Considerations for a Wannabe Trader...

[divyanshisharma 2]

These are the good points to become a successful trader

[Trader1 10]

8-Platform.

Which platform is going to fit in best with my plan? Different platforms are generally employed for different product classes and so finding the one which is most appropriate is important. Also, how much is it going to cost and how stable and efficient is it?

 

Platform is not important at all, what you need is fast execution,  you are not trading the platform, you are trading the price.

sure, there are some fancy ones out there, coud be nice to have, but they aren't necesary.

 

Computer

you can trade on almost anything, it doesn't have to be a fast computer, any laptop newer than 10 years will be just fine for most platforms,

Internet connection

You also don't need a blazing fast internet connection to trade, I used to think that too, but that has been proven wrong.

as long as you are not disconnected from the broker, it will be just fine.

I have a cable connection, it's 1 mbit down, and hardly anything up, 200 kbsec or so, but no complaints when it comes to trading,

would be nice to have a faster for downloading movies and on the web though, but for my trading it's Ok

9-News source.

I think not important, as news mostly are priced in anyway, unless you have a trading strategy that trades news exlusevly

so you would like to get the news before anyone else, other than that I wouldn't bother,

it's good to know when they are released though, but you can see that for free on any news calendar

 

 

 

[maryolsen 0]

Investing in Forex is not a game, it is something serious and study, experience, patience and a lot of discipline. It can be a very profitable business if you are careful and never get greedy.

[barako 10]

forex trading is no joke, its  amoney hole for those who dont know what they are doing. its like a "now u see me now u dont" with money, it takes time to understand and study, it takes years to come up with a working strategy, and tons and tons of patience. some people are better off treating it as a hobbie or a past time really. though ive been in it for a decade now.

[fxeconomist 11]

On 3/29/2020 at 11:52 PM, barako said:

forex trading is no joke, its  amoney hole for those who dont know what they are doing. its like a "now u see me now u dont" with money, it takes time to understand and study, it takes years to come up with a working strategy, and tons and tons of patience. some people are better off treating it as a hobbie or a past time really. though ive been in it for a decade now.

Thanks and what broker can you recommend for trading? 

[CrazyCzarina 17]

Learning in Forex Trading is a never-ending process and once you leave learning, you wouldn't be able to obtain success in the Forex Market.

[fxeconomist 11]

First and foremost wannabe trader should realize that there is no holy grail and losses are integral part of trading. That's why he should focus on risk management - accepting loss where subsequent price evolution says that trade idea didn't work out. 

[CrazyCzarina 17]

Successful day trading usually requires a lot of effort to develop the necessary skills. Many day traders have some innate qualities to get started, but must work on others. Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.

[fxeconomist 11]

On 9/2/2022 at 10:07 AM, CrazyCzarina said:

Successful day trading usually requires a lot of effort to develop the necessary skills. Many day traders have some innate qualities to get started, but must work on others. Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.

Agree, day trading is the best in my view since prices are less predictable in the long-term as you can't predict random shocks that hit markets like Covid

[aimhi 10]

The traders need to think about what personality traits do they have in order to find out which type of trading best suits them. So if you are able to react quickly around the changes you can do short term trading but if not then you can go for a long term trading career in my opinion. 

[RJo 10]

Consider this... While a human trader has emotions, a bot does not. All a human trader needs to do to code a statistically profitable strategy on a good emotional day. And it can be coded for any timeframe, intraday or overnights.