4 Things Traders Must Do To Be Successful

[Rose119]

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

To be a good trader, i think he should not be afraid to commit mistake and always explore the possibility of finding an opportunity. Each one of us can commit mistake but we should make this mistake a lesson for us to grow.

Yes mistakes can be the lesson for us to grow, experienced would be great to be become a good and successful trader in crypto.  Every traders here have own strategy, knowledge about in trading, make a research for sure it would be great.

[1715671736]

1715671736

[maemunah]

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

To be a good trader, i think he should not be afraid to commit mistake and always explore the possibility of finding an opportunity. Each one of us can commit mistake but we should make this mistake a lesson for us to grow.

Yes mistakes can be the lesson for us to grow, experienced would be great to be become a good and successful trader in crypto.  Every traders here have own strategy, knowledge about in trading, make a research for sure it would be great.

absolutely because we have enough experience and knowledge so we do any trade it will definitely be successful and run smoothly, and the last one in trading must have great patience

[Togacity]

Great points listed there sir and am not surprised they all talk about mistakes, mistakes, Robert Kiyosaki said the best way to learn is to fail fast and learn fast those mistakes.Jack Ma also said "we learn from others mistakes not because we want to escape them, rather to help us so we can solve it fast when we encounter one. Thanks for the education sir

[Rana590]

These method can be helpful only when people will realize that they are walking on wrong road. Now, people take trading as simple things. But they have to remember that it is not a easy work. Buy low and sell high, make 3-5% profit also can help to be successful on trading.

[iMark]

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

The point is that losses aren't always not a bad thing that you should cry about, many traders become experts because they learn from their losses, experience provides the best knowledge because it provides actual solutions to your problems in trading, what is important is not to be sad because of losses

[sana54210]

1) Good mindset
2)money management
3)develop there own trading system
4)never complicate things , use simple things it works great,
5)practice   

not only that can make our trade work well, but with patience is the key to our success because by overcoming the market conditions that are destroyed again, patience is what we will definitely use to avoid losses that will be received

Patience to learn or patience when it comes to trading? If you are referring to patience when it comes to trading, I really do not see that as an attribute a trader should be having because you really do not need it. You may need it as a long term investor who is holding, but as long as you are a trader, you should always have a strategy, and it is that strategy you want to be executing, not patience.

So in this case, you are assuming you should not have a strategy when it comes to stopping loss, or when it comes to when you want to be selling. What will make you avoid losses as a trader is your knowledge and experience, and not patience bro.

[gtglener]

Couple of things which I have observed is that a trader should always set the goals and have the upper and lower limit of the price. If that is trigger they should exit the position and should not be greedy which can cause a huge problem. As market being very volatile it can go other way around and you make more losses if you do not exit it on right time as per your principles.

The problem with most traders that I have seen over the years is that they assume trading to be a pure gambling and they approach it that way and in such cases, there is absolutely no way they will never eventually get screwed and flop most of the time. Trading is wide and complex and you need to give your time into learning first if you want to get the best from it. Without learning and some pretty good practice, you cannot even come by with a strategy, have an idea how to control loss, not get emotional, maximize opportunities and focus on how to fine tune their strategies over time

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.

The best trait I would say for any trader that wants to be successful is to have the keen interest to learn and never stop learning. This is a huge profession and if you manage to get the idea that it something easy which you can just hop into without some great deal of knowledge, the chances of seeing yourself get screwed will always be there. One thing with trading is that as long as you can learn well, and be dedicated to it, as well as practicing to get better, then there is no way you won't be able to put some attributes and skills into good use.

One of the main reasons you need to learn it all before you even start trading at all. Some always think if they can just learn some form of technical analysis, then they are good. There are so many things that actually pertain to trading that a lot of people do not get to learn and in that case, they tend to flop a whole lot than they can imagine.

Trading is all about how you are able to build a strategy, know how to manage risk and your funds, and have the ability to trade with your strategy without having to put any emotion at any point in time. Just know what you are doing and keep building your confidence and you will be fine.

[voztata]

I think the most important if to be succesfull to become a trader you must control your emotion because all the knowledge that you have been mastered  won't help you when your emotions can't be controlled.

You know the main thing that makes you have the ability to control your emotions? That is knowledge! Trust me, there is absolutely no way you will be able to deal with emotion, if you are not even confident of your own capabilities and ability to make good trades.

Now, this is something that is always subject to your approach to trading most of the time, and for most people that tend to always approach trading without knowledge, strategy, and continuous practice and back testing before entering the real world, will always keep having problems.

[Arthurian60]

There are so many things a trader must do to be successful. You just have this learn about them and know where you are standing. A trader must learn how to control his or her emotions. Don't allow free take over you.

[sheenshane]

Not only with the single step when you begin trading you may successful, but you also have faced many losses before you've learned in trading strategies. OP has been a good point on the post, but an experience to be a successful trader is a must and not relying on others hand work just like listening to others opinion. Of course, don't forget to choose reliable and having good reputation exchanges.

[Slow death]

THESE 4 TRAITS WILL MAKE TRADERS SUCCESSFUL

This looks like the titles that the guys who sell things on the internet

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

The only things people need is:

- knowledgeable

- Money can afford to lose

that is all.
 

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

Hmmm... what's this? Is some magic formula to get rich?

[upsidedown75]

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.

I read somewhere that for you to be really good in trading, you have to trade with NO emotion.  I realized that this is true when I tried day trading a shitcoin. Like I couldn't care less whether I loose it all. But I keep gaining.    After a few days from 150k pieces it went up to 580K. That was awesome.    I hope I can be like that when I'm trading some token I have that are of a bit value. But honestly personally, it it hard for me.

You took a very high risk by trying to trade a shit volatile coin in the first place, and you should just thank your stars that you got lucky because that is something that most of the time usually does not end well. Trading without emotion is not just about trading whatever you like or however you like and emotionlessly just hitting the market like you are gambling, there is no way you won't get emotional at the end when things start going awry.

However, when you have knowledge of what you are doing and a perfect strategy to execute your trade, over time, you will get confident in yourself and see that emotion is not even going to be a thing at all.

[SvonioneFromMangoCoinz]

One more important thing is discipline. I just attended a seminar on how to invest good stock. All of them give an answer that is disciplined. We have to put ourselves in a mold and set the plan. Never invest without a strategy or plan. Because greed will make us fail.

[setupbounds]

Normally, trading itself is not even something you should always expect 100% win, strategy is just there to guide you. I know so many people who have made the mistake of thinking that once they have the knowledge and strategy, they are already set for big wins, but it is trading, and you are only taking advantage of possible fluctuations, so you really want to put in mind that losses are also possible, but how you are able to manage them is what would determine how good you tend to do eventually.

True! I tend to think sometimes, a lot of people always never get to know that beforehand that losing is also part of trading and that is why you need to know that to be able to know how you can always manage the reward and the risk anytime you are trying to make a trade.

Like you said, with strategy, and TA, they are more or less like a guide to anticipate what the market is possibly going to bring, set a trade for yourself based on some price action and your strategy, and then know what you are looking at when it comes to setting stop loss, where you are picking your profit and where you are getting in.

[clrpod]

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

To be a good trader, i think he should not be afraid to commit mistake and always explore the possibility of finding an opportunity. Each one of us can commit mistake but we should make this mistake a lesson for us to grow.

Yes mistakes can be the lesson for us to grow, experienced would be great to be become a good and successful trader in crypto.  Every traders here have own strategy, knowledge about in trading, make a research for sure it would be great.

absolutely because we have enough experience and knowledge so we do any trade it will definitely be successful and run smoothly, and the last one in trading must have great patience

Embracing losses is a mistake, learning from them and accepting they're inevitable is correct but you shouldn't pursue losses and they should still hurt. You need to minimize how often you lose and how much you do lose.

[alexyong342]

cheers for the insightful lessons and i find that very relevant for the intermediate trader

also its benefiticial to learn the high level concepts and tactical knowledge

https://www.altcoinsidekick.com/blog/thinking-in-threes

[Aivaryamal]

Yes, good trading principles, the main thing is not to fall into the excitement, clearly follow your daily or monthly plan, do not put everything on one asset!

[sheenaedago]

Yes, good trading principles, the main thing is not to fall into the excitement, clearly follow your daily or monthly plan, do not put everything on one asset!

You're correct mate, it made me remember the warren buffet phrase "don't put all eggs in one basket". That's a simple word was so simple yet deep to understand, because it states there that we need not to risk our asset in just only one investment. If we find another good coins in crypto then it can be a staggered tradings, which could really have huge potential profit gains.

[coinhunt]

I think the success depends on how well we can control ourselves and our emotions. Skills also matter but they are useless if panic or impatience take over. Additionally, the exchange you're using matters as well. And it's important to stick to reliable crypto websites with a good reputation and quality customer support. Like CEX or Coinbase. I prefer the exchange that supports cards and operates in many countries. CEX is good, you can buy not only major coins there, but also altcoins like BTG: (https://cex.io/btg-eur).

[jaymmagne]

I really recommend the number four you are pointing to. That is the real deal when it comes to trade daily in crypto world. All are gambling when it comes to investment, it defends on us on how to gamble our money in such a way we can gain a profit from it or not.