What does being a Successful Trader really mean?

[Gposas]

I've been hearing of becoming a Successful Trader for a very long time since I joined the Crypto industry and of a time it just reflect in my thoughts, what does this really mean??
Does it have a specific definition or every trader and even non-traders have their own definition of this term Successful Trader ?

Looking at the likes of various firms in my country, you see them advertising on Social Media and on Air (FM Radio) that they are offering a program/seminar on how to make you become a successful trader which oftentimes ends up being a way of monetizing their miniature knowledge on trading which can never generate profits for you.

I also had a friend who trades on both crypto and forex. He has a very good knowledge on trading and analyzing chart but still yet, he claims to be unsuccessful in trading because he is hoping to enter a trade that will generate an x1000 profit for him.

Finally, does the term Successful Trader refers to how much profit you are generating or how knowledgeable and good you are in analyzing chart or how a trader is able to make an x1000 and above in a single trade?
Or there is one particular thing a trader have to possess before he is classified successful.

Your thoughts would be appreciated.

[Charles-Tim]

Successful trader is a trader that makes money and success from trading. There is no other definition of a successful trader than that but most traders are losing.

Not being a successful trader does not mean you can not be a successful person. After many months or years of losses, sometimes it is best to quit.

[bayu7adi]

Once you make a lot of money from trading, it means you are successful from trading... it can be said that a successful trader is someone who becomes rich because of his trading activities... This does not mean trading memecoin in one day, then getting $ 1 million from his initial money of $ 10k... yes he did get a lot of money, but I can't agree to consider him a successful trader...

For me, if that person has good principles and abilities in managing his finances so that he can be successful from trading, then I can call him a real successful trader.... meaning, someone who is successful is not just about doing something once and getting a lot of money, but for those who apply the knowledge and principles they have.

[DavetJack]

To see a person successful is to successfully achieve the goals and objectives of his business and to have a long-term lie in it, as well as to do business well. No matter what kind of businessman he is, he works hard and his business grows and gradually he grows. Because we know that the path of success is not limited to profit alone. We should know that we need to know the strategy on how to grow our business. And in business, many times there are many types of dangers, so we need to take risks and deal with them. This is how a businessman can build his business.

Especially for those of us who are involved in trading, it is essential for everyone who wants to do it to have good knowledge about it, strategies and experience. Because if they are going to analyze a currency, they must use their knowledge or use their own strategies to analyze their set and know the future. So it is essential to acquire some strategy or knowledge for every job.

What kind of business are you thinking of achieving success in? What is your opinion..?

[Hatchy]

You should be aware that being successful in trading doesn't mean you have been able to buy the most expensive car or expensive lifestyle. Becoming successful in trading means you have been able to join the 1% club of traders who benefits from the market and understands it's fully. So many people confuse successful for lifestyle which is not actually correct most of the time. You can be successful in trader and have a long term target in mind after which lifestyle would later come into play.

[Gposas]

You should be aware that being successful in trading doesn't mean you have been able to buy the most expensive car or expensive lifestyle. Becoming successful in trading means you have been able to join the 1% club of traders who benefits from the market and understands it's fully. So many people confuse successful for lifestyle which is not actually correct most of the time. You can be successful in trader and have a long term target in mind after which lifestyle would later come into play.

Thanks @Hatchy, this is informative, because I know of some traders whose loss percentage ratio is higher than their profit but when they are able to make profit at all after trading, they start campaigning to be successful. I don't think they really have a targeted profit ratio they are willing to achieve. Their target is just for the present.

I believe this is one of the reason some people see it as gambling because of the way some traders present themselves

[Mr. Magkaisa]

          -    Reaching the status of being a successful trader is not easy, you have to work hard to achieve it, because trading is really like a course, you have to study hard, and when you implement what you have learned correctly, it can really be said to be passive income.

So thinking that trading is like gambling is really far away, and thinking that it is just luck is also the wrong mindset.
At least if you become a professional trader, that is a good achievement because that means everyday or every time we do trade, there is really something that can be said to be profitable in trading.

[Aanuoluwatofunmi]

Being a successful trader entails having the knowledge on how to trade and being able to perfectly apply a trading strategy suitable for our use, how to effectively manage our trading skills, know how we could sell or buy and when to do so, speculate the market more accurately, have targets and avoid high risk, spend more of your time on the candles and do more research on the general market performance.

[Findingnemo]

Yes being profitable is the simple definition of a successful trader but it is not that easy because trading is uncertain, we can't be sure that we can make profit no matter how much skilled and experienced we are in the crypto trading field and one who claims that they can predicts are liars, they genuine traders will accept that it is impossible to be 100% successful but we can manage and reduce the risk that may increase the profit making chances.

[Wiwo]

When you say successful what it means is that, an activities that is 100% profiting and motivating to do all the time, so for someone to call himself a successful trader, it entails alot of things and profits making is just one among the factors that makena succeed traders but then also ability to make profit is a sure way to show that a trader have a working trading strategy and approach.

[Asiska02]

Finally, does the term Successful Trader refers to how much profit you are generating or how knowledgeable and good you are in analyzing chart or how a trader is able to make an x1000 and above in a single trade?
Or there is one particular thing a trader have to possess before he is classified successful.

Your thoughts would be appreciated.

A successful trader in my opinion is one having a consistently winning rate. In this case, when a trader takes five trades, he should at least win three out of the five trades, that will still make him a better trader than just showing off the wins in one trade which may also be as a result of luck only. The market are very unpredictable and one still needs to be more careful when making predictions and analysis that he or she wants to trade. I will also classify a profitable trader to some extent as a person that always wait till market reaches take profit before closing them. A non-profitable trader will not trade till the take profits point is reached. It shows they’re not gambling and working on their knowledge and make decisions on that regard.

[Thyplaymaker]

Being a successful trader is the act of having the right mindset, knowing how to control your trading activities like how to manage risk , which may lead to reduction in losses and increase profits because if you are not losing much you are winning much because every small wins in trading matters .

[gov.]

A person can be said to be a successful trader if he has these point:
- regular profit ratio using own flagship strategy.
- high level of discipline, it's about time and risk.

emotional management? I'm not even sure psychologists can control their emotions in some conditions. I think only discipline can at least train that slowly.

[albon]

In fact, the successful traders do not hesitate to take risks when they see real profit opportunities based on their regular market analysis and trading strategies. They never take reckless risks because they are very experienced with crypto and trading. Therefore, they are always aware of the possibility of making mistakes and practice strict risk management by setting small limits on their losses. Moreover, a successful trader is very flexible so they do not get arrogant in their trading. They understand that trading is a skill that can only be mastered through hard practice over time. They carefully watch for signs that their analysis is wrong and if they see such signs, they quickly adjust their trading positions.

[LogitechMouse]

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Finally, does the term Successful Trader refers to how much profit you are generating or how knowledgeable and good you are in analyzing chart or how a trader is able to make an x1000 and above in a single trade?
Or there is one particular thing a trader have to possess before he is classified successful.

Your thoughts would be appreciated.

It might be a subjective thing because there might be some who sees "Successful Trader" in different ways, but for me, "Successful Trader" means making more money than it loses. Simple as that.

We're trading because we want to make money, and in trading, losing is inevitable as well so for me, you can be called a successful trader if you're making money more than what you're losing. Knowledge and analyzing the charts contributes on what can be a successful one because you can only make money when you have the knowledge, and you know how to analyze the charts.

There are still some factors before you can call yourself a successful trader, but that's my definition of it.