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.
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