Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

TheCapitalManager

7 Things You Need As a Trader

Recommended Posts

7 Things you need as Trader, to trade in a more disciplined and profitable way.

 

 

xgkjF9x.jpg

 

1. Confidence

 

If you do not have the necessary confidence your chances for success are slim. This is not only valid for trading but also for the rest of your life. In trading you have to believe in what you are doing. There is no room for fear – mistakes are part of the game. The key to success is to analyze your mistakes and draw the necessary conclusions in order not to repeat the mistake. This is the progress you will make in your trading.

 

2. Strategy

 

There are so many different strategies out there: trend trading with momentum, scalping, news-trading and so on. You have to find a strategy which fits your personality. Then you have to do everything necessary to master this strategy. The fastest way to learn a strategy is to follow a successful mentor and copy his or her trading with your own style. Another option is to have a trading partner with whom you share your trading experience. This can be beneficial for both parties. Together you will have to fine-tune your strategy and adapt it to potentially changing market conditions. It is often difficult to go through that whole process just by yourself.

 

3. Specialization on a specific product

 

Specialization is important. Nowadays you can trade futures, equities CFDs or Forex – there is a huge variety of instruments available to trade. It is all right to try every instrument available but sooner or later you will have to find out which instruments suits you best. If you trade a bit in stocks, trade a bit in futures and some forex you will never truly become a master in trading a specific instrument. Specialization is absolutely necessary.

 

4. Timeframe

 

You will have to find the timeframe which best suits your personality. If you are a very nervous person trading on the shorter timeframes is probably not for you. Finding “your” timeframe to trade on is essential for being a consistently profitable trader.

 

5. Capacity to cut losses short

 

All good traders know that they have to cut their (small) losses and don’t allow them to become big losses. As a trader your money is the basis of you activity. If you lose it you are out. If you cannot limit your losses you will be sooner or later out of the game. You have to be confident in what you are doing but if the market proves you wrong you will have to cut back your ego and take the loss.

 

6. Ability to make decisions

 

If you go to a Restaurant with your partner and after half an hour you still cannot decide what to order then trading is probably not for you. You have to be able to take decisions, sometimes within a very short time. You cannot hesitate in trading – if there is a valid signal you have to take it. The markets move fast. It does not pay to be afraid and hesitate to pull the trigger. If you make a loss this is part of the game.

 

7. Use your own brain

 

In the long term it does not pay to follow the suggestions and trading recommendations of other people – you will have to use your own brain and develop a trading plan which suits you. If you are listening to “tipsters” you will never become a consistently profitable trader.

Share this post


Link to post
Share on other sites

Hey guys,

Thanks for this valuable things you have shared with us.I learnt a lot of new ways I needed as a trader.Keeping in mind the 7 things you shares one needs as a trader, I am obliged to write that I lacked these things and was inti losses all the time.But as soon as i started following them profits flowed in.

Share this post


Link to post
Share on other sites

Thank you very much mate. I am already using few tips from your all 7 tips. Few are really very helping and others depends on the pairs you are trading. Anyways you are surly a good trader and I am surly going to follow you from now.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • A History Of Consecutive -3% Days (Decline) https://seekingalpha.com/article/4327321-history-of-consecutiveminus-3-days by Ploutos CFA Summary The global spread of the coronavirus has pushed the S&P 500 down 3% on consecutive days. That is a fairly rare occurrence for markets with only 15 occurrences of consecutive down days of that magnitude since the Great Depression. When these types of consecutive down days occur outside of economic recessions, markets have tended to recover and move sharply higher over the next year. With the epidemic slipping towards a pandemic, the extent of economic damage remains unknown.  Markets are selling rich valuations and pricing in negative outcomes. +------------------------------------------------------------------------------+ The Difference this time is, the decline has occured after consecutively achieving market highs With the last Bear Market in 2008 The sharp pullback which the News is crediting it to the Virus How do a Technician Interpret on the Chart without the news  factor ? I would earmarked it as an first important indication (in built fear) occuring in the US President Election Year It would be better to review Gold & USD Chart for Safety and Fear What remains to be observed approaching US Presidential Election is;  If the Gold Price Continue to Hold & remain Higher and Will USD perform Strong With Historical Low Interest Rates Gold is Good Asset to offset Risk. Interesting thing to observe will be Cryptos and related Stocks & Technology I think some exposure to Crypto is Quintessential (Around the Sell in May and Go Away Season of Correction) Awaiting some opportunity ...........   .........   .......  ...... Play if Safe with Stop Loss but also some Protection in Place or Fear will provoke your primitive Mind and Take over.   Enjoy Minoo  
    • If you decide to trade with IC Markets or Pepperstone or any other cTrader brokers, you can use Quantower platform for it.   
    • Date : 24th February 2020 Events to Look Out For Next Week 24th February 2020.The economic data has been and will continue to be overshadowed by the Covid-19 outbreak. The week ahead starts light, with the German Business Sentiment Index and Chinese Retail Sales on Monday. Leading indicators dominate the releases, but the event of the week is the US GDP and Consumer Confidence, which should shed light on whether the epidemic is visible in the data globally.Monday – 24 February 2020 Japan – Emperor’s Birthday Retail Sales (CNY, GMT N/A) – China’s retail trade growth stood at 8 percent year-on-year in December 2019. However a strong decline is expected for January, following the recent releases indicating that new car sales plunged 92% in China in February and airline traffic is expected to post the first drop since 2011 amid heavy virus containment measures in China. German IFO (EUR, GMT 09:00) – The German Business Sentiment Index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. February’s numbers are expected to incline. Tuesday – 25 February 2020 Leading Economic Index (JPY, GMT 05:00) – The index is expected to show no change in the outlook of the Japanese economy and stand at 91.6. Gross Domestic Product (EUR, GMT 07:00) – German GDP is expected to have fallen by 0.3% on an annualized rate in the last quarter of the year, compared to 1.0% growth in Q3. Conference Board Consumer Confidence (USD, GMT 15:00) – Consumer Confidence is expected to have increased to 132.4 compared to 131.6 in the previous month. Wednesday – 26 February 2020 New Home Sales (USD, GMT 15:00) – The housing recovery should extend into 2020, assuming that mortgage rates remain low and Fed policy remains accommodative. The January new home sales should post a 2.3% climb to a 710k pace, after a dip to a 694k rate in December, versus a 12-year high of 730k in September. Trade Balance (NZD, GMT 21:45) – The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. It will be interesting to see whether the New Zealand trade balance already posts an impact from the epidemic. Thursday – 27 February 2020 Gross Domestic Product (USD, GMT 13:30) – US preliminary GDP growth for Q4 is expected to trim to 2.0% from 2.1%. Durable Goods (USD, GMT 13:30) – Durable goods orders are expected to fall -1.5% in January with a -4.7% drop in transportation orders. Defense orders should fall by -29%, following the 101.4% December surge. Boeing orders declined to zero planes, following a dismal 3 planes in January. Tokyo Core CPI and Unemployment Rate (JPY, GMT 23:30) – Tokyo CPI is usually a good proxy for the Japanese economy’s overall inflation rate. In February, the CPI ex Food is expected to have stood at 0.9% y/y. The unemployment rate is expected to have climbed to 2.3% from 2.2% in December. Retail Sales (JPY, GMT 23:50) – Following a precipitous 3-month dive in October -December, due to a prolonged hit to exports from soft global demand and a slide in consumer spending following a nationwide tax hike, January’s Retail Sales are expected to drop to -1.1% on a y/y basis. Friday – 28 February 2020 Unemployment Rate (EUR, GMT 08:55) – The German unemployment rate is expected to have remained at 5% in February. Harmonized Index of Consumer Prices (EUR, GMT 13:00) – The German HICP inflation could rise to 0.3% m/m for February from the drop seen at -0.6% m/m last month. Gross Domestic Product (CAD, GMT 13:30) – A sharp slowing in Canada’s real GDP growth rate to 1.2% (q/q, saar) is expected in Q4 following the 1.3% Q3 growth. This should not add to the backing for a rate cut for the Bank of Canada. Personal Income (USD, GMT 13:30) – A 0.3% rise in personal income in January is anticipated after a 0.2% increase in December, alongside a 0.2% rise in consumption that follows a 0.3% December gain. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Can I use this EA on my Hotforex platform? How do I do that? 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.