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A friend of mine embarked on trading without a proper mentorship and lost all his assets.

So I want to ask? What are the criteria’s to become a good trader?

Know this losses in trading is inescapable. You can apply every single strategy listed below and still end up in loss. What matters however is your ability to mitigate and control this loses through Solid Risk Management. Heere are a few tips that can help out im becoming a goodd trader.
1) Education: Before you put your money into any trade, take your time to learn how the market works, how to read charts, and how to manage risks. Learn with a demo account before switching to an actual account. You can be properly educated about trading through watching of trading video or better still having a good mentor or coach( not those bunch scammers posing as mentors that post screenshot of only their profits on Whatsapp and Telegram)

2) Risk Management: You don't have pack all the money inside your bank account to trade. Never invest or risk more than the amount you can afford to loose. And also make use of stop-loss you help protect you trading capital in cases where the market goes sideways

3) Patience and a solid strategy: Trading is not a get rich quick scheme or game, so avoid chasing quick profits or acting based on emotional influence. Have a tried and tested plan for each trade and then stick to it, don't trade based on guesses or hunches.

4) Continuous learning: You can't become a good trader in one dar even in one month this is because the market is dynamic i.e it changes from time to time, so keep updating your knowledge and learning from both your profits and loses.

First we should define who a good trader is. A good trader isn't someone who doesn't record losses, besides there is no trader who record loss. A good trader is one who knows when to pause and re-evaluate trading strategies which brings us back to the question. To become a good trader you need to be;

• Patient enough to wait for a market you understand before you risk it.
• Intelligent enough to know when to avoid the market
• Conscious enough to know when to exit a trade
• Knowledgeable enough to always update what every strategy being used
• Wise enough to always confirm every market setup including that which are gotten from bots

There are many criteria’s you need to consider before embarking on trading journey, but firstly you need to make up your mind that you’re embarking on a very risky project but yet profitable if you do it diligently and make up for every backlogs you will face during the process, I mean those other parts of trading that makes you want to give up on trading.

Risk management is an important aspect in trading, a trader without that risk losing all his money no matter how wealthy and enough equity he starts the trading market with. He will end up being disappointed and leave the market sooner which has been the fate of many traders before.

Patience is another factor some traders don’t put into consideration too much, running after the market to go and trade when it’s yet to reach your point of interest is a bad idea to do as a trader. Don’t FOMO to trade, wait for your analysis to play out and learn new things while it works for you or doesn’t work for you.

Continuous practice is also important for all traders. No trader is 100% perfect but with your continuous learning and seeking for more knowledge, it only gets easier for you and have a better grasp of the market. There is room for improvement here, so don’t get discouraged by loss trades but rather learn from it and strategise again to come out profitable in the next trade.

Other criteria’s are there but with this major ones, you can navigate through the trading market without having to face potential losses and disappointment during your trading journey. It is not a get rich quick scheme, so you grow with time with it to become a better trader.

There are lots of criterias needed to become a successful trader but even though you cannot have all the qualities necessary you can focus on achieving a few. One important quality is Patience. Most beginners start trading and hope to become financially stable immediately but that is not how trading works. They make a lot of mistakes because they are trying to rush the market to get what they want on time. Another important criteria is having a proper knowledge on trading. Give yourself sometime to understand what you are putting your money into before doing it, your friend would have been able to seek knowledge even without mentorship, if you don't take out enough time to learn you would never be a successful trader

Trading is not easy, and going into trading without better knowledge is a big mistake that anyone can make because it will definitely lead to losses. The first step in trading is to learn and gain knowledge, and even with this, it doesn't mean that as you enter trading, you will start making good profits; you also need to learn from experience about how the market works.

 Trading is so complicated that it requires sound knowledge to succeed. Entering trading without knowledge is a waste of time and resources. The best approach is to first learn and acquire knowledge; then the outcome of the knowledge gained will lead to profit.

Your friend cannot loss his assets if he traded on spot, he might have crossed the line of beginners stage to margin trading, futures and contracts, if he was clam enough to buy assets in spot while the price decreases, it's still a good step but he fails to do that.

What your friend will do to be a good trader to first know himself the kind of trader he will become, long term trader or short term trader. If he decides on short term trading, let him go learn about futures. If he choose to become long term, spot should be his backyard.

To be a good trader/Investor, there are several criteria that should be kept in mind such as:

1. Decide on the amount of money to invest/trade that is available and floating cash flow which is not required for daily essential activities.

2. Reduce the tendency to get short term profits because most new traders/investors cannot handle being greedy when the trend shows a high price compared to the buying price.

3. Inject small amounts of funds into the portfolio instead of investing large amounts during the new situation when you are a beginner.

4. Take advice from experts for investment and at the same time apply your own plan and investment strategy in selecting the coins of your choice and accumulation through discretionary income.

5. You should be attracted to long term investments compared to short term trading so that you can get relief from unwanted stress.

The conclusion is that planning for short term gains is a major disadvantage for a new investor, this method can also increase your losses. Patience and long term investment planning are essential for you to make your investments profitable.

Gaining knowledge is very important to become a disciplined investor, if we think that it is possible to make an investment successful without gaining knowledge, then our thinking is completely wrong. To make an investment successful, knowledge, planning, risk-taking ability, regular observation, patience and strategy are required. If we invest without observation, the risk of losing money can increase many times, so it is wise to plan by gaining complete knowledge about it before we invest. Success can be achieved if we have patience through proper planning and investing at the right time.

Not starting a journey in trading when you don't have the necessary information and skills to become a good trader. Why will someone start something they know nothing about. Before you begin to look for what's the criterias first make sure you know what you're getting yourself into. All this follow follow mentality no dey work for something like trading because the market no get friend. The moment you make one mistake, the market go use you as example for others. To be a good trader, you first have to have master the act of controlling your emotions because this na wetin they cause most losses in the market.

Those are people that I classify as gamblers in trading, because they go into trading without having any knowledge and end up burning their money on a daily basis, hoping to hit a big win someday. Some of them are mostly influenced by the media, which most of the time posts fake content. They are just trying to show their community that they are making it big, which is not true, as trading is not as easy as it seems on social media.

That is why it is always encouraged that, when you want to start trading, you make some research, be patient, and learn what you need to know, so that you will not end up making the same mistakes as others.

That's is really tuff losses and risks are both part of the digital world that can't be eliminated We can only minimize them that's all. When trading a trader needs to be prepared because without the proper knowledge, you will only be jumping in and jumping out with a lot of losses That is why when using apps like Forex trader you must first learn with the demo part before entering real trades. trading It's all about short term gains but in my perspective you must not focus on it but rather focus on not losing your own funds. By that, you must spread your capital in different assets to minimize risk.
don't let emotions get the best of you in trading. It's hard I know but it's all part of the journey. If your friend had known about all of this he wouldn't have jumped into trading and lost all his assets. That is why the greatest part of trading is by learning to accept losses and keep learning from it.

To become a successful trader the first thing we need to do is to gain a lot of knowledge and also various trading standards must be followed. In my opinion the criteria for a trader include mental discipline, analytical skills and adaptability other things you need to keep in mind are patience and proper planning.

• Mental discipline: It is true that we must control fear, greed, and emotions when it comes to trading, and all of these important parts are part of mental discipline. While trading, emotions should be controlled in such a way that they cannot be used for wrong purposes, that is emotions should be controlled even if the price of the coin decreases.
• Analytical ability: It is essential to conduct market research because through it, we may be able to understand market sentiment. So I think understanding fundamental analysis is one of the most important aspects of being a good trader.

• Adaptability: Market fluctuations can trigger a selling impulse in us, So even if the market dynamics change, we must adapt together and, if necessary, try to achieve better results from trading by using a different strategy.

Your friend already learnt the lesson, but he really messed up because why trade without the proper knowledge of trading? That is very wrong. However, there is not much criteria that is needed in trading. That knowledge of how the trading works is serious. Anybody who trades without the proper knowledge of trading – there is no way such a person will make money from it.

Trading requires deep knowledge and understanding, also patience and emotional maturity. You can’t be trading and thinking of profit all the time, or maybe you don’t want to lose. It’s impossible; sometimes you must lose in trading.

Losing is part of trading and for those that have accepted this fact, their trading journey have became more easier and happen to understand and live with the reality. This puts them in a better position not to lose hope in it and always seeking for ways that they can reduce the losses and turn it into more profitability.

The OP’s friend has indeed traded and learned the hard way, but he’ll never be the same again anytime he decides to back to trading. Lessons are a guide for the future if you’re really serious and really want to make something out of what you’ve decided to embark on. Having the best of knowledge is important for you, and you should seek different means of becoming a self independent person in whatever you do in this life.

A criteria to become a good trader isn't being excellent in avoiding losses, because just as some people have already noted above, losses in trading are inevitable, but as a good trader, you'll need to know your risk tolerance level, and avoid taking risks that are way beyond your tolerance level and this way, you'll be able to avoid unnecessary losses and potentially maximize profitability. Although, I wouldn't advice anyone to indulge in trading, especially newbies who have absolutely no single knowledge or experience about it as it trading can be very risky. I know there's no investment or business that doesn't have their own risks, but the honest truth is that, there are ones with minimal risks and those with maximum risks, so rather than going for the one with max risk, it's important to apply wisdom and go for the one with minimal risks.

There is no specific guaranteed criteria to becoming a good trader but it could be helpful while gaining knowledge of those basic but necessary skills and strategies as a growing trader. 

I will advise to stick to strategies in trading that works fine for you overtime, what works well for you is your best criteria because form what I have understood about trading, not every strategy work for everyone.

Without all these knowledge, it will be difficult for you to be a successful traders in bitcoin, because it is not as easy as you see it or unlike investment in Bitcoin.

As a newbie in bitcoin all you should be concern more on, is investing in bitcoin than thinking about trading, because trading is very complex, at anytime you easily lost all your funds that you have laboured for, but in terms of investing all you have to do is have the basic knowledge,start investing using your discretionary income and adopting the DCA strategy in accumulating your satsh little by little without tempering your investment and continue reading up to become perfect, its as easy as that .

Yes na, it's expected. Dem sey if u think sey education dey expensive, try ignorance. Na for trading people dey think sey dem fit make am without learning d basics, at least. People dey go learn driving before dem drive but wen e reach trading, dem nor go wan go learn am first before pressing keyboard. Trading na professional something like law, medicine and surgery, engineering, teaching, and must be treated as such.

To succeed at trading, from wetin me know and dey practise:
1. Learn d basics first so u go fit know how to take or place ur orders.
2. Patience na very important thing in trading.
3. Learn and master ur Money Management (MM) well well.
4. Develop a trading strategy and stick to it. Kill ur emotions while trading. Odawise, emotions go mess up ur great trading strategy and plan.

First, patient is one of the tool you will embrace to become a good trader in the market, it is very difficult to see those traders that exercise patient to trade when there is no opportunity for income earning, than to wait for the price to turn in a way they will believe it is time to earn income before they will trade. Secondly, Have knowledge of trading, when you study to acquire the knowledge of trading, it will make you a good trader that will enjoy the benefit of other professional traders are enjoying when they trade in the right time.  Thirdly, Stay long with the strategy that is making you profitable in trading, once you decide to continue using the strategy that is bring income to you, you will definitely become a good trader other newbies will like to follow your direction. Fourthly,  don't use what you can't afford to lose in trading, once you have the capacity to trade without using what you cannot afford to lose in trading, you will definitely become a good trader that will be successful in the future.

Some members have already giving you the basics tips but also let your friend understand that trading already requires him to be mentally ready for it because despite knowing all the basics of trading, if he starts trading and then bring his emotions to it, he will still lose money because he can not control his emotions and when he is not controlling his emotions, he can disobey his rules and also ignore his strategies.

Tell your friend make e focus for long time investment the risk dey less than when you dey trade, to make for trading you go need enough knowledge and you go dey monitor the market all the time and your mind no go dey at rest also tell am mk e dey only use money way e fit loss so e no go pain am or feel am say e loss money because all this Investment profit no dey guarantee.

If you can master your trading psychology, then you have done more than half of the work already because the market is you vs. you. The remaining side is a good strategy to help you in the market. The majority of traders fail early because of poor psychology; they are too quick to make profit, and even when they make the analysis, they are not too sure of it, so they kick out even before they can make big profits. To be a very successful trader, you need to develop a strong trading psychology and then have a good strategy to back you up.

With mentorship alone, you learn strategy; you need to do the extra work of mastering your psychology.

Yeah sure. Trading successes emanate from the mind and it's not as easy as anyone may think. Most times, without your money invested, one tends to predict accurately maybe because he has no mental pressure or anxiety. So if anyone would be successful in his bitcoin journey, he has to first prepare his mind and avoid greed too. Even though trading is generally risky and has greater chances of giving you a cumulative loss, but if you must do it you must be prepared for the risks too.

I would also add that it is not right to trade with a borrowed fund, this will help you in maintaining your cool while timing the market. A borrowed fund in trading causes more losses due to anxiety and fear of loosing the entire money.

If a trader can apply his strategy in the way you explained about trading psychology, he will continue to be profitable. I recently implemented a strategy that has made me profitable and greatly reduced the chances of losing money. An example of this is that I buy multiple coins at a time when the price subsequently decreases but a week later when the price recovers and a small profit is made, I sell most of the coins at that time. In some cases I have to sell at a small loss/profit because it is better to have a small profit than to have a fund portfolio in the long term. I think this could be a trading psychology because your profit will be small but in the long term the capital will not be tied up in the fund that you have allocated for short term trading

Being able to control your emotions and stick to your definite plan is the real help never to suffer great losses and remain able to be a profitable trader. It is disciplined to buy up a number of coins to diversify and sell when the least profit is obtained. In some cases it is worth to take the little loss, or even a small profit, as opposed to taking too much risk and being a late winner. It is the continued gradual controlled trading, like this that leads to long-term success as well as flexibility with your capital to find new opportunities. It is definitely a good illustration of a sound trading psychology being applied.

OP there is no time wasted in trading. Yes your friend lost all his assets as a result of his ignorance to trading alone without any mentorship but I could tell that he learnt his lessons the hard way and I also believe that he has learnt from this mistake he had made while trading alone without any mentorship. These mistakes are what makes a trader and I believe he would never make such mistake again while trading and that would be an eye opener for him whenever he is trading.

There is a sayings that says "a rough sail makes a good sailor" I would attribute this parable to your friend as he has learnt his lesson which can also be his experience  and would never want to make such a mistake as he has already witnessed it and now knows how to bypass such situations if encountered again.

This is exactly what I talk about some minutes ago, many people dey feel say trading is something to that you can just get up one morning and then begin to look for asset that you either buy or sell and some of these persons even get into the trading act through adverts either from the trading apps or influencer online social media that make the act so easy but in reality it takes months if not years of careful discipline to actually master the act or reading and understanding signals and assets to get you your desired results in trading.

Before we delve into providing you with the criterion to becoming a good trader, I fo like maje gou reason this things first,
1. Wetin be your Reason wey make you wan start to dey trade? Wetin dey inspire you? Wetin you don see wey make you choose say you wan attempt or try trading?
2. How long you want trade? You wan just check amm out weda e go make sense? Or you hear say e dey five money and you too wan come follow collect your own share? Or you wan use am getting rich quick ? Abi na wetin your mind don settle say this na wetin you wan do for life wey be say go dey put food for your tab?

By the time you don get answers to all the questions wey I ask you above, then follow up with most of the instructions wey I don read for this thread wey I consider very true, that way your approach go different because na with different mindset you dey use enter the trading.  But with all of this e dey important make you get Reason why you wan trade because na dat one go motivate you pass.

You got it right. To become more experienced in trading, you need to be brave in every case of profit and loss and always invest the amount of money that is not related to your daily needs. After buying coins, its value may decrease and it may remain in the portfolio for a long time which you cannot sell at a loss. Controlled trading means that you will avoid selling at a loss and continue buying regularly so that you can expect high returns by selling considering the market situation. In order to maintain the amount of patience and tolerance that should be maintained by diversifying the portfolio, you will have to continue the journey through the accumulation process in the long term.

I think that for long term success you should continue accumulation for the long term and as the size of the holding in the portfolio increases, you can keep it as short term trading or long term holdings according to your plan.

You see greed! Na one of the thing wey dey hinder people to make am for cryptocurrency through trading dem go feel say dem done see better opportunity them carry all their money go put inside forgetting say na by chance apart from all those market analysis and strategy wey dem done try get na small thing differentiate trading from gambling and these kind of thing na money wey be say if you pose am, eh no go worry you na em people suppose use, make people also understand say everybody spare money fit no be same, because say the next man use 1m no mean say you go follow do same, that 1m eh use fit be em spare why to you money for guiding you wan risk.

Trading is technical and this isn't gambling that you can just apply guess work to make profit. If you don't understand what you are doing then you must be prepared to lose a lot of money. The ctiterias to become a good trader are discipline, patience, acquiring proper knowledge. Discipline is very important without it trading might be frustrating and challenging. Discipline here simply means self control, not being greedy and learning how to follow the rules. Knowledge is another important thing you need. Without doing proper research don't invest in any token. Lastly patience, this is actually very important, you can end up not achieving anything in trading if you are not patient enough

OP is having problems with quoting, you should take time and learn it brother.

Trading needs consistency too as well, your mentor's consistent experience is quite different from students consistent experience when trying trading, sure you'll graduate and then your trading journey starts from that day, you'll discover more from what mentor didn't even teach you, the rise and fall, ups and downs in trading will begin to show itself to you, so it's better to be consistent and enjoy the process while learning everyday because learning has never ended in trading.

If you want to be a good trader, you must have the right knowledge and experience related to trading. Although you cannot gain experience without doing anything. But in trading, you have to open the market and chat for a few days and see how the market works, this way you will gain experience. It will take you 2 to 4 years to learn trading. And many people take much more time than that. But you have to remember one thing, that is, you have to trade within the rules and do not spend money on trading until you are fully educated. There are many risks in trading, all your money can be lost.

Trading don wipe out so many people's funds, both newbies to trading and older traders who disregard risk management. Trading dey very risky oh, that one na for sure and no be wetin person suppose start without learning the required skills. I no dey advice newbies make them trade, because of the risks wey dey involved, but if you don learn your trading strategy, come sabi how to manage your emotions and risks, you fit start to dey trade small small.

That said, knowledge of trading no mean say you go be successful trader oh, na only a small percentage of traders dey make profit oh. Na why i dey like advise people to buy and hodl bitcoin rather than trade.

For people who are still talking about trading and gambling to be the same thing, that is the answer. Trading is not gambling and it is not luck based. You need an understanding before going into it. An understanding involves knowing what works for you as a strategy


Two key points to note:

1. Having a winning strategy

2. Being patient to wait until the right time to make your order. A good trader doesn't enter the market first before expecting market to go his direction, doing that means being sentimental and emotional.

I'm not surprised your friend lost all his assets in trading because if a newbie starts trading cryptocurrency without possessing proper knowledge about trading, the possibility of him losing all his assets is very high. If you want to become a good trader and maximise profit in your trading journey, you need to be aware of some points I will mention below.

1. You need to be very good with technical analysis so that you can read charts perfectly so that you can know when a token/coin can possibly make an upward movement or downward movement.

2. You need to know when to enter the market and when to exit the market.

3You need to know when to enter the market and when to exit the market so that other traders will not liquidate you.

4. Always use your discretionary income to trade because the assets you are trading are highly volatile.

Op I'll  also like you to understand  that there is nothing like full knowledge especially when it comes to digital world  that give room for advancement.  You can learn to a certain  level that will make you profitable but that doesn't  mean that you have exhausted every piece of useful  information that can make one profitable. There are lots of information out there and no matter how hard we try we cannot fully exhaust  them. However trading is broad from learning how to analyze the market you will also learn how to be disciplined and work our your psychology.

It is adviceable not to go into what you don't have a proper understanding of  what you are going into .

In terms of trading Bitcoin, it is adviceable to learn it properly if not you will be falling into a huge financial loss , because trading is very risky and can't be compared to investment, if you don't know how to trade, ask someone to teach you and know it before going it since any fund lost to trading can't be regained .

To become a good trader, you must be ready to take risk, be patience and tolerate, be very calculative and be ready for whatever the outcome will be.

If you want to succeed in trading, look for a decent strategy (Youtube can help), then learn it very well by taking notes. The proceed to any broker and create a demo account which you will use to test the strategy you just learnt. Test it until you see that it is working properly then write out all the steps to take when trading with that strategy like the entry criteria, the stop loss, the take profits and the targeted RR. If you have done this, test it again in the demo account and see if it will help your equity to grow, if yes then fund your account with amount you are willing to lose and trade it without fear.

My recommendation for trading without fear is to go ahead with a long term accumulate strategy. A strategy of investing through discretionary means, not with saved money. In crypto investing, you need to combine experience and capital if you don't have thats tools, you won't be successful. And patience is important. You recommended Youtube and demo account to learn trading. Okay, but as a beginner continuing to accumulate small amounts and learning through market analysis can be a great strategy for you.

As you learn more and increase your holdings you can apply both long term investments and short term trading strategies. As you gain experience, diversifying your portfolio and staying calm in any price situation are all important things related to trading/investing.

So did your friend do futures trading? If not, then your friend must have started trading with some meme coin or shit coin. However, since your friend started trading without any experience, he should not have done so at all. He should have started trading with a very small amount of money in the first place. If your friend had started trading with a very small amount of money, then maybe your friend would not have lost much or even if he had lost, it would have been with a very small amount of money.

To become a good trader, it is very important to follow some strategies, one of which is that you cannot trade with emotion, you cannot be overly greedy on the trading platform, you have to be patient on the trading platform. And if you are new, you must use a small amount of money so that if you lose that money, you have no regrets, that is, according to the ability to lose. Also, to become a good trader, you have to learn to analyze the market. If you can analyze the market correctly, then it is certainly possible to become a good trader at some point.