Skip to main content

Essential constituents of a sucessful Trader

To become successful as a trader there should be some ingredients in your nature. Over the long term the trading game is won through proper risk management, mental discipline, and the ability to create and follow a winning trading system.
Ten much needed things to become successful as trader are following:
1. Passion for trading: Only one thing that can lead you to become a successful trader is to be passionate about the work and it will push you to do the required homework.
2. Goal orientation: Any thing which don’t have a goal ultimately leads to failure. So if you know why you are trading then success is not far away.
3. Perseverance: The attitude to never quit will definitely take you to become a successful trader.
4. Resiliency: “ I will bounce back” is the only statement which should be repeated again and again in your mind because every trader goes through draw downs but the main secret is how to come back again.
5. Back testing: Cross checking of any trading system is most important. Back test it based upon previous data available then test it live then try to enter the trades.
6. Understanding yourself: Trade only when your system tells you to trade. Cross check your self first that in which style or strategy you are comfortable with then only trade.
7. Great traders know that a winning system which gives bigger wins than losses or a high winning percentage with equal sized wins and losses.
8. Keep losing trades as small as possible but carry your winning trades with a trailing SL to maximum extent.
9. Be flexible and humble don’t be stubborn with market.
10. Always be disciplined in using a trading plan don’t take emotional decisions.

Comments

Post a Comment

Popular posts from this blog

India: Growth Slow Down (A note on GDP)

Indian economy slowed down significantly in the first quarter of FY2017, which is worst in last three years exactly the same years Modi government is in center. According to recently released data GDP expanded a weak 5.7% annually in Q1 FY 2017, which was sharply below the 6.1% increase in Q4 FY 2016. All those analyst who were forecasting a healthy growth rate now are vanished and our finance minister is accepting that this is a matter of concern. The probable reason of this slow down can be demonetization or implementation of GST. Export growth slowed notably from 10.3% in Q4 FY 2016 to 1.2% in FY 2017, the worst result since Q4 FY 2015. A strong rupee and confusion over the looming implementation of the Goods and Services Tax (GST) likely weighed on the result. There are many evidence in which suggests that firms were not sure of how to price product, with some even providing pre-GST discounts, which likely caused disruption in economic activity. Meanwhile, import growth rose to...
Post a Comment
Read more

Market update 22nd March

Market opened down by almost 70 points taking global cues as US stock sank yesterday. Market is expected to be negative for intraday session although a slight up move in afternoon session can not be ignored but sentiments remains negative.This correction was due in the market and for short term trader 8950 will act as a support for nifty on the another hand sentimental support is of 9000. The trading activity yesterday showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1662.72 crore yesterday, 21 March 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 798.57 crore yesterday, 21 March 2017, as per provisional data. 9170-9200 will act as a resistance zone. Stocks which will be in focus today: Dena Bank: Board approves raising of share capital by the bank, amounting to upto Rs 800 crore. Wockhardt: Drug firm, Wockhardt, has received approval from the US heath regulator to m...
Post a Comment
Read more

What Macron’s Win In France Means For Emerging Markets And India

What Macron’s Win In France Means For Emerging Markets And India As result of France’s presidential election has already been announced and Emmanuel Macron won the election defeating Le Pen. Emmanuel Macron is the youngest president in the history of France. As market was expecting the same and the positive rally was already in cashed that’s why market has not reacted unexpectedly after the results. If Le Pen would had won then definitely a sell off rally was expected. Macron has sounded pro-business, consistently talking about labour and tax reforms as well as infrastructure spending. The equity markets love these terms. All French and EU focused businesses are likely to benefit, and there may well be a bit of an up-move in European equities in the first half of the week.  Investors in emerging markets like India would be happy that the EU markets are now unlikely to see some vicious sell-off. This puts the focus back on domestic factors and the local triggers...
Post a Comment
Read more