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skills you need to become a successful trader

Skills You Need to Become a Successful Trader

In order to become a successful trader, one needs to understand

in detail to search, evaluate and select profitable algorithm

trading strategies.

Though identifying strategies is a personal preference, you need

to decide strategy performance, and determine the type and

quantity of historical data for testing.

here are some tips for it

Here are some tips for it.

Personal Interest

In order to become a successful trader, the most important

consideration is to stay aware of your personality. Trading

requires a significant amount of discipline and patience. It is

important to not interfere with the strategy when it is being


Continual Research

You need to carry out in-depth analysis to understand different

types of trading, like automated trading, algorithm trading, and

quantitative trading. You must have a considerable amount of

time in order to carry out research.


Do you have a full-time job? Or, part-time? Work from home?

The answers to all these questions determine the frequency of

your strategy. If your strategy highly depends on frequently

traded and expensive news feeds, you will clearly need to

remain updated throughout the day or able to successfully run it

while being at the office. Those who have ample time can look

into technical high-frequency trading strategy.

Trading Capital

Consider your trading capital. The generally accepted, and

minimum as well as the ideal amount of a quantitative strategy

is around 50 000 usd because the transaction

is around 50,000 USD because the transaction costs can be very

expensive for mid-to high-frequency trading strategies and it is

necessary to have sufficient capital readily available. If you are

adopting a low-frequency strategy, then you can start with less

than 10,000 USD.

In addition to all these considerations, programming skill is also

one of the important factors if you are creating an automated

algorithmic trading strategy.