, and again pay tribute to him
We switch to another instrument again
Looking for more information
We return to the market and start making money on the sly
With earnings comes overconfidence and the market quickly reminds us who is who.
The notion comes that in order to trade successfully, you will have to spend much more time and effort than expected At this stage, most people quit trading because they understand that TRADING IS A WORK
We get down to business and start to focus on learning the "real" method
We start trading with our "new" knowledge
By constantly paying tribute to the market, we begin to realize that perhaps we need more knowledge.
We collect even more information
Switching to other trading instruments
Return to the market and trade with "updated" knowledge
The market pushes us in full again and we start to lose confidence. Fear creeps into our soul.
We start listening to the news and opinions of other traders
... Only then, to return to the market, and again pay tribute to him
We switch to another instrument again
Looking for more information
We return to the market and start making money on the sly
With earnings comes overconfidence and the market quickly reminds us who is who.
The notion comes that in order to trade successfully, you will have to spend much more time and effort than expected At this stage, most people quit trading because they understand that TRADING IS A WORK
We get down to business and start to focus on learning the "real" method
I agree with the points you listed. However personally I think that the most important things to engage in or focus upon to become a profitable trader include:
- Trading successfully requires time, effort and persistence.
- We seek to gain knowledge and understanding, and this needs to be an ongoing process. Learning from others is also key.
- Switching trading instruments may be favourable at times, but it is not something that should be done too often.
- Trading successfully requires time, effort and persistence.
- We seek to gain knowledge and understanding, and this needs to be an ongoing process. Learning from others is also key.
- Switching trading instruments may be favourable at times, but it is not something that should be done too often.
Becoming a profitable trader involves discipline, strategy, and continuous learning. Here are 15 key steps: (1) Learn trading basics; (2) Choose a reliable broker; (3) Understand market types; (4) Define your trading style; (5) Create a solid trading plan; (6) Use proper risk management; (7) Start with a demo account; (8) Master one strategy first; (9) Control emotions; (10) Track all trades; (11) Learn from mistakes; (12) Avoid overtrading; (13) Stay updated on news; (14) Maintain a trading journal; (15) Be consistent and patient. These steps build strong trading habits and reduce costly errors. Profitability comes not from quick wins but steady improvement and resilience through losses. Focus on the process, not just the profits.
Dec 24, 2021 15:17