When to know you are a good trader

[nara1892]

Although I quite agree with what you said, on the other hand, I think that when someone checks their open positions more often, it doesn't mean they are a panic trader or even a gambler. They might just be checking the market conditions with the aim of trying to open the next position so they don't miss it. I also do that sometimes. The point is, we can't conclude about someone's performance from just one side because everyone has a different approach to trading.

[Pressurizedem]

Knowing you are a good trader is all on your consistency in making profit, although making profit in day trading is not always easy like that, but to some persons that have had a lot of experience in trading, they are still making their money Everytime they trade. They know the right time to invest, and they also know the right time to withdraw their money. It is not always easy, but I think constant studying of the trading market, and the bar chat, and also emulating people that seems to be very good at it is another way to enhance your chances of making consistent profit.
People who have lost so much money in trading are very careful  because they have learnt their lessons so many times, and that have given them ugly experiences, but one thing I know about trading is that, those experiences are the motivating factor you must have as a trader to keep pushing until you know the best strategy to use in trading in order not to lose much money in it.
When you have learnt all your lessons, made series of mistakes, done several researches and have known the best strategies to use in trading without losing, that is when one can be regarded as a good trader.

[cozytrade]

Those traders that trade with high risk are not professional trader because what differentiate a good trader with bad traders is their ability to manage their risk, control their emotion and take profit appropriately without emotion and greediness, infact some newbies believe that trading can made them to become rich within the shortest period of time thus placed high risk trades like gamblers unfortunately when price reverses against them their account get liquidated and got rent, but when advice to buy bitcoin at a low price and hold till bull run when they can make some reasonable profit they would defy such advice because they wanted to get rich quickly.

When one has the ability to control their emotions when trading its very important and useful to them, as they don't have to copy other ways or strategy and apply it to trading because most traders are into trading today because they believed that they can have quick money from it, and most newbies can easily be swayed away or can be mislead through the advice given to them that they can have instant money from trading and this has make them not to consider do any findings or research to help increase their knowledge as they already be mislead by wrong advice and they believed in it so much, that they can destroy their dreams of being successful in it.

A good trader is not a trader who makes every trade. But a trader who can endure the market. And continue to be consistent in trading through various market conditions. I do believe that this is a key distinction between the more professional traders and the gamblers – the control of risk and the control of their emotions. The majority of novices are too concerned about making profits and don't consider capital preservation at all. Which can result in severe losses during an unfavorable market turn. When a trader has a successful trading system, allows losses to happen, and does not make decisions because they are scared or greedy. They have become a great trader. It is much better to evaluate your trading abilities over a period of months and years rather than a few lucky winning trades.

[tottong]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

Sometimes it's much simpler to look at this situation, if we spend more money than we earn, we're not a good trader.
Basically, people say it's okay to spend more money learning to trade, but when we evaluate ourselves and continue to engage in trading by spending more money, it means we're not a good trader.
Managing risk and avoiding greed will develop when someone understands how to engage in trading correctly. Generally, people find it difficult to be disciplined and continue to push themselves to achieve large profits from trading even though their trading knowledge is completely inadequate.

[Coin_info]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

Sometimes it's much simpler to look at this situation, if we spend more money than we earn, we're not a good trader.

You can be a good trader today and then tomorrow transition into a terrible one It is very sad because that is just reality of twins spirit a good trader that is someone who has been able to record consistent profit in trading and then because of the profit they recorded decided to stop learning or trying to improve themselves can go on to transition into a bad trader because emotional and risk management are something that you need to continuously update yourself with to stay at the front of the market.

[Zanab247]

A trader that panics is still not in control of his emotions and as such the trader is going to make some mistakes due to this. To know if you are a good trader you must have mastered your psychology, this is the first step to becoming a good trader because it puts you in control of your emotions.

Traders must know that risk is part of what make traders to make progress, because you have to use amount of money you know you can afford to lose in BTC trading whether there will be loss or profit and it will position you in a good way that will make your profit higher than your losses. I guess your achievement is what make you master, because any trader that doesn't have results to show to prove how professional he or she are in the industry other new traders will not value his or her idea.

Some of the successful traders you are seeing around the industry , learn how to control their emotions because they know that emotions have lead many traders to experience massive losses and they chose to avoid it completely so that what happened to other traders will not happen to them and those who will follow the directions too.

[Nrcewker]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

I agree with you on some points, but you also need to tell people that profit is proportional to risk. The higher the risk you take, the higher the potential profit, and vice versa.

Why do people lose more money in scalping and day trading? It’s because of the high level of risk involved.

Now, if you only trade with small amounts, as stated by the OP, then the profit will also be very small. But if you ask me, I would still stick to the screen and watch every movement on the chart. After all, it’s my hard-earned money, so it doesn’t matter how large or small the trade value is, I will still watch the computer screen every second.

[Rubuchi]

Although I quite agree with what you said, on the other hand, I think that when someone checks their open positions more often, it doesn't mean they are a panic trader or even a gambler. They might just be checking the market conditions with the aim of trying to open the next position so they don't miss it. I also do that sometimes. The point is, we can't conclude about someone's performance from just one side because everyone has a different approach to trading.

that's fair enough. There is no one iron clad approach to trading where you will say a trader most follow this approach for them to win. For example, you cannot say only the day traders are the most beneficial traders and everybody must follow that rule. You cannot say only swing traders are the right or most profitable traders therefore everybody is must practice in that way. The dynamics of trading is what makes it interesting and possible for somebody to win small in a trade and another person wins big in a trade at a given period of time and such directions should define what trading discussions mean for us.

[Achalugo BTC]

For me, I think when one can know they are good trader is if they possess the right mindset, that they can be able to navigate their way through and also know how to manage the risks involved because that will help and guide them in doing the right thing when trading, as it will give the confidence not to easily relent or stop trading even if they don't gain it at their first trial, instead they will keep learning from their mistakes and loss, as it will help them to adjust.

[nara1892]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

I agree with you on some points, but you also need to tell people that profit is proportional to risk. The higher the risk you take, the higher the potential profit, and vice versa.

Exactly, the higher the risk taken, the higher the potential profit, or vice versa. In my opinion, this is an important aspect that traders, especially those who have just entered, should not ignore. Therefore, traders must know the risk limits they can afford. Everyone wants big profits, but are you prepared for the opposite result? Of course not. The market cannot be completely predicted, so you should also consider this rather than focusing too much on profits. A realistic attitude and awareness of how trading actually works must always be maintained. This will help you survive and thrive.

[programmer3666]

This is a very simple truth that you may not know as a trader.
This are not for scalpers but day traders and swing traders.

I have been there before, I do not encourage scalping, this is the trading type that most traders are losing, followed by day trading. But do you actually know that you can lessen how you lose money in day trading and this can later lead to making money from trading.

You people know that I do not encourage stop loss. From my experience, I know that it is used by greedy traders.

What I noticed about good traders, they do not check their position often, this is because they use small amount of money to trade. They are very patient and use little or no leverage. They do not trade highly volatile coins.

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

For me, being a good trader is about knowing your limits and sticking to what works. Since Trump took office, the market has been all over the place, bearish cycles, shaky moves and some Trump wild decisions still contributes to shaking things up. That is why I stick to spot trading. I buy low, sell a little higher and take consistent small profits. Nothing huge or fancy, but it works for me. I don't check charts every five minutes or panic when things dip. I avoid futures like a plague!! no leverage, no stress. If you are constantly anxious and watching your screen like your life depends on it, then you are not trading. You are just gambling with some extra steps of partial confidence.

[Bright0515]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

You said it all, being in panic shows a lack of confidence and also display of emotions, this could make you take bad decisions In your trades. If you have been trading for a while there shouldn't be any room for panic because you are supposed to understand trading psychology.

In the aspect of risk management, a trader that doesn't follow this principle is actually a gambler and In the long run you'd end up incurring lots of losses.

[Youngrebel]

I used to think I was a good trader because I managed to make a profit every day.
However, I gradually realised that the profit earned is not an indicator of a good trader, because when the market turns bearish, the situation can reverse drastically and only losses are incurred.
A good trader is one who can control their emotions, does not get caught up in panic, always sticks to the limits they have set, and is never greedy.

I get your point, emotions and discipline should be the first thing that should be in check as a trader but profits is also part of it as well, it you are making more profits than losses then you are actually good with it because there would be no point of being disciplined if you cannot be in profit.

As long as you control your emotions you are definitely going to have minimal losses and this is because of the fact that you are not making any decisions out of emotions or pressure to make profits rapidly.

Although, some traders get lucky but this is not sustainable and it is different from the results of a trader that's actually skilled. During the times you made profit everyday did you follow a strategy? And were you managing your risks if yes then it shows you are a good trader.

[Ojima-ojo]

If you are the type of trader that check your phone or computer screen often in panic, you are not yet a trader but a gambler. Good trading starts from how to manage risks.

Sometimes it's much simpler to look at this situation, if we spend more money than we earn, we're not a good trader.
Basically, people say it's okay to spend more money learning to trade, but when we evaluate ourselves and continue to engage in trading by spending more money, it means we're not a good trader.
Managing risk and avoiding greed will develop when someone understands how to engage in trading correctly. Generally, people find it difficult to be disciplined and continue to push themselves to achieve large profits from trading even though their trading knowledge is completely inadequate.

The way that we can master trading without losing Money in the process is mastering how to trade using demo account at first, because we can learn a few things trading on demo accounts.
But that also has limitations and the reason why, trader now focus on trading using low amount of money as start up capital.

Mastering trading using our real money comes with advantage a much as the disadvantage of losing Money along the line of leaning how to trade.

[Compromise me]

The way that we can master trading without losing Money in the process is mastering how to trade using demo account at first, because we can learn a few things trading on demo accounts.
But that also has limitations and the reason why, trader now focus on trading using low amount of money as start up capital.

Demo account will not teach you as much as trading with your own money because real emotions are involved when your capital is at risk . People using demo account do not experience same level of greed and fear that they face when trading with real money and With a demo account there is no stress of losing real money and You may win many trade in row on demo account, which can create overconfidence and give you unrealistic expectation and This can encourage you to risk more money than you can afford to lose when you start live trading. If someone start with demo then they should move on to small real account to test their skills.

[WhoYouCantKill]

Demo account will not teach you as much as trading with your own money because real emotions are involved when your capital is at risk . People using demo account do not experience same level of greed and fear that they face when trading with real money and With a demo account there is no stress of losing real money and You may win many trade in row on demo account, which can create overconfidence and give you unrealistic expectation and This can encourage you to risk more money than you can afford to lose when you start live trading. If someone start with demo then they should move on to small real account to test their skills.

Not that learning trading with demo account before starting with real money is bad, which you are right about. But, the disadvantage of learning with a demo account is that it gives people the false hope that trading is easier than the way it looks in reality. It depends on individual though, but using real money can provide different experiences, also before someone decides to start trading, they should carefully consider all the necessary factor about trading. This can support them in their trading journey which will make them a good trader.

[Donk1]

No offense but I don't really get your point. You see when you focus bluntly on one perspective as a trader or a crypto enthusiast, you are certainly limiting your view on things because you will only be seeing things the way they are for you, not from a general perspective. Simply put, every single trader has their experience of the market and how they manage their risks. I know most new traders trade irrationally, which makes it look like they are risking their capital or gambling. Still I do not understand how SL is used for greedy traders, because to my understanding, it helps reduce the risk of blowing your account. And again not all traders have the right capital to hold the market for long. One thing you should take account of is that big or small capital, none is worth losing those who treat small capital as something that is irrelevant are the ones gambling. I know the saying, risk only what you can afford to lose but based on a person's experience, that's what will determine if you truly understand what that statement means or not That's all .....

[r_victory]

For me, stop-loss is one of the best trading tools. I don't think the use of this resource can be associated with a greedy trader but rather with a prudent trader. Even a take-profit order can be used by those who don't like constantly looking at charts. It may seem strange to limit profit, but this can be advantageous in a sudden and rapid rise followed by a sharp fall.

Objectively speaking, a good trader is one who generates profit; I don't know how to evaluate a trade as good if there is no profit, even a small one.

[GiftedMAN]

The way that we can master trading without losing Money in the process is mastering how to trade using demo account at first, because we can learn a few things trading on demo accounts.
But that also has limitations and the reason why, trader now focus on trading using low amount of money as start up capital.

Demo account will not teach you as much as trading with your own money because real emotions are involved when your capital is at risk . People using demo account do not experience same level of greed and fear that they face when trading with real money and With a demo account there is no stress of losing real money and You may win many trade in row on demo account, which can create overconfidence and give you unrealistic expectation and This can encourage you to risk more money than you can afford to lose when you start live trading. If someone start with demo then they should move on to small real account to test their skills.

This is the reason why anyone that is trying to master his trading skills should not trust the number of time he got it right trading with a demo account because you can not compare the feelings you get on demo account where your money is not involved to the real deal where a mistake will cost you everything you are using to trade.

If you are trading perfectly with a demo account all you are required is to try applying same principles to your real trading account but that risk you took that you think paid off using a demo account may be different here cause it you consider the amount you would lose if you take the risk you may need to reconsider your plans before risking it.

[Rengga Jati]

Although I quite agree with what you said, on the other hand, I think that when someone checks their open positions more often, it doesn't mean they are a panic trader or even a gambler. They might just be checking the market conditions with the aim of trying to open the next position so they don't miss it. I also do that sometimes. The point is, we can't conclude about someone's performance from just one side because everyone has a different approach to trading.

Indeed. The reasons can vary. It could be that they are day traders who utilize short timeframes, while market movements can sometimes be extremely rapid. Some traders open positions across multiple pairs simultaneously, requiring them to stay focused on their monitors to track price chart movements. Provided they are accustomed to this and possess the necessary skills, it can actually enable them to anticipate future market trends more quickly and manage their strategies accordingly.

However, it ultimately depends on the specific strategy employed, as well as the trader's habits and capabilities. If one is mentally prepared and possesses the requisite trading skills, then it is not an issue. But if constantly monitoring the market leads to panic or takes a toll on one's mental state, it is better to avoid doing so.