[Quotes from Overseas Professional Traders] What are the 5 steps to become a successful trader?

【Quotes from overseas pro traders】What are the five steps to become a successful trader?

There are five basic steps to becoming a successful trader.
First, focus on investment targets, strategies, and timeframes that match your personality.
Second, even though the market often feels unpredictable, find price movement patterns that are not unpredictable.
Third, convince yourself that what you have discovered is statistically valid.
Fourth, establish trading rules.
Fifth, follow those rules.
- Gil Blake


Framing it as technical analysis, I will put it in my own words

First) Focus on trading methods that fit your personality and life
Second) Find chart patterns that are not unpredictable, and develop the logic to judge them
Third) Convince yourself that this logic is statistically valid
Fourth) Decide trading rules that suit the characteristics of the logic
Fifth) Follow those rules
※ Combine the rules and the logic to form your trading method

To explain in a bit more detail,

First) Focus on trading methods that fit your personality and life

(Fit with personality)
If you want to exit a position quickly after entering, and you feel psychological stress from holding losses or gains for a long time,
if you want to trade in short timeframes, scalping to day trading
if you prefer a relaxed trading style and don’t want to be emotionally moved by up and down movements,
if you want to enter and then leave it for a while to wait for the result, swing trading
Each person has strengths and weaknesses and suitability, so you need to determine your trading style based on that

(Fits life)
Think about the time you can dedicate to trading, and trade with a method that fits that
If you can only trade 3 hours a day,
you need a trading method that completes within those 3 hours
or one that enters within 3 hours and closes in the next day or later within 3 hours
that is necessary

Trading is done to earn money. There is a lot of extraneous knowledge. Eliminate spending time on them and
focus on finding a trading method that suits you now and implement it


Second) Find chart patterns that are not unpredictable and develop the logic to judge them

Charts are basically random, but sometimes they tilt up or down
Your personality and life fit trading strategies, scalping or day trading, swing trading
Within those circumstances, find chart patterns that are not unpredictable,
and find the logic to determine that those chart patterns are indeed the case

In other words, you need to find the logic part of the method


Third) Convince yourself that the logic is statistically valid

Is the logic truly effective?
Thoroughly verify with past charts, and also verify on real-time charts whether the logic remains valid
Convince yourself to the extent that you feel, “This logic is certainly valid.”
　
You need to have confidence and conviction that the logic is valid


Fourth) Decide trading rules that match the characteristics of the logic

Decide how to use it in a way that maximizes the effectiveness of the logic
In simple terms, you need to formulate a rule for how to profit with the logic


Fifth) Follow those rules

In actual trading, whether you win or lose, can you still use the rules consistently?
Humans get mentally unsettled when money is involved
It is necessary to stay calm and follow the rules whether you gain profit or incur losses



What is the “New Life FX Method” that is currently available
Aim for 1,000,000 yen per month with +10 pips per day (trading 2–5 hours per day)
A pro trader's practical 1-minute FX method explained with smartphone chart images

Taking the two methods of the Pro Trader (master) and combining the best parts,
Added a logic that clearly specifies entry points! A few-minute scalping trades

■ Thinking of overseas pro traders (legendary investors Buffett and Soros)
Trading method not to “win” but to “make money”
Trade only with the expectation of “long at high-probability up moves”