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Thread: How To Become A Trader

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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. #41
    Registered user tfs2012's Avatar
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    [lang=ar]
    Quote Originally Posted by sekiryutei View Post
    1. Check your own condition HONESTLY.
    It's a fact that forex trading is not right for everyone and I think that's one of the main reasons for the high percentage of losers
    So every trader should review himself and his possibilities and circumstances to decide whether he will continue or leave, especially if he is in constant loss[/lang]

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  3. #42
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    Being a trader there will be no limit to the amount of money which we can make from the internet. All we need to get done is making sure that we keep on learning and building our trading skills. To become a forex trader we need to understand the business and how the market works so that we can become successful on the long term in the business.

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  4. #43
    Registered user layigold's Avatar
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    The mistakes so many people make in this trading industry is that they want to become a trader the very first day they begin to trade forex . That is not possible because becoming a forex trader is a gradual process as you face and overcome trading challenges in your trading career. What I am trying to say is that it is not a feat or status that you can achieve overnight , there is need for you to learn even from the way you trade because so many mistakes will be made by you in spite of the knowledge you seem to have acquired through learning and practice . There is no point being in a hurry , all you need is to exercise patience and follow the due process

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  5. #44
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    Quote Originally Posted by D'mastermind View Post
    Being a trader there will be no limit to the amount of money which we can make from the internet. All we need to get done is making sure that we keep on learning and building our trading skills. To become a forex trader we need to understand the business and how the market works so that we can become successful on the long term in the business.
    I do not think there is limits to the money we can make from the internet, but we will still have to be careful, that is how we can be sustained from trading the market. And anything that can help you to make money that are related to trading is what you should do as a trader. I am careful all the time i trade forex too, i know that i will make it.

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  6. #45
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    Quote Originally Posted by D'mastermind View Post
    Being a trader there will be no limit to the amount of money which we can make from the internet. All we need to get done is making sure that we keep on learning and building our trading skills. To become a forex trader we need to understand the business and how the market works so that we can become successful on the long term in the business.
    I agree with you on this, there is no limit for traders that knows what they are doing, but the truth is that, no traders can have everything. And no matter what you are skilled about, it is the good application that will help you to get what you need from the market. This means that nothing is gotten automatically, and the trader will work hard all the time.

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  7. #46
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    There are two major ways on how to become a trader in the forex market, first, you must study and discover who you are and the kind of trader you are, two, you must study and discover what the forex market is all about before you trade it , if nyou can discover this two points, younwil know what you are here for and how best to get it, if you discover the markets , you will trade it based on what it is and not what it is not.

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  8. #47
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    It is actually easily to become a forex trader but the hard thing is on making money from the business, that is one of the hard thing when it comes to making money from the market. Traders who has learned and built the right trading skills and understand will for sure be able to make money and succeed, so being a trader depends on if we really understand how to handle the market.

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  9. #48
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    The things we need to learn to enable us become a good trader is learning, the learning has to be done accurately, succeeding in the market is not an easy thing actually but the being of a trader when seriousness is been taken into account we can make the money. That way one has to keep on learning from the demo account and learn from other well doing traders.

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  10. #49
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    Quote Originally Posted by D'mastermind View Post
    It is actually easily to become a forex trader but the hard thing is on making money from the business, that is one of the hard thing when it comes to making money from the market. Traders who has learned and built the right trading skills and understand will for sure be able to make money and succeed, so being a trader depends on if we really understand how to handle the market.
    You are making a very good point sir, we need to make sure that we know the real way to make the money in the market, not just trading. Because, there are many things that the market entails, it is what we should make sure we learn and fully understand. This is the way that will keep the work of the trader to be professional.

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  11. #50
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    to becoming successful trader , traders need good discipline and good patience . when we are trading with Forex market we need to control our emotions and new traders should fix a minimum target for making profit with forex market. don't trade with high risk. plan your trade and trade by your plan.

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