Being a good trader ≠ being wealthy

[JeffBrad12]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

[TheUltraElite]

Real wealthy people are silent.

Yup, most of them dont even know or bother about forums like this one.

And the reality with all of these trading instructors, most of them are not good enough to make trading as a living.

Those who are selling their courses are making money from selling the course not the content of the course because that is bogus and can be learnt for free by observing and dummy trading. That is why the prices will be like 200$ --> 20$ - like WTH, how can you sell at 1/10th of the original price? Because it is not even worth a single dollar.

That is why I give more emphasis on being consistent with trading and understanding how the market works.

Instead of rushing in with a hardon to make money over one-night, because that leads to acquiring an STD (Sudden Trading Demise)

[Donk1]

The problem about trading myth on social media that you can sit in the comfort of your house and be making hundreds and thousands of dollars everyday is very unrealistic, newbies who believe these lies ends up blowing their accounts in the process of high expectations. Trading is hard and not for everybody, if you understand this simple truth you can avoid being misled by influencers on social media who are paid to influence the public to enter into trading. If a new trader is mentored by experienced traders I'm sure that they won't start trading with more than the amount that they can afford to lose.

Well I think perhaps everyone keeps getting the wrong idea most especially newbies. We can all agree that the purpose of trading is to make profit but then, as a beginner that should not be your goal presently. No it should be something you want to build so it can become long term, not short term and the only way to do that is to focus on learning. That said being successful in trading doesn't only come from being wealthy it comes from your everyday achievements, both losses and wins. Like a friend of mine said a person who isn't prepared to lose doesn't have a chance of winning, and it's true. In conclusion capital is one of a major source of being a trader. If you do not have a steady source of capital then you will probably just keep trading with demo, which wouldn't in any way help you build your emotional control when you start trading with real capital. So to me it's all about how you set your foundation in trading. That's all.......

[CryptoBuds]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

Heh, sounds harsh as hell, but that's the truth and I totally agree with you.

A truly good trader should be wealthy, no doubt. Because to be frank, trading is one of the fastest ways to get rich, and that's exactly why so many of us jump into it despite all the risks that come with it.
So if they are actually that good, getting rich is totally on the table.

Anyone who claims they are good trader but then comes up with a million reasons why they're still not rich is either just a lousy trader or simply not as good as they think they are.

[Hyphen(-)]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

Most times, it is not true; you can be a good trader and still not wealthy, it means you know how to trade not how to make more profits from trading.

Remember that Capital is one thing that determine the amount of profit you will make from any trade you do, and if you don’t have big capital to trade, no matter how good you can be as a trader, you will have to manage little profits and try building your capital before you can start earning big profit, and you don’t expect profit to come in all trades, losses do come as well, it is part of the game; therefore, as a good trader, if you don’t have village capital to trade, you will have to build gradually, and also having big capital doesn’t also guarantee becoming wealthy because you need to be very cautious and study the market well to avoid losing your capital.

[#CapsLOck]

It's a little something that's overlooked. And that is the distinction between making a return and building wealth. Even a trader with a genuine edge must still maintain his capital. Make a proper withdrawal and manage the money that flows out of the market. If the money generated from a good trading month is reinvested in riskier trades. It's not going to build a fortune. After making the money. Managing the capital can prove to be of equal importance as the trading skill it represents. In that regard.

[Swordsoffreedom]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

Most times, it is not true; you can be a good trader and still not wealthy, it means you know how to trade not how to make more profits from trading.

Remember that Capital is one thing that determine the amount of profit you will make from any trade you do, and if you don’t have big capital to trade, no matter how good you can be as a trader, you will have to manage little profits and try building your capital before you can start earning big profit, and you don’t expect profit to come in all trades, losses do come as well, it is part of the game; therefore, as a good trader, if you don’t have village capital to trade, you will have to build gradually, and also having big capital doesn’t also guarantee becoming wealthy because you need to be very cautious and study the market well to avoid losing your capital.

To me, being called a good trader means you don't just understand the market inside out, but you actually pull off substantial and consistent profits from it. Otherwise, it's kinda hard to call yourself a truly good trader.

A good trader doesn't necessarily have to get stinking rich overnight, because everybody needs time to compound and build up their capital. But if after years of trading they still can't grow their wealth and are still struggling just to survive in the market, then I don't think they can really call themselves good.

At the end of the day, the ultimate goal of investing and trading is making a profit. So the results and the wealth they actually build is what proves who they really are.

[batang_bitcoin]

Real wealthy people are silent.

Yup, most of them dont even know or bother about forums like this one.

You're right, they're probably doing something else and with a newly found hobby. But I am sure that we've got wealthy forum members too.

And the reality with all of these trading instructors, most of them are not good enough to make trading as a living.

Those who are selling their courses are making money from selling the course not the content of the course because that is bogus and can be learnt for free by observing and dummy trading. That is why the prices will be like 200$ --> 20$ - like WTH, how can you sell at 1/10th of the original price? Because it is not even worth a single dollar.

That is why I give more emphasis on being consistent with trading and understanding how the market works.

Instead of rushing in with a hardon to make money over one-night, because that leads to acquiring an STD (Sudden Trading Demise)

They are marketing genius, they're making the buyers hurry as if the discount is for real and worth it with that current pricing.

[letteredhub]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

Heh, sounds harsh as hell, but that's the truth and I totally agree with you.

A truly good trader should be wealthy, no doubt. Because to be frank, trading is one of the fastest ways to get rich, and that's exactly why so many of us jump into it despite all the risks that come with it.
So if they are actually that good, getting rich is totally on the table.

Anyone who claims they are good trader but then comes up with a million reasons why they're still not rich is either just a lousy trader or simply not as good as they think they are.

In my perspective of a good trader I don't know if being rich as a criteria doesn't seem too rigid and bias for those traders that don't really have a big capital but are managing the small they have but are having more winning trades with less losses than can't be quantified with to half of their won trades percentage. There are traders that ain't pressured to making big lot size of trades (increasing trading risk), they're good risk managers and are contented with even a 5% profit for an entire week trades done. Does that makes them no good traders because they are not wealthy?

[Faisal2202]

$20k into $20 million based on skill? Yeah, it is possible, but it will take a sheer amount of time for someone to make that kind of money, but if someone says in less time, then that's not skill, but someone must be taking high leverage, and their luck was insanely good.

I can't agree more that a skilled trader diversifying into multiple income streams will be flagged as suspicious, while a newbie who bought a Lambo, visited Dubai, rented everything, not even bought, they can show off and can sell their course.

People will go toward the traders who will show off, because they see all those assets and now they assume how the story will be like, while for the skilled one the math never gets questioned, and even for the show off guy.

[Cgrexp]

If you're really a good trader you will be wealthy . If you consistently outsmart the market, the compounding effect will start to kick in, your $20k will become $20 mln in no time because you are good trader. real reason why some self proclaimed good trader aren't wealthy yet is because they're not really good trader, actually none of us here are. We just trade, speculate everyday, hoping some will stick and make a one hit wonder, do you really believe someone could consistently outsmart the market and deserve the title of a good trader? i do but maybe 1 in 1 million and they're wealthy.

Heh, sounds harsh as hell, but that's the truth and I totally agree with you.

A truly good trader should be wealthy, no doubt. Because to be frank, trading is one of the fastest ways to get rich, and that's exactly why so many of us jump into it despite all the risks that come with it.
So if they are actually that good, getting rich is totally on the table.

Anyone who claims they are good trader but then comes up with a million reasons why they're still not rich is either just a lousy trader or simply not as good as they think they are.

In my perspective of a good trader I don't know if being rich as a criteria doesn't seem too rigid and bias for those traders that don't really have a big capital but are managing the small they have but are having more winning trades with less losses than can't be quantified with to half of their won trades percentage. There are traders that ain't pressured to making big lot size of trades (increasing trading risk), they're good risk managers and are contented with even a 5% profit for an entire week trades done. Does that makes them no good traders because they are not wealthy?

If the criterion of a trader is only being rich . The skill of a trader is better understood not by the amount of capital but by how he manages that capital and how consistently he is able to implement his decisions over a long period of time. The capital may be small, but if he can determine how much risk he should take on each trade within that limited capital, avoid big losses and maintain a disciplined balance between profit and loss. Then there is no reason to deny his trading skill just by the amount of assets. Being aware of your limits and not taking unnecessary risks is an important part of risk management. It would not be right to call his performance bad because someone else has made more money. How he manages his capital and how consistent he is in the long run is a more meaningful basis for evaluating the skill of a trader.

[Byebyebtc]

Is being a good traders= being a profitable trader?

If that is the case then you are already close to being wealthy, basically profitability ist the beginning point of being wealthy already, so if being a good trader means being profitable then I would say I disagree with you.

[Plutomanian]

Is being a good traders= being a profitable trader?

If that is the case then you are already close to being wealthy, basically profitability ist the beginning point of being wealthy already, so if being a good trader means being profitable then I would say I disagree with you.

Being a profitable trader and being a good trader, there's hugh gap when it comes to both traders. We understand the fact that says profits is very important for a trader because that's how to keep the flow alive but for being a good trader, one should understand the market and how it works, clearly seen a market beckitn volatile and unstable base on the support and resistance force in the market.

I also believe a good trader is the full definition of imperative criteria in the market, knowing when to trade, understand the risk management, be able to maintain consistency and principles in the market. A good trader will be able to utilized and provide good entrance and exits in a trade.

[WatChe]

If the criterion of a trader is only being rich . The skill of a trader is better understood not by the amount of capital but by how he manages that capital and how consistently he is able to implement his decisions over a long period of time. The capital may be small, but if he can determine how much risk he should take on each trade within that limited capital, avoid big losses and maintain a disciplined balance between profit and loss. Then there is no reason to deny his trading skill just by the amount of assets. Being aware of your limits and not taking unnecessary risks is an important part of risk management. It would not be right to call his performance bad because someone else has made more money. How he manages his capital and how consistent he is in the long run is a more meaningful basis for evaluating the skill of a trader.

Trading is a high risk area and you need to be smart to handle that risk. There are instances where even experienced traders were not able to handle the wild fire of crypto trading. This is is why its important to pay attention in learning and mastering the trading skills. If you are wealthy and don’t know how to protect your money while trading then you are deemed to lose your money. While those who start with small money and learn with time how to trader effectively earn substantial profit over their money. Money is secondary, the primary thing is whether your mind is smart enough to make profit in trading.

[Tamaperdana]

Something that I find surprisingly strange, and that I have noticed in quite a few replies to my previous post, is how many people still seem to believe that being a good trader automatically means being wealthy.

Honestly, I did not expect to see this mindset so often on a forum like this. This is one of the oldest crypto communities around, and you would expect people here to understand these things better than the average person.

Snip

It's undeniable that being a good trader alone isn't enough to make someone rich. Trading requires careful execution of all aspects, including emotional control, discipline, and adherence to one's own rules. Clearly, becoming rich from trading is difficult, but the potential for wealth, even if small, still exists. Speaking of being a good trader, I don't understand what "good" means here. Being good alone isn't enough to be a successful trader. Please explain this to me in more detail.

Regarding the people in this forum community, I think it's natural that many still assume that being a great trader means making money. Not everyone in this forum is a veteran many are new. Perhaps that's why there are many assumptions in this forum that you might disagree with. And besides that, you don't need to be surprised, because this is a discussion forum, so everyone has the right to express their own opinion.

[BitBakerr1]

If the criterion of a trader is only being rich . The skill of a trader is better understood not by the amount of capital but by how he manages that capital and how consistently he is able to implement his decisions over a long period of time. The capital may be small, but if he can determine how much risk he should take on each trade within that limited capital, avoid big losses and maintain a disciplined balance between profit and loss. Then there is no reason to deny his trading skill just by the amount of assets. Being aware of your limits and not taking unnecessary risks is an important part of risk management. It would not be right to call his performance bad because someone else has made more money. How he manages his capital and how consistent he is in the long run is a more meaningful basis for evaluating the skill of a trader.

Trading is a high risk area and you need to be smart to handle that risk. There are instances where even experienced traders were not able to handle the wild fire of crypto trading. This is is why its important to pay attention in learning and mastering the trading skills. If you are wealthy and don’t know how to protect your money while trading then you are deemed to lose your money. While those who start with small money and learn with time how to trader effectively earn substantial profit over their money. Money is secondary, the primary thing is whether your mind is smart enough to make profit in trading.

Yeah, you need to learn and master trading skills very well before going into it with huge amount of money.
If you don’t master and learn how to trade very well you are just going to lose all your money without getting anything in return.
Just like you said trading is very risky and that is true, trading is something that people should go into with caution because it is also very dangerous and it can make you lose everything.

Some people because of greed and wanting to make money very fast they decide to jump into trading with huge amount without learning a mastering the trading skills that is needed for them, and they end of losing all their money.

Trading has made some people broke so people should be careful.

[Achalugo BTC]

Some people because of greed and wanting to make money very fast they decide to jump into trading with huge amount without learning a mastering the trading skills that is needed for them, and they end of losing all their money.

Trading has made some people broke so people should be careful.

I completely agree on this. Some people consider trading to be something that involves guessing, whereby they might give it a try with a small amount of money without having any trading skills to apply. And if they happen to make a profit from that attempt, they will start trading, believing that they don't need to acquire any skill before profiting from it. This will lead them to make costly mistakes that will eventually cause serious financial problems. But if they do proper research into trading, doing so can help them gain knowledge and understanding of trading. It will help them to have the mindset that trading is not simply about luck, rather, trading requires skill, determination, patience, and risk management. This can help them become successful and better traders.

[letteredhub]

Snip

In my perspective of a good trader I don't know if being rich as a criteria doesn't seem too rigid and bias for those traders that don't really have a big capital but are managing the small they have but are having more winning trades with less losses than can't be quantified with to half of their won trades percentage. There are traders that ain't pressured to making big lot size of trades (increasing trading risk), they're good risk managers and are contented with even a 5% profit for an entire week trades done. Does that makes them no good traders because they are not wealthy?

If the criterion of a trader is only being rich . The skill of a trader is better understood not by the amount of capital but by how he manages that capital and how consistently he is able to implement his decisions over a long period of time. The capital may be small, but if he can determine how much risk he should take on each trade within that limited capital, avoid big losses and maintain a disciplined balance between profit and loss. Then there is no reason to deny his trading skill just by the amount of assets. Being aware of your limits and not taking unnecessary risks is an important part of risk management. It would not be right to call his performance bad because someone else has made more money. How he manages his capital and how consistent he is in the long run is a more meaningful basis for evaluating the skill of a trader.

Truly, having  resultful trading skills and a risk management conduct that helps you utilize the capital in your account is what should be more in consideration to labelling someone as a good trader than just that he's a trader and rich so that means he must be a good trader. No!. There are traders that have multiple sources of major income and trading could be just a least of their major income sources, so it doesn't trouble their finances no matter how many times they might lose a trade repeatedly. Hence, imo, it's a bias assessment to think that every rich trader is a good trader but rather trading skills, capital management, emotional control ability and a consistent trading winning rate should be the criteria instead.

[M47AK16]

Is being a good traders= being a profitable trader?

If that is the case then you are already close to being wealthy, basically profitability ist the beginning point of being wealthy already, so if being a good trader means being profitable then I would say I disagree with you.

Isn't that obvious? I don't understand how a trader who is not profitable can be considered a good trader, because that's basically what shows that you are good, if you can maintain your profits over time, even if you don't get to maintain them at the same level, but you should at least be able to keep yourself above the loss barrier, which means that if you made $5,000 in the first month of your trading journey, even if you don't have $10,000 in profits in the second month, you should at least stay above the previous $5,000 you made in the last month, and that should continue. Even if you lose in between, and don't have a good month, that shouldn't affect your overall profitability as a good trader.

A good trader can become wealthy, but it doesn't mean they can become wealthy quickly, because that would depend on the capital you are going to begin with. Turning $20k into $20m is possible, but with discipline and patience, and that is exactly why it is going to take more time for a good trader to achieve that target, because if you try to achieve that target quickly, you are going to take risks that you shouldn't take, and that is not going to let you progress because a single loss will put you back a mile even if you have made it through so much patience and discipline.

[Bright0515]

There is a difference between a trader that has knowledge and the one that puts their knowledge to good use, there is a possibility that the trader that applies what they know correctly and also become wealthy but it is not really easy to achieve this within a short period of time. Being a trader doesn't mean you'd become wealthy because there are certain factors that actually determines this and I made mention of knowledge which is the most important factor. Another thing that's important is the capital that traders start with, most traders that make it big time usually put in a lot of money in their trades, this is risky but it comes with huge profits.