Hey how to be a profitable trader?

[shivv420]

Can anyone explain me ? I've been dealing with major losses now and I think it's eating me up

 

[Søren Petersen]

Testing EA's for about 3-6 month on a demo account is very important. If you trade on a live account to early it will be blown. Good luck with your trading.

 

[Daantje Pieters]

Both technical and fundamental analyses are needed to capture the market trend.

 

[pippin]

Can anyone explain me ? I've been dealing with major losses now and I think it's eating me up

It is ok to have losses in trading at initial stages. However they should guide you what you should improve in your trading, learn risk management or develop a system with higher accuracy of signals. Take them as costs you have to bear to get valuable experience.

 

[ggtx7]

Although I'm sure you want to continue trading live accounts, the best way to be profitable trading is to utilize many free resources or going through charts from the past, and backtesting your strategy. This means doing all of the tedious grind of drawing on the charts, logging the profits on some kind of spreadsheets, and calculating your win rate and profit rate per win/loss. It's annoying, but trust me it is worth it in the end.

 

[Pangolin]

If you’re a beginner, you might lose more often than those who are more experienced. It happened to all of us. Start from scratch and evaluate your trades to find out what went wrong. Practising for some more time on demo accounts is important for a strong foundation. Learn how to make use of stop loss and risk management properly. Be disciplined in your trading plan; don’t be emotional. Have patience and take losses as a lesson.

 

[InnerMarshal]

Risk management is all you need to reduce these losses. Becoming profitable will surely take some time and you need to be patient. Setting up a good trading system that works is not an easy task. Just keep trying and try to limit your drawdown as of now.

 

[Isocracy]

You need to audit your trading. find out your faults. work on them. so simple. Get a good grasp on fundamental and technical analysis to predict the direction of the market.

 

[Sufflate]

The road to profitability is not an easy one. You should gain knowledge, keep emotions in control, practise in a demo account, build a strategy, go according to the plan, and must learn discipline in order to be considered a professional or mature trader.

 

[forexfits]

Theres a somewhat famous quote that I read before. It was from a female trader who said something like "there's no true magical method when it comes to trading. you must defeat the battle within yourself before you can defeat the markets."

 

[xtradereturn]

manage your money, put profit in safe pot and make lots of small wins is the best way

 

[ashaab]

First you invest time and money in your education and than make your own strategy and backtest it and than apply to real account to earn money from forex trading in the long run.

 

[cupcake]

Both technical and fundamental analyses are needed to capture the market trend.

What about intermarket analysis? Do you think it's worth it to learn how to analyze the intermarket side of trading?

 

[csdean09]

Can anyone explain me ? I've been dealing with major losses now and I think it's eating me up

Learn candle stick patterns and tech analysis. It'll be easier in the long run.

 

[Fin_Trader]

First of all, large and frequent losses are observed when trading using an unprofitable strategy. Therefore, it is important to first check its performance on a demo account and, if necessary, refine it there and improve it and only then switch to a real account. It is also important to trade with a reliable and regulated broker (for example, my broker is regulated by the FCA) with high-quality trading conditions, minimal spreads and commissions, instant execution and stable operation of trading platforms, which directly affects trading results and profitability.