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  1. #1
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    How To Become A Trader

    Hello guys! Thanks for coming to my thread!
    Did you ever think why that there are so many traders that keep on failing and loss a lot of money? very few traders can success in here despite everything they have been trying too. Have you ever imagine how would it be to become a boss on your own, success with your own trade, seeing profits rolling by sitting in front of you computer? Surely all traders wish to see all of that are lacking a lot of things in here and they did not realize it or even trying to change them!

    First of all, there are a lot of difference as for types in trading!


    Attachment 20277

    1. Day Trader

    Day trader are the trader that open and close the position within 1 day timeframe. It is almost correct that they will close the position before 24 hour timeframe in the market has passed.

    2. Carry trader


    This type of trader is the one that will hold a position for multiple days. Usually the carry trader might hold a position for 1 week and the longest of it might be 2 weeks. If you want to become a carry trader then you will also need to calculate the cost of carry or it might seem more familiar to think of it as swaps. Swaps will increase and decrease depending on the interest of the currency you are holding versus the one you are selling.

    3. Investor

    There are almost no difference between a trader with this type of trading versus the carry trader but the positions they hold might be unusually long. At least, each position will be hold for 1 - 3 months and there are several ones that might even hold it over 1 year if the carry cost is positive for them.

    Each type of trading style is good! But the real problem will be how you can make the successful trade and make the profit in here!
    What you need to do in here might just be:


    Attachment 20278

    1. Check your own condition HONESTLY.

    A success trade will need a lot of factors such as knowledge, skills, insights, informations and the commitment to your own style. We also need to check whether we are good in mathematical analysis, possess a full knowledge regarding financial markets especially the fundamental views and aware about the psychology of the market and ourselves.
    Actually, trading is not simple at all and they need a lot of things such as long working hours (since you need to keep watching every possible data, changes in politics, policy and the fundamentals of the market), commitment for your own work, little leave from the monitor, continuous learning (some traders will find this harsh since they are not getting any guidance from others while some might just pay for this), risk taking abilities (if you can't take the risk then you will not be able to trade at all).
    if you are unable to prepare yourselves to devote everything only to trade forex, give enough time everyday to learn, mentally prepared to take the risk and suffer loss then YOU CAN'T BE A TRADER.

    2. Prepare the money

    We can't trade if we don't have money in this business. If we want to trade then naturally we will need a certain some of money. We also need to learn that traders always need to prepare a sufficient ammount of money to be traded. No one ever can keep generating profits consistently. There will be loss and gain which is a part of trading. Entering this business with a small ammount of money is a certain way of failure already. Most traders might be making small money but 1 mistake might just make them end up bankrupt since they do not prepare enough money or the market moved with a big jump or gap suddenly and make them bankrupt such as the flash crashes. (You can check a sudden jump from GBP with 1.28 level in 5 sec to 1.14). If you are going pro then at least $100.000 will be needed for you to trade with 1 lot per trade. That means the normal standard risk management is to make your account to hold out for 10000 pips. And i believe most members here will just try 0.01 lot per trade which means they need at least $1000 at minimum. If you are trading bigger than that such as 0.05 lot per trade then you need at least $5000 for that. But surely, this will depend on the trading plan and the selection of the traders themselves but usually novice that try to use their own formula in here ends up losing everything.

    3. Understand the Market

    In order to trade, a trader will need a solid knowledge about how the market functions. The example might be if the data good then a pair will be bullish but sometimes even if the data is good, the pair will be bearish because it is not high enough as for what the market expected. What we can call solid knowledge is that you can become one of the market participants that know that high data is insufficient to make the pair move even higher at this point so it is time to close your trade. So, you need to understand the psychology of the market and what they are thinking and expecting. In order to do this, you will need a wide knowledge base no matter what!

    4. Understand the Products to be Traded.

    You will always be required to get a full understanding of what you will be trading in this business. Whether you want to choose Stocks, Forex, Options or even Commodities, you will require a full understand of the trading requirements and each characteristics of them. If you fail to comply to this, your own trade will be a gamble and fail in the end. Some of the things we might need to know such as the margin required, when the market will be closed, when the contract will be renewed or expired (such as OIL Trading) and the carry cost for each of them.

    5. Design a Trading Strategy

    Trading strategies in this business usually only got 2 difference. One is for making money for a longer time which take lesser risk and longer time which is very safe. Other one is gaining money over the short time which can make them fail anytime. It is important for a trader to possess at least 2 trading style since there is no way for us to keep making money from a single strategy in here. But surely, experience will tell the difference in here.

    6. Change the Plan for a Bigger Scale and More Depth

    A trading strategy that is simple will just make too many uncertainities and holes in our own trade later. We might need to know how we will use the strategy for the entry point and the exit point in here. We also need to control the capital we will be using in order to trade, which products we want to trade, how much money we will be risking in each trade and the number of trades we will set as a limit before we stop trading and wait for the result.

    7. Do a good check about our MONEY MANAGEMENT


    This is actually one of the most important thing a trader will need. Many traders can get a high accuracy rate in trading such as gaining money in 5 out of 8 trades. How about that 3 losses in here? If we can control a good money management, that 3 loss should be nothing and we are still in profit for overall of our trades. But the traders without them might loss more with that 3 losses than what they are gaining with 5 trades. That is a bad money management.

    8. Calculate the Swap or the Carry Cost Properly

    Some traders end up in loss even after the position is in profit because the swap is eating away all the profit. It will also be a factor we need to watch out if we want to become a good trader.

    9. Never Start Before Doing A Simulation!

    Many traders did not run a good test on what they will be doing in here and loss as the result. We need to test the strategy in here for a few times at least over 1-2 months to know the consistency of it. I believe 100 trades with the same condition will tell us the accuracy rate of the current strategy and we can run a good calculation of money management and prepare the sufficient money for it. It is the use of the Demo account to begin with in here anyway!

    10. Don't Put In All Your Eggs!


    Even if we got everything in our hands, never try to use all of our money in here! Sometimes we might just got a bad luck and loss everything too. The same as for the trade in here, if we put everything and loss everything then we might end out journey as a trader already. As long we possess a good strategy in here, we can keep getting small stacks of profit and that will be big in the future. The one that can't wait for that usually always destroy the whole trading account in the end with full losses!

    Never think that it is easy to become a trader!

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    Last edited by sekiryutei; 07-07-2017 at 06:00 PM.

  2. #101
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    Quote Originally Posted by Ragnar View Post
    You are right about that. However we have to know that being a good trader is not something that will however come easily, because we ain't gonna get it in a year or two years, but it needs consistent learning to make sure that we get the best of knowledge and become successful in the business. I see being practical as a means that will really make us become successful with consistent hard work.
    You said that the two ears are the time spent but in my opinion there is not any certain amount of time that is required for becoming a successful Trader because it is based on your own understanding of the forex market that is going to decide if you are going to be successful or a failure and therefore you have just rely on your own understanding of the forex market rather than to borrow any set up from other people because in the end it is your own struggle that is going to lead you

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    If you Try, You risk Failing: If you don't, You ensure it.

  3. #102
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    I think being a trader is not that hard any more, in as much as we have the skills and knowledge we can become successful trader. Being a forex trader is not simple, it is something that takes time need consistent hard work. In recap, we ought to also be careful of the kind of method we want to make use of.

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  4. #103
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    Before we look at those things that has to be put together before we can become a trader, i will like us to look at who a trader is so that we can have a proper understanding of what we are discussing. A trader is one is involved in the act of buying and selling with the understanding of the market.Going by this definition of mine , then i think that there are two things that is evident here, before one can be called a trader , he must know the act of buying and selling, that is he must know all the logic that must be involved in the act of buying and selling, like when it is right to buy and when it is right to sell, secondly, a trader must understand the nature of the market he is trading because there are different types of market,such as textile market, petroleum market and so on, but here we have the money market, before you can be called a forex trader, you must know the forex market very well.

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  5. #104
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    if we want to success in Forex trading we should must be need a very qualified person or the way of right which can help us to understand this and then we can easily share our problems and solve them many forums and demo can help out us , I think Forex trading is highly effective for students. he can invest money to Forex and earn extra money. and I think students need extra money to maintain the allowance.

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  6. #105
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    successful trader is a trader who is able to make profit with certainly by using his trading skill. for being a successful trader very rapidly , first of all we the traders have to pass a long time in this volatile trading place for acquiring most powerful analyzing trade knowledge. but practically we try to earn money from here without learning and fall a great loss due to lack of exact trading knowledge

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  7. #106
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    Quote Originally Posted by ravian View Post
    You said that the two ears are the time spent but in my opinion there is not any certain amount of time that is required for becoming a successful Trader because it is based on your own understanding of the forex market that is going to decide if you are going to be successful or a failure and therefore you have just rely on your own understanding of the forex market rather than to borrow any set up from other people because in the end it is your own struggle that is going to lead you
    everyone need a time to understand forex trading but also depend to their seriousness and ability to learn and practice till get the correct skill for trading and then why we see different results each others, but there is no problem and as long as we keep practicing for more seriously then we can save the time too, because forex trading is a pure business where the final results is accepted as the mirror of what have been prepared by us before, and the market only pay them who understand to do something right in the market

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  8. #107
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    I think forex is a business, when started we had to learn , because knowledge is always growing and if we want to advance the business do not ever stop learning. in forex No risk no gain, when you have a small risk, then the rewards that you can get will be small as well, and vice versa.Unlike gambling, you do not need to analyze anything to start betting. Just throw your dice and wait for your number out

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  9. #108
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    Actually, there are things needed of you in this business before you can be able to be call on or referred as forex trader. Just know it that you can't just wake up one day and become a good forex trader. For such a thing to happened or occurred, you have to be able to at least learn the necessary things in this business using the demo account, then afterwards you can move into trading with your real account.

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  10. #109
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    Before a trader can actually earn good and become a good trader, the right knowledge and better management is needed in their trade. It's high time traders work to understand how to become a better trader and make it wise enough to improve well on their skills on forex. A good trader is hardworking and he makes sure he sees his mistakes as a means of improving good and earning well for themselves which is going to improve them.

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  11. #110
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    Became a good trader in forex, first we learn and read its rules. When we understand its rules, then we make good profit in the forex market and he help me to became a good trader in the forex market business. When we became a good trader in forex, then we know its trick for trading in forex. We know that how to use indicator for trading.

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