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Thread: How To Become A Trader

  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!


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    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. #21
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    in forex trading to reduce loss we have to update with this business .keep eye on market trend. wait the market to go in up side or low side then take lot and leave the lot till it convert in to profit.The best way that you can avoid loss when you trading in this market the are so much that you have to follow and from there rules there are you have to make sure that you followed most of

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  3. #22
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    everyone have own style and talent and this is good if they know it from the first time, and so here that we need to invest the time first for learning and practicing till really get the right choice which is suit to implement them,
    start to build good mindset about trading forex, this is important for traders to build good foundation and so they take this business seriously, need to noted in mind that forex trading is not a shortcut for making success instantly
    and then keep learning and practicing, support it with discipline and also patience in everything

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  4. #23
    Trader Silhouette's Avatar
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    Quote Originally Posted by swallow View Post
    To become trader is simple but to become a successful trader is what is difficult because there is different between a trader and a successful trader. To become a trader , the person must learn how to analysis market , the methods to use . Also the trader must learn how to place and close order with the modification of order.But to become a successful trader is more than that . There are some market tips that traders need to attach to their trading such as emotional control. patience and application of money management . All these and more are needed before traders can become successful .
    You're right, all of people can be forex trader here but only some of them can be successful in this business. We may participated this business and trade few times which made us part of trading as trader. But the result will depends on how good we analyze market, how good we trade and for how long we could survive in here. If we survive long enough with good earning in long run, then I think we can be called as a successful trader.

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  5. #24
    Trader Obaforex's Avatar
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    Becoming a trader is not as easy as most people thought, most people just believe once you open an account with a forex broker and deposit some money, you automatically become a trader. This notion is quite far from the truth because in reality you will still need to undergo a lot of up bringing in the areas of what to trade, how to trade, when to trade e.t.c before you can stand any chance of success against the market and this process usually take a lot of time.

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  6. #25
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    To become the good trader of the market first is that you are the good learner in the trading and observe the thing well in the trading secondly you have mentally strong in the trading and take the board decision in the market with that you also have the patience in the trading and never overconfident in the trading and similarly never lose the confident and made their own strategy and planning in the trading.

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  7. #26
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    If you want to become a good trader then you would have to follow the rules and regulations that are certainly required for getting a good and solid experience in this field you must be a patience person and do not panic in case of loss take it ease because its a normal thing in trading sector that allow you to become a professional by learning more and more in case of loss.

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  8. #27
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    In forex trading to reduce loss we have to update with this business. keep eye on market trend. wait the market to go in up side or low side then take lot and leave the lot till it convert in to profit. if you want successful in your business then you need to apply all these things during the trading then you can profit from the market and will be successful in trading.

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  9. #28
    Trader ict2014's Avatar
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    Wonderful explanation on basic part of forex!!! Before starting forex business, we should study forex and prepare framework. I see a maximum trader deal with abnormal policy. When a man loses money yet he practice to be a day trader, carry trader and investor. I think, we should select the first one and after getting success leave for another. Forex market 24 hours open so when the market gear up and increment its force either up and down, we ought to enter the market whatever the time night or day.

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    Last edited by ict2014; 08-30-2017 at 08:19 AM. Reason: change word

  10. #29
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    Being a good trader and one who will succeed is possible, but there are so many things we have to ask ourselves, there are so many things to be learned and understood, because success is all about learning and understanding the market. Traders who has not really learned and understood the market will not benefit from it, therefore being successful and profitable trader is possible if we follow the skilled traders.

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  11. #30
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    We all wants to be a good trader, well it is a good thing, just that being a good trader will not really be an easy thing for traders because a trader who wants to be good has a lot things to learn about the market, like knowing how to make good use of money and risk management. The discipline and all that, so ultimately, we can see that being a good trader is more of discipline.

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