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  1. #1
    Moderator Kolyo's Avatar

    Five Elements to Master before Start Live Trading !!!

    This thread is intended to find and discuss the Top Five most important elements, absolutely necessary for every person to develop if he wants to be a successful trader. Here is a sort of such a list:

    1. Emotional Control,
    2. Knowledge of all the basic instruments of the technical analyses and their practical use
    3. Price action perception and understanding of the basic market forces
    4. Risk control
    5. Background of basic Economic terms and measures

    Please comment on this list and give your ideas for the most important elements of the trader's personality!

  2. #2
    Solid Member Peter Green's Avatar
    Very well said! The emotional control is the first thing to master and than comes the knowledge and the perception of the markets. After that it needs to master the risk control and you are ready to jump into the deep water

  3. #3
    Master Member vinayakm's Avatar

    This is definitely a good list! !!!

    Quote Originally Posted by Kolyo View Post
    This thread is intended to find and discuss the Top Five most important elements, absolutely necessary for every person to develop if he wants to be a successful trader. Here is a sort of such a list:

    1. Emotional Control,
    2. Knowledge of all the basic instruments of the technical analyses and their practical use
    3. Price action perception and understanding of the basic market forces
    4. Risk control
    5. Background of basic Economic terms and measures

    Please comment on this list and give your ideas for the most important elements of the trader's personality!
    I must say this gives a good summary of what traders need. Emotional control is so important as trading can be very stressful at times with a lot of developments talking place at once. It requires a strong mentality to be a successful trader.
    Another thing I wish to add to point number 2 on the list is the importance of fundamental analysis too.
    I also feel that when it comes to risk control, traders should avoid being overconfident as hard as it can be. Acknowledge that you are bound to lose money at some point and don't over trade!

  4. #4
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    In my opinion Controlling emotions, risk and money r the most important factors which decide result of ur trading. The longer u take time in controlling these things, the longer it takes to learn trading.
    Other factors like understanding technical indicators, PA and economic terms r secondary and this 2ndry list can be very long.

  5. #5
    Veteran Member uj.forex's Avatar
    1- Workable strategy that is refined and tested for you
    2- Money Management
    3- Suitable currency pair, commodity, stock or whatever financial product that suits you
    4- The timing or session during which you find trading easier to handle
    5- Ability to analyze fundamental data and technical data effectively

  6. #6
    Rookie Member
    The emotional control is one of the most important things you need to understand before start trading since you can't win all your trade you eventually lose, but the important thing is to keep you wins way higher than your loses.i trade in Vault Options i recommend them to any starter at least to take the free training to understand better the binary options.

  7. #7
    Senior Member Grae's Avatar
    Quote Originally Posted by Kolyo View Post
    This thread is intended to find and discuss the Top Five most important elements, absolutely necessary for every person to develop if he wants to be a successful trader. Here is a sort of such a list:

    1. Emotional Control,
    2. Knowledge of all the basic instruments of the technical analyses and their practical use
    3. Price action perception and understanding of the basic market forces
    4. Risk control
    5. Background of basic Economic terms and measures

    Please comment on this list and give your ideas for the most important elements of the trader's personality!
    I see the first thing as emotional control. This is intricately tied to risk control. Then you have price action perception--'where the market has been, it will go again.'

  8. #8
    Active Member rongold's Avatar
    Quote Originally Posted by Kim Castillo View Post
    The emotional control is one of the most important things you need to understand before start trading since you can't win all your trade you eventually lose, but the important thing is to keep you wins way higher than your loses.i trade in Vault Options i recommend them to any starter at least to take the free training to understand better the binary options.
    Hei, Kim Castillo! It looks like you are concealed promoting Vault Option? Isn't it? You have to know that the BOTS doesn’t tolerate that kind of behaviour. If you work for that broker just say it!

  9. #9
    Specialist Member LesterK's Avatar
    I agree with rongold! Very suspicious to me that you mentioned everywhere this broker! Could you explain are you working for them or affiliate? We don’t want to have a forum full with such advertisements of a mediocre spotoption broker.

  10. #10
    Veteran Member Ammeo's Avatar
    Quote Originally Posted by uj.forex View Post
    1- Workable strategy that is refined and tested for you
    2- Money Management
    3- Suitable currency pair, commodity, stock or whatever financial product that suits you
    4- The timing or session during which you find trading easier to handle
    5- Ability to analyze fundamental data and technical data effectively
    i agree with uj's five elements..i'll add a few more to it to make it 8 elements..
    6- Keep urself up to date with market happenings through social media, internet etc.
    7- Try to take positions in trades you are almost sure of and dont overtrade if possible.
    8- Never trade in anything you dont know of.

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