We should follow few rules when we trade. These things a trader needs to start doing that will make money for them. It’s hard to figure out what makes them successful so that as traders, we can follow these rules and generate profits. Traders need to start doing things right away if they want to make money and improve their results right away.
These are the Things A Trader Needs to START DOING if They Want to Be Successful:
- Use charts to begin trading price action. The market is unconcerned with your opinions, but these charts reflects all market information. Try to decipher what the graph is trying to say.
- We can only trade the price actions rather than try to control them.
We should accept full responsibilities for our trading losses.
- Its our decision to enter the trade. Its our decision to exit the trade. and we are solely responsible for your profits and losses. Avoid blaming the market or system or other factors.
Try to recover from losing trades by moving on rather than ruminating.
- A single bad trade should not make you feel bad; instead, it should be one of a hundred trades.
Avoid your thoughts about the market.
- In trading, thing that matters is current price action, not your prediction of future price action.
When you’re got wrong in a trade, start changing your position super quickly.
- There are some good trades that start out as winners right away, but if you have to start hoping and stressing early on, the trade is almost certain to be a loser.
Regardless of your short-term results, believe in your robust method’s long-term success.
- Successful traders generate profits from loosing trades by avoiding
Make money from trading in the long term by trading a reliable method with discipline.
- The best way to generate profits in the stock market is to keep trading a winning system for a long time.
- Begin by risking only 1% of your money per trade.
The more you try to trade with only 1% of your money at a time, the less emotional you become and the less likely you are to lose money. This 1% is the amount of money you’ll lose in a trade. It’s not the total amount of money you have to trade.
- Start chopping down your losers and letting your winning trades run.
Most wealthy traders make money by having small losses and large wins, not by having a high percentage of winning trades.
It’s time for us to stop what we’ve been doing and start what good traders are doing. There are some bad traders who make money quickly but they lose a lot of money over long time. Successful traders may lose money in the short term, but they make a lot of money in the long run. Traders who want to make money must do these things now.
Also Read10 Things that Ruin a Trading System