Journey of a successful trader

[Ararbermas]

 I don't know if most of new traders nowadays really following the proper way to become a successful trader. because to be honest what i see is a bunch of frustrated traders and some traders that still keep pushing despite of their losses..

Actually I've been there when i was new because of greediness and etc wherein until i found this information from some group in the internet , sorry but i forgot the name but the title say "a journey to become a successful trader". .

So that time i decided to start from the beginning and after how many months there's literally a big changes on me and i become more confident when it comes trading..

That's why i create this thread to help every new trader and to tell them that there's a real path for it.

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

1. Learn the basics - make sure to understand all the basic concepts before advancing

2. Choosing a system - develop your system

3.Trading plan - Create a trading plan around your trading system

4. Back testing - Now it is time to test your system by back testing and also forward testing

5.Review - track and review your trades Calculate your expectancy

6. Demo testing - Trade it like a live account & build knowledge

7. Live trading - manage your risk and trust your trading plan

8. Professional trader - grow your account exponentially, keep reviewing and logging your trades. Be consistent and be disciplined!


Credit to the respectful owner of these information..

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[Anguwa]

I don't know if most of new traders nowadays really following the proper way to become a successful trader. because to be honest what i see is a bunch of frustrated traders and some traders that still keep pushing despite of their losses..

Actually I've been there when i was new because of greediness and etc wherein until i found this information from some group in the internet , sorry but i forgot the name but the title say "a journey to become a successful trader". .

So that time i decided to start from the beginning and after how many months there's literally a big changes on me and i become more confident when it comes trading..

That's why i create this thread to help every new trader and to tell them that there's a real path for it.

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

1. Learn the basics - make sure to understand all the basic concepts before advancing

2. Choosing a system - develop your system

3.Trading plan - Create a trading plan around your trading system

4. Back testing - Now it is time to test your system by back testing and also forward testing

5.Review - track and review your trades Calculate your expectancy

6. Demo testing - Trade it like a live account & build knowledge

7. Live trading - manage your risk and trust your trading plan

8. Professional trader - grow your account exponentially, keep reviewing and logging your trades. Be consistent and be disciplined!


Credit to the respectful owner of these information..

These steps are quite alright to give proper guidance and support to become a successful trader. But remember there is this Adage that says "It's not all that glitters are Gold" even though the steps are well good and self explanatory, but it will still not favor some traders, must times due to greediness. Because some traders cannot take advantage of the little profit they have, they will still be waiting thinking more profits will come, until maybe the market goes down again.

[joeperry]

I'm not that really good trader, this guide is good but probably would be difficult to follow like me I can't do a back testing, I really don't know how to do that. Do you have some guides on how to do a back testing? I usually see the back testing when someone is doing a strategy and they wanted it to execute using their own bots.

[boyptc]

IMHO, a holder is also a trader.

And with those strategies that you've mentioned, they're good if they're effective to you. But to say that there's only a certain number to become a successful trader.

It differs and varies to each trader.

Everyone can experience dynamic strategies that are not on that list or even fewer based on how they see themselves effective with the strategies that they've come up with.

[Ararbermas]

I'm not that really good trader, this guide is good but probably would be difficult to follow like me I can't do a back testing, I really don't know how to do that. Do you have some guides on how to do a back testing? I usually see the back testing when someone is doing a strategy and they wanted it to execute using their own bots.

back testing is when you're looking for a pattern/strategy on the previous history wherein to figure it out how accurate it is in different time frames.

Just try one strategy, for example supply and demand/support and resistance and some pattern such head and shoulders, double button and etc.

If you are not familiar with these patterns/strategies make research and learn them and also don't forget to take a screenshot so that when you back testing you can identify them easily..

[joeperry]

back testing is when you're looking for a pattern/strategy on the previous history wherein to figure it out how accurate it is in different time frames.

So it is different with the back testing with the bot? or was it the same thing? Thank you for replying to my post, I'll think I'll dig more in this back testing to follow this steps of yours to become a successful trader.

[palle11]

I think your number 4 and 6 are suppose to mean same thing. Back testing and demo is more of talking alike. Your help is good for newbies.

As a trader demo trading is needed to test run your idea and your plans/strategy to see what you prefer most to trade with. In demo, you compare different leverage and this is important.

back testing is when you're looking for a pattern/strategy on the previous history wherein to figure it out how accurate it is in different time frames.

So it is different with the back testing with the bot? or was it the same thing? Thank you for replying to my post, I'll think I'll dig more in this back testing to follow this steps of yours to become a successful trader.

I think back testing means that you already have a pattern and you want to understudy it. You want to look through the charts and graphs to get the pattern, so you can trace based on time,date etc.

[Mauser]

Very good summary of how you became successful in trading. I like the emphasis you put on testing your strategies before investing any real money. It's important to make sure that a strategy really works and we didn't only be lucky a few times. Both live testing and testing against historical data helps to show how profitable a strategy really is.  It's usually traders who lose money that write about their bad experiences. We need more stories like yours, traders who started small and invested a lot of time and effort into their trading system. Gaining experience along the way to become a professional trader one day. For me personally it's still a long way to become a professional and successful trader. I had my success trades in the past, but these were geverally due to the overall market rallying.

[Johnyz]

What's the basis of a successful trader anyway? Is this more about profit or more about being consistent?

Anyway, its good to know that you are able to find success in trading which many are still struggling about it, this is a good list and a proof that trading is not easy at all. This is a risky way to get involve in the market, you play your own money here and trying to beat the market. Trading can be more profitable once you already know what to do. Let's continue to learn more about trading, and I'm sure we can all make money here by being more consistent especially on following your strategy.

[jrrsparkles]

A brief explanation of all thise steps might be helpful for a newbie to understand because I don't get what is the trading system and next is planning and next is testing? All these comes under building your own strategies right which is more appropriate and eliminate 3 to 4 of the steps.

[gantez]

8. Professional trader - grow your account exponentially, keep reviewing and logging your trades. Be consistent and be disciplined!

This point is well pleced as the last because it crowns it together. A professional is that person who has master the trade and easily getting profit and consistent also. But I think it does not stop there for the professional because there can be trade confusion and he needs to have a recheck on the strategy to come better. So there is the review for the professional trader, professionals keep learning everyday in life.

[Obito]

A brief explanation of all thise steps might be helpful for a newbie to understand because I don't get what is the trading system and next is planning and next is testing? All these comes under building your own strategies right which is more appropriate and eliminate 3 to 4 of the steps.

Totally agree, don't bombard a newbie with a lot of information because it's not helpful and it only ends up with them not learning the important parts because they were lost in the sea of information that you've shared. To all aspiring traders, remember that it's not an instant success, it's going to be a grind and it's difficult for you to do it if you don't have that kind of mindset.

[michellee]

Maybe I'll add one more. Don't ever think that you are a professional trader who can make big profits in one trade because it can make you a proud person without realizing that above the sky, there is another sky. If you can make a lot of money trading, it is better to keep humble, not feel overconfident and never say that you are very good at trading.

Even if you are a professional trader, you still need to learn because learning to trade will never stop until you decide to stop trading one day.

[tbct_mt2]

Along the journey of a successful trader, painful experience with loss is unavoidable. If any successful trader says he or she has never gotten loss in trading, short term and long term, small and big enough, it is lie. I don't mind who is the person says it but it is definitely a lie and you should find another person to learn or listen to, not that one.

So to succeed, you must learn hard, practice carefully and because you must get loss, you should never all in your fund for any trade, any account. Let's allocate your capital to many pieces, many accounts and many rounds of tradings. With traders or investors, if you lose all capital, it's the end.

[Cling18]

I'm not that really good trader, this guide is good but probably would be difficult to follow like me I can't do a back testing, I really don't know how to do that. Do you have some guides on how to do a back testing? I usually see the back testing when someone is doing a strategy and they wanted it to execute using their own bots.

There are lots of resources that you could find online these days. Video tutorials are also reliable. Most of the trading details that we want to learn could easily be found on the internet, we only have to be eager to do research. Practice is always the best way of learning and for you to be able to do it, the given step-by-step guide will be a big help.

[beerlover]

Do not forget the adjusting part as well. Any great trader would know that you would have to adjust your system time and time again. Even a system that works perfectly will end up being not a great thing in the long run.

Doesn't mean that you shouldn't use that, it just means that even the most perfect one will need to be changed eventually. That is why I believe that we should not be focusing too much on the creating the perfect system, but try to have a system that is open for micro-adjustments at all times. That way you would never have a settled system for too long and you will always end up with better and better results in the long run as well.

[harizen]

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

[Botnake]

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

Thanks for the shared information OP. But for me, you can have your own strategy on how you will exceed in trading. As long as you're not making frequent losses, i guess you are still good in trading. But honestly, what makes us all successful traders is that we often make motivations from all our negative experiences, unexpected losses and yes, pressures and regrets. And we never quit having all of them as being a successful trader is not just developed within a day or month, but a lot of years from taking risk and trading management.

[JooBra]

Actually there's only 8 steps to become a successful traders so better to follow it than creating your own journey.!

I won't argue that those are good references, it's good honestly. However, it was simply said than being done. If those things are that easy to achieved, we are all successful by now.

Can we define the true meaning of "successful trader"?

For me, just continue to lurk every day in the world of trading. Experience losses, regrets, disappointment, etc. as that will be the best foundation we have in building a good trading journey.

Thanks for the shared information OP. But for me, you can have your own strategy on how you will exceed in trading. As long as you're not making frequent losses, i guess you are still good in trading. But honestly, what makes us all successful traders is that we often make motivations from all our negative experiences, unexpected losses and yes, pressures and regrets. And we never quit having all of them as being a successful trader is not just developed within a day or month, but a lot of years from taking risk and trading management.

Knowing basics is good but having years of failure and experience is what makes you really really good so I agree with you on that.

[palle11]

Along the journey of a successful trader, painful experience with loss is unavoidable. If any successful trader says he or she has never gotten loss in trading, short term and long term, small and big enough, it is lie. I don't mind who is the person says it but it is definitely a lie and you should find another person to learn or listen to, not that one.

I get the point here that you are saying. I think that while we watch the videos of traders in YouTube we can know genuine traders by the losses they have and not to avoid talking about there losses because as you said that every trader record some losses but at lower times compared to the profit made. The profit should be higher in percentage to the losses.