Anyone can become a trader if he is smart enough to understand trading. But the question is how long it does take to become a good trader. Trust me there is no fixed answer to this question. A trader must need to be intelligent and smart enough to understand how the market works. Some people are just born with analyzing skills but if don’t worry if you are not born with this talent. You just need to develop it by yourself and you may become a better analyst than the one who was born with analyzing skills. In this article we are going to talk about the skill sets that a trader needs to become a good trader and how much time it going to take it is going to take is totally up to you.
Trading is related to money directly and this is what makes it the riskiest profession in the world. The trading markets are so volatile that anything can happen with a blink of an eye. To survive in this market you must need to be disciplined and patient instead of rushing into any decision. Few traders just buy when their indicator and tool are saying him to buy, he doesn’t do any kind of analysis, and often market goes against them and they don’t follow any strategy rather than they just do whatever their tools indicate him to do.
A good trader always follows his strategy and always tries to do some research before opening a position no matter what his indicators are indicating him to do. Good traders are always trying to be patient before deciding because they know what might happen if he takes any wrong decision.
Almost 90% of traders lose their big portion of the trading balance within the first 100 days and in between them, some leave this market for good by thinking that they’re not lucky enough for this market. On the other hand, there is something called beginner luck and it works like these few new traders double their account in a few days and become overconfident. As a result of this overconfidence, they start to make bad decisions and start to lose money and trust me once you lose your trading capital then it is quite near to impossible to gain confidence and trading capital again. So, work on your confidence level and put it into a level where it cannot be called overconfident. If necessary, use the demo account at Saxo and learn trading like the elite traders in Australia.
Adaptability is another key skill that makes the difference between a good and a bad trader. Trading markets are very uncertain and there is no formula and strategy which gives you 100% assurance that it will go in favor of you. You will face losses no matter how good your strategy is and analyzing skills. If you want to be a good trader, you need to adapt to all types of situations positively. If you are in losing stick, then just start to find the mistakes that you are making when you are opening and closing your positions and if your strategy needs to be changed or modified.
These were the key skills that a good trader must need to become a successful trader. As soon as you can accrue them the soon you can become a profitable trader. We suggest you build up and practice this skill when you are trading with your demo account where there is no risk of losing real money. Test your strategy as long as you need to gain your confidence that it will work when you are trading with real currency. We are going to suggest you trade with the same amount as you want to invest in your real demo account and make it double for twice before you join the trading market with real currency. So, the time that you need to be a good trader depends on you and there is no other variable for that.