what makes a good trader?

[Alphakilo]

Why is technical analysis  more emphasized than fundamental  analysis?

But it is still very important that trading should be considered as something that is very risky. Do it with the amount of money that you can afford to lose. It is not gambling but it is very similar to gambling.

Very consistent advise.

I have read your trading challenge and your other posts, I'll take advice from you based on your proven experience in trading, in addition to you being very consistent with your advice to beginners on gambling.

[Jaksonhard]

Yeah, one of the most important thing in trading is technical analysis but also fundamental analysis is very important.

But what that is most important is money management and the ability to overcome emotions. These two later things are very important and it can help in helping someone to later make money from trading.

But it is still very important that trading should be considered as something that is very risky. Do it with the amount of money that you can afford to lose. It is not gambling but it is very similar to gambling.

A lot of traders that analyze well but don't apply risk management end up losing in the long run. One thing that makes trading different from gambling are the rules that are meant to be followed, traders that don't follow the rules run into losses. Trading is actually very risky which is why it's always better to be on the safe side by managing the capital you trade with and also knowing how to control your emotions

You are right, there are many traders who are afraid to invest despite having complete knowledge and strategy. Especially they are not able to take risks and make right decisions even after doing proper analysis due to which they always fall behind. Yes trading is risky but those who have knowledge, courage and do not hesitate to take risks always end up doing well in the market.

[I_Anime]

Having a technical skill is vital in trading ngl . But one of the thing that matter the most is one mindset , having the right mindset means having the right approach to trading, given one edge in trading because most traders usually come into trading with the mindset of wanting to speed up things or taken it for get rich schemes and stuff while knowing that trading one does not need to invest only their money but their time also , because one have to take his time to understand how trading works before going into it fully .

[Japinat]

Having a technical skill is vital in trading ngl . But one of the thing that matter the most is one mindset , having the right mindset means having the right approach to trading, given one edge in trading because most traders usually come into trading with the mindset of wanting to speed up things or taken it for get rich schemes and stuff while knowing that trading one does not need to invest only their money but their time also , because one have to take his time to understand how trading works before going into it fully .

Greed makes a trader impatient. That’s why if you let greed becomes your drive in trading, you will lose the opportunity to trade only when there is right timing, thus missing another trading opportunity to gain profits. This is the reason why majority of traders lose a lot because they don’t trade with patience, but they often rush into trading while anticipating that the more fast and consistent they trade, the higher the profits will be.

This is not how potential trading takes place. Patience is essential, so trade one step at a time, and stop trading when there isn’t perfect timing to trade, otherwise losses awaited in the end.

[Wakate]

Having a technical skill is vital in trading ngl . But one of the thing that matter the most is one mindset , having the right mindset means having the right approach to trading, given one edge in trading because most traders usually come into trading with the mindset of wanting to speed up things or taken it for get rich schemes and stuff while knowing that trading one does not need to invest only their money but their time also , because one have to take his time to understand how trading works before going into it fully .

Do you know that technical skill is not that important when it comes to memecoins trading. This is because the memecoin market can be manipulated easily looking at how small is their market capitalization. When a project has small market capitalization, it will be very easy to manipulate the price and this is why we have been seeing projects especially in the memecoin market pumping and dumping the same day or after few days. If you are trying to use technical analysis in this kind of market, you are going to lose money even when you analysis is correct, the market can always be manipulated at any time.

[Gaza13]

Having a technical skill is vital in trading ngl . But one of the thing that matter the most is one mindset , having the right mindset means having the right approach to trading, given one edge in trading because most traders usually come into trading with the mindset of wanting to speed up things or taken it for get rich schemes and stuff while knowing that trading one does not need to invest only their money but their time also , because one have to take his time to understand how trading works before going into it fully .

That's a common beginner mistake envying the trading success of others and achieving significant results, prompting them to try their luck. I agree with you, it's their learning process that allows them to achieve their goals. Without knowledge and the learning process, it will be extremely difficult to succeed in the trading world. Yes, experience and the right mindset are two key elements that complement each other in trading. They not only look at their trading results, but also the process and lessons learned from each trade, and of course, they evaluate what went wrong with their strategy and how to improve it in the future.

[jaberwock]

I think that everyone has their own theory and they understand the thing with the same thing,

I thought each has their own theory? Then each shouldn't see the same thing too but all here are for the same goal and that is to earn a profit.

but if the work of one thing is the same, then everyone's thinking should not be different.

What ' one thing ' ? Maybe you mean one individual? But yeah, if only each of our work is the same, then our thinking is the same too, though in reality it isn't, as you know there are pro's and beginners here. It is only funny that sometimes a beginner can think like a pro and then a pro can think as a beginner, in a way that they are humble and doesn't rush stuffs.

If we all had the same situation and ate the same food, everyone's thinking should have been the same, .... In this way, right and wrong are known.

I think it will still be different. Just look at all the poor and rich. Are all of them the same? No, right? Some poor are not humble at all and then some rich are still humble. But even without that you said, it is still possible to differentiate a wrong from the right.

[justdimin]

Risk management is something that should not be overlooked when we start trading, not just in trading, but in anything we do. So, I agree with you: if we aren't good at risk management, we may soon face situations that could wipe out all our money.

No matter how much capital we have, if we don't implement risk management, everything we have will quickly disappear. And if we have a significant amount of capital, it should make us more comfortable in managing risk because it gives us more flexibility.

Yes, calculating and estimating the risk before we get in, is something we need to do even before we do anything else. We are not seeing shocking results, we are just seeing things that would not be easy to handle at all. But with time, they should just learn to be estimating the risk before they trade. There are some risk management courses online for trading, some are free and just on youtube while some others are paid and in places like udemy and what not.

If you want to, like any newbie should, people could just take those lessons and learn the basics. Even if you may not learn everything about it, you are going to learn the basics and it would be better than nothing. That is how you should be improving yourself. Remember, most of the time, to do a hard thing, you need to do bunch of easy things.

[Coyster]

There are a lot of threads like this in the forum, which talks about what it takes to be a good trader, how it is pertinent that a trader should learn technical and fundamental analysis, and other whatnots. Whilst all of these are important, the truth still remains that only a very small percentage of people are making profit from trading, even if they have studied all of these strategies.

I would tell every trader to simply manage their funds, don't blow it up in trading. I prefer to buy and hodl bitcoin, that is a much safer approach for me. Trading is very risky, especially when you trade with leverage, so the best thing you can do for yourself is to minimize losses as much as possible.

[Ishicryptic]

Yes, but do you give that advice based on your own experience or on data you've gathered from elsewhere? I'd bet that it's the latter and that, for example, Oshosondy is a much better trader than you.

In the end, only a tiny fraction of traders are profitable in the long term, and advice like this is cheap theory that won't help the 99% of losers.

Thanks to OP for trying to share tips that can help traders to minimize loses but the reality is that there are numerous similar tips and lectures on social media and some of the influencers even charge perticipants but in the end a lot of traders are still losing. I think that it takes more than lectures to make a good trader, there should be genuine interest to learn about skills and behaviors of successful trading. Many people enter into trading with the wrong mindset, they want a get rich quick scheme to be making money and they ignore genuine interest and learning. Trading sounds easy from the outside and some influencers makes it to sound easier but in reality trading is very risky, it's not something that anybody should rush into because they studied a few trading tips.

[Hannah$]

In fact, the worst thing I've struggled with in trading so far is my inability to manage money properly. This isn't easy at all. It requires high skill and extensive experience.

I often make successful trades and make profits, but I don't know how to manage my capital properly. Most of the time, the result is either no profit at all or a loss in the final analysis.
I need a good capital management strategy that will help me maintain my profits. All my efforts are wasted due to my lack of mastery of capital management. This is what I will try to learn and master in the coming period.

Honestly, the best part of trading is managing money properly. Which is very difficult, to manage money properly you need to be very knowledgeable and have a lot of understanding about it. You may win by trading by luck but I think it is important for you to analyze this deeply and gain skills, otherwise you will not even understand how the money was lost, then you will get worried. I will advise you to gain knowledge about how to manage your capital.

[ndutndut]

Having a technical skill is vital in trading ngl . But one of the thing that matter the most is one mindset , having the right mindset means having the right approach to trading, given one edge in trading because most traders usually come into trading with the mindset of wanting to speed up things or taken it for get rich schemes and stuff while knowing that trading one does not need to invest only their money but their time also , because one have to take his time to understand how trading works before going into it fully .

That's a common beginner mistake envying the trading success of others and achieving significant results, prompting them to try their luck. I agree with you, it's their learning process that allows them to achieve their goals. Without knowledge and the learning process, it will be extremely difficult to succeed in the trading world. Yes, experience and the right mindset are two key elements that complement each other in trading. They not only look at their trading results, but also the process and lessons learned from each trade, and of course, they evaluate what went wrong with their strategy and how to improve it in the future.

Perhaps more accurately, the beginner's mistake isn't envy, but rather the fact that beginners trade by copying others. Furthermore, beginners want to emulate others' success in trading without going through the proper process, as in your last sentence. This is certainly a flawed trading mindset, because other people's trading strategies will not be the same as yours, especially since their trading goals are also different. If you have this mindset, you're trading without direction, simply following others, and with minimal knowledge, this will clearly make you a poor trader.

To become a good trader, we must have a goal in mind, and achieving that goal requires a process and considerable time. To become a good trader, you must understand that trading will reveal every weakness in a trader's character, and success as a good trader truly lies in how you strive to overcome these weaknesses. Therefore, weaknesses in trading can only be assessed within yourself.

[mich]

Well I think is someone is a good trader then he is always making profit. But they can lose some gains when doing trades but in long term they will be up gains.

I do think it is hard for a trader to have a technical edge. Trading crypto is just so volatile it is not a easy thing to know what the price of some coins will be. It is not so easy to have a edge in this way.  But yes to have good money management is what a good trader must have.

[rachael9385]

With all of those factors that you've mentioned. A real good trader can be seen through the results of his traders.

An output based trader can be said as a good trader if the winning ratio of his trades are better compared to his losses.

Losses are inevitable but if he's getting less of that and his risk management is tolerable, in the eyes of just normal traders then they're the real ones.

Trading has it's ups and downs, losses are part of the journey to success and like you said what makes a good traded is the results he gets, if the losses he incurs are more than the profits there's something wrong. No matter how good a trader is no one is capable of becoming a master at trading, you can only reduce the risks involved with the knowledge that you have, this is why acquiring knowledge is important

[ScamViruS]

Trading has it's ups and downs, losses are part of the journey to success and like you said what makes a good traded is the results he gets, if the losses he incurs are more than the profits there's something wrong. No matter how good a trader is no one is capable of becoming a master at trading, you can only reduce the risks involved with the knowledge that you have, this is why acquiring knowledge is important

Trading knowledge and trading skills can give a trader the ability to conduct market research, but they cannot guarantee that a trader will always be able to profit from the market. Sometimes not trading in the market is a big task, to build that skill, it is necessary to have trading skills, trading knowledge.

Having trading knowledge is important to stay in the market, because it is not always possible for all traders to profit from the market. We see that even experienced traders sometimes face huge losses, because no one can say for sure that they will always make a profit.

[WatChe]

That's a common beginner mistake envying the trading success of others and achieving significant results, prompting them to try their luck. I agree with you, it's their learning process that allows them to achieve their goals. Without knowledge and the learning process, it will be extremely difficult to succeed in the trading world. Yes, experience and the right mindset are two key elements that complement each other in trading. They not only look at their trading results, but also the process and lessons learned from each trade, and of course, they evaluate what went wrong with their strategy and how to improve it in the future.

Now matter how much we learn about trading through YouTube channels or practise trading using tools like paper trading, it's an established fact that real knowledge of trading comes only when you start trading with real money. It is also a reality that every new trader face loses in it's early trades. Key takeaway is that always start with small money and initial focus of every trader must be to learn trading. For initial learning, invest as much as you can afford to lose. Once you are confident about trading and have acquired necessary skills, you can jump with more capital to cover your loses and earn profit.

[Fivestar4everMVP]

You must have all three to trade successfully and they're written in order of importance.
You must also learn each aspect in the order I have written them. You can be a master of trading psychology or money management, but if you don't have a technical edge you won't make money.
95% of retail traders never overcome step 1, this is why so many fail.

One thing I've known is that, to be successful in trading, you have to be smart in all round anything that has to do with that line of problem, trading is exactly trying to take money away from highly smart people who are also trying to take money away from you, this is why trading is so hard for most, especially those who are not smart.

Being smart as a trading involved alot of things which I believe those three attributes you mentioned that makes a good trader are also part of, but in all, being patient with learning is very important, and if possible, don't depend or base your learning from online alone, find a physical mentor, someone that is very good and has also succeeded as a trader to also learn from physically, this is very important.

[Sebastian Michaelis]

You must have all three to trade successfully and they're written in order of importance.
You must also learn each aspect in the order I have written them. You can be a master of trading psychology or money management, but if you don't have a technical edge you won't make money.
95% of retail traders never overcome step 1, this is why so many fail.

One thing I've known is that, to be successful in trading, you have to be smart in all round anything that has to do with that line of problem, trading is exactly trying to take money away from highly smart people who are also trying to take money away from you, this is why trading is so hard for most, especially those who are not smart.

Being smart as a trading involved alot of things which I believe those three attributes you mentioned that makes a good trader are also part of, but in all, being patient with learning is very important, and if possible, don't depend or base your learning from online alone, find a physical mentor, someone that is very good and has also succeeded as a trader to also learn from physically, this is very important.

i was about to merit you , but sadly my balance of merits is at 0 right now, because you advice is pure GOLD.
walking intro trading with the mindset that you're going to war gives you a massive edge - it sharpens your patience, make you alert, and pushes you to calculate every move before making a single decision.

[mirakal]

Simply put, a good trader is someone who can lessen the risks in trading and minimize his losses, while he continue to maximize his trading potentials and make profitable gains. That’s why what OP has mentioned are actually crucial when trading, otherwise if these traders decide to enter trading without those requirements, they will eventually quit later on because of consistent mistakes and losses they will suffer.

[harapan]

Most times we have fine it very easy to make a line of write up based on our readings and not reality, although financial management in trading is very important but to me financial management shouldn't be listed as a trading feature or quality, but as a fundamental life approach that we have to apply to our daily activities and not just trading alone.

Every one coming in with their different opinions, I can as well agree to your point that money management is a fundamental life factor that's required of one but then it still fall under features of trading but all of this doesn't really matter but mainly being able to control one's loss, and manage the risk that comes with trading and lots of them is what really matter and that's what makes you a good trader.