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  4 Things Traders Must Do To Be Successful

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THESE 4 TRAITS WILL MAKE TRADERS SUCCESSFUL

 

If you have a passion for trading, Dr. Brett Steenbarger has some choice words for you: you're not going to make it. Instead, traders need to be passionate about markets. It may sound like a minor distinction, but it's not. In decades of working with billionaire hedge fund managers and traders, he's found that traders that are passionate about trading don't put in the work and trade too much.

 

To be successful trading, Dr. Steenbarger has learned:

 

1.      A rule of thumb for how traders should control losses so that they never lose more in a morning than they can make in an afternoon, more in a day than they can make in a week and more in a week than they can make in a month;

 

2.      Why traders should not just focus on minimizing their weaknesses, but also maximizing their strengths;

 

3.      A simple trading journal that will help you improve each day; and

 

 

4.      That the best traders are ones that embrace losses and use them to become better.

 

Author: Dr. Brett Steenbarger

 

Source: https://blog.topsteptrader.com/brett-steenbarger-limit-up-futures-trading

 

www.tallinex.com wants you to make money from the markets.

 

 

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To be Successful in stock market is.

- Know Your Limits
- Don't Miss The Facts
- Treat it as a Business
- Take Breaks in Between Trades
- Don’t React Out of Anger
- Concentrate on Your Trading Strategy
- Avoid Holding onto Trades for Too Long
- Only Use Speculative Money

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On 11/1/2018 at 10:16 AM, Sininfinity said:

These can be considered as good suggestions and also recommended. But I would not say people should limit themselves with these 4 things. There are more to explore so don't hesitate or limit yourself.

Yes and they should open to embrace new things which can be beneficial to them rather than limiting them in a narrow jar.

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On 1/5/2019 at 3:31 AM, tradesprint said:

Yes and they should open to embrace new things which can be beneficial to them rather than limiting them in a narrow jar.

Yeah that's what I also said. If others discourage you from learning anything then they should be cautious about why they are getting discouraged and should do some research.

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A trader must be patient in odre to achieve success in the forex market. Without patience, you'll find yourself quitting after one or two losses. For a trader to start making consistent profits, you need to be able to trade for long, even for years, so that you know the dos and the donts of the market

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For a trader to be successful, one needs to be able to control emotions so as to trade with a clear mind. Greed is a major causative factor of failure in the forex market, and being able to work on that will see you stick to your plan and trade cautiously

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For a trader to be successful, you must learn to manage your money. Trading is very risky, which means you should ensure your risk management strategies are up to standard. You need to sell what loses and buy what wins. That way, you'll add your profits while reducing your losses

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Guest Ivanny

You forgot to mention the importance of risk management. No matter how good you are, without risk management you cannot keep your capital safe.

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On 8/25/2019 at 5:54 PM, mlawson71 said:

Have a strategy, a trading plan and be organized and disciplined enough to follow them.

Mlawson, you have provided very good advice for new traders. Without a trading plan, winning strategy and good organisation there is no trader who can make success on this market. These are all important topics

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