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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. #511
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    Quote Originally Posted by naeem555 View Post
    demo account is good but no one can use it for long period that is reality, actually when we trade here we people use demo and we think its nothing we are not earning so no body will do it for years, so we can do practice for some weeks then we can do some real trading and on real trading we people should go slowly it will increase experience and our practice as well and we can earn something as well
    then this is mistake of a trader because using for long time really can make us better into trading. we can make self strong with huge time of practice. when we do same strategy on demo for more and more time our strategy can be strong with time, so i think we should not quit after some practice days, days are not enough we need to count into months for learning if we are doing it our strategy can make us successful easily

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  3. #512
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    You get to become a profitable trader depending on how much knowledge learned and mastered. Trading is risky but then, being a profitable trader from my knowledge is more of practice and being patient as well, so don't expect any magic to happen when you haven't taken time to have learned the right thing, just know that you will seriously have to face loses.

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  4. #513
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    Quote Originally Posted by Striker$ View Post
    You get to become a profitable trader depending on how much knowledge learned and mastered. Trading is risky but then, being a profitable trader from my knowledge is more of practice and being patient as well, so don't expect any magic to happen when you haven't taken time to have learned the right thing, just know that you will seriously have to face loses.
    yes we should not expect anything which is not going to happen, we should use a way of trade where we are easy when we are sure, when we do not sure we should not trade, when we are not sure we can lose just, our priority should be safety and in learning use way which is real, so do wait as much as you can it can be good for learning and earning as well

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  5. #514
    Trader layigold's Avatar
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    Becoming a trader is a process and not just a feat that can be achieved overnight as some people think . It is very common to see beginner nursing the thought and idea of reaching the peak of their trading career just within a short time but , unfortunately , things do not always go as they think and desire . After much learning and practice , becoming a trader requires much discipline and patience

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  6. #515
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    Quote Originally Posted by layigold View Post
    Becoming a trader is a process and not just a feat that can be achieved overnight as some people think . It is very common to see beginner nursing the thought and idea of reaching the peak of their trading career just within a short time but , unfortunately , things do not always go as they think and desire . After much learning and practice , becoming a trader requires much discipline and patience
    I too was lured to read some experienced traders earned handsomely in Forex, and I wanted to earn the same profits in my novice stages itself. Many beginners get attracted to Forex thinking that here they get the chance to make a big ransom even with a small deposit. With this concept in mind, most of trade Forex with high risks and face margin calls. Lack of patience and lack of discipline are the main causes for trader to fail in Forex.

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  7. #516
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    Quote Originally Posted by Abhishekwala View Post
    I too was lured to read some experienced traders earned handsomely in Forex, and I wanted to earn the same profits in my novice stages itself. Many beginners get attracted to Forex thinking that here they get the chance to make a big ransom even with a small deposit. With this concept in mind, most of trade Forex with high risks and face margin calls. Lack of patience and lack of discipline are the main causes for trader to fail in Forex.
    if you want to know something legit and real, you need to know the worse possibility that might happen with this business when it's done wrongly without making any learning. then, look at many examples from losing traders who can't earn anything here but lost everything they have because of their own fault to waste such a good money with wrong application and less responsibility. it's rough to be a trader and only those who determined are worthy to become one of it.

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  8. #517
    Trader juniorpeters's Avatar
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    To become a trader what you have to do first is to gain knowledge about the market then if you have knowledge you can now use what you have learn to trade on demo account and you should do that for at least six months.when you are done and you are very profitable or you make more profits than losing trades then you can open a real account to start trading the market.

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  9. #518
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    Quote Originally Posted by juniorpeters View Post
    To become a trader what you have to do first is to gain knowledge about the market then if you have knowledge you can now use what you have learn to trade on demo account and you should do that for at least six months.when you are done and you are very profitable or you make more profits than losing trades then you can open a real account to start trading the market.
    In different explanations about how to become a trader, we can conclude some easy points to understand. Make it short as possible, becoming a trader is all about real efforts of a person when he or she do this business. Everything can be explained through the trading result and whenever it's bad, there's something wrong is going on with our learning and we must improve it to change our first thoughts to new one.

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    rules made to be followed, not to be broken

  10. #519
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    First of all, to become a forex trader, we have really have got to work so much hard for it. The business is a risky business and then, it is not all about learning on how to open and close trades, but it is way more than that, we ought to comprehend how to also while trading, being in control of our emotions and then being able to stick to our trading plans as been made by us initially.

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  11. #520
    Trader Azis Muslim's Avatar
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    Quote Originally Posted by cutiekc View Post
    First of all, to become a forex trader, we have really have got to work so much hard for it. The business is a risky business and then, it is not all about learning on how to open and close trades, but it is way more than that, we ought to comprehend how to also while trading, being in control of our emotions and then being able to stick to our trading plans as been made by us initially.
    There are many things which can not be described by words and only achievable through real efforts that must be done individually by traders themselves, one of the example is with this topic of how to become a trader. It is only explainable by many traders who already did this business for years but in the end, they can not completely suggest the suitable things to other people because different characteristic will breed different mindset from each traders.

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