How to be a profitable trader?

[Quibble]

To become profitable takes time, just as in any other business. You must approach trading realistically. Don't expect to discover some genius plan and start making money every day. Mastering trading and learning every aspect of the market takes time. Don't worry about making a specific cash amount or percentage; doing so will encourage you to trade even when there are no good opportunities available. Instead, concentrate on learning. Psychology plays a big part in trading. You must first improve your thinking before beginning.

 

[pakherol]

Patience and trading with real money... have a trading plan

 

[StanVII]

so i tried to trade myself for a few years and it didn't work out. with a few good EAs and a defensive money management it works out now. last year i had over 100% profit

 

[Christine Ramon]

There are two main rules I've got from the past experience:

To follow the market closely.
Do not be deceived by emotions.

And, things that you should stay away:

To follow successful traders without questioning what they are doing.
Last but not least: too much self-confidence

 

[Semantology]

I think the learning experience is different for every trader. So, it is better to learn things from your own experience since something that worked for another trader may not give the same result to you. Still, I can advise you to pay at most attention to risk management when you go live and risk real money in trades. Do not beat yourself up for making mistakes but rather take your time to learn from them.

 

[Acetarious]

More than the usage of any tools, becoming a profitable trader requires you to have the right psychology. Trading psychology, although this term might sound overrated, is actually a building block. Your strategy can be perfect, and so can your level of analysis , but without the right trading psychology, you will not be able to stay in the market for long. Trading psychology makes you conscious, it changes your whole perspective about trading. It can help you find out your own mistakes, make peace with loss, and ultimately love trading and become a successful trader!

 

[Sciagraphy]

In my opinion, a profitable trader uses stop loss orders, risk management, and trading plans. They stay ahead of the curve with less risk and more profits. Great tips!

 

[Balshine]

Be flexible and adaptable to the changing market conditions. Make changes to your trading strategy according to it.

 

[Eusorphia]

To get profitable in a market that is prone to frequent and sudden changes, traders need to understand the importance of risk, money and time management. Once they develop a strong skill set and manage to bring in consistent profit regularly, they know the decisions made were smart and in time, they can only be adaptable and learn till they reach their goal.

 

[Cradere]

Trading doesn’t require degrees for a trader to become profitable. You need basic skills like patience and knowledge to deal with the changing market conditions so that you can build your trading plan accordingly and make money.

 

[Isthmus]

You have to work hard, learn, practise, and develop certain skills in order to become profitable in forex. You also need to develop a strategy that suits you the best. Create a trading plan and be consistent in it. Learn to manage risks effectively and don’t involve emotions. Keep realistic goals and keep growing as a trader.

 

[Søren Petersen]

It's all hard work. There is really no shortcut, one just has to study hard and practise a lot and they will improve over time. Testing and reseach is important.

 

[Seminule]

There is no quick way to profit in the forex market. The only thing you can do is put in a lot of effort and be completely committed to the process. Your in-depth knowledge and understanding of the market is the most important factor in determining your level of profitability.

 

[Hootenany]

Hard work and effort is accounted for, profit is earned through patience and testing your skills. Keep learning until you understand the market’s nature.

 

[Tauricide]

To be truthful, it was a long and challenging journey for me. But I am glad I didn’t give up and became a consistently profitable trader over time. It takes a lot of learning and practice for a beginner to transform into a skilled trader. But the end results are surely worth all the effort.

 

[amr mady]

It's all hard work. There is really no shortcut, one just has to study hard and practise a lot and they will improve over time.

 

[Descrive]

The answer will become too long if I started explaining all of the tools and techniques that helped me to become a profitable trader. But the short answer would be constant learning, practice and patience. I started by reading good books from professionals and practised on a demo account for 6 months. Finding a strategy that works for me took time and effort. So, patience is the tool that helped me to keep on trading even during tough times.

 

[Nidology]

The best way to be a profitable trader in forex trading will vary depending on your individual strategy and objectives. It is important to have a clear and well-defined trading strategy. This will help you to make more informed and successful trading decisions.

 

[BinarySumo]

There is no shortcut to becoming a forex trader. The first thing to become a profitable forex trader is to have a good understanding of the market and how it works. You should also have a solid trading strategy in place and be disciplined in following it. It is also important to manage your risk effectively, as well as staying up to date with market news and analysis. Finally, it is crucial to practise proper money management techniques, such as setting stop losses and not risking too much of your capital on any single trade.

 

[Siphonic]

There is no easy way to ensure your success as a trader, and there never has been and never will be. All of it comes from consistently educating oneself and working hard in the marketplace.