How to identify good traders to follow for trading signals?
Asked 3 years ago
I'm completely new to everything. Do you have any tips on how to find and follow some good traders? Thanks
Arthur Nwosu
Friday, July 02, 2021
what i always advise anyone who is trying to get into this trading business is first, know how to trade yourself. relying on trading signals keeps you dependent, if there is no signal from the people you are paying, it means you cant take a trade. the purpose of this business is basically to remove any form of dependency.
i understand some people don't have the time to learn the rudiments of trading, so to get the kind of people you should follow, there are things you need to look out for.
what is the trader's win to loss ratio: in the business of trading, there are bound to be losses. to remain in the game means your wins have to be more than your losses. if their wins are significantly higher than the losses, it implies they are good at what they do.
how is their risk management: traders should generally not risk more than 5%(figure is somewhat relative) of their total equity, no matter how sure you are of the trade. any trader that risks more than this on a trade should generally be avoided(i am very well aware some traders can be aggressive in their trading and it might work for some, but still, it should not be encouraged).
Finally: learn to trade by yourself. You could check out ICT on youtube if you are interested in learning about forex and some other asset class. i highly recommend him
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