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How to become a successful Trader?

If you want to succeed and grow as a trader what you have to do is to learn from your mistakes. The first time when you commit an error which costs you money will be counted as mistake but if you have done this again it means you are stubborn, if you make a mistake for the third time you are foolish. One can be active in market for a decade but if he/she repeat the same fault again and again then it is like a new trader every time. Your growth as a trader will only happen if you learn from your mistake and stop doing the wrong things and start doing the right things.

Few important points which can help one grow as a trader:-

1. Try to find your own strategy to trade, it can be influenced by your fellow trader but you can’t copy anyone’s style of trading. If you don’t have any plan for trading and you are trading randomly then it is gambling and it all depends on your luck.

2. If you have got your trading system then you have completed your first step. You have to follow it with discipline and proper position sizing for long term success.

3. Trade your signals what is being suggested by your setup. Don’t trade opinions. Follow the market trend.

4. Back test your setup several times before putting the real money at risk.

5. Be patient with the winning trade and impatient with the loosing ones.

6. The smaller the trading time frame the more the noise the higher the trading time frame clearer a trend becomes.

7. You don’t have to be a perfect trader just get your edge to be profitable.

8. In trading your greatest enemy is you yourself. Greatest edge will come from proper position sizing and being disciplined. Just staying in the game is your first priority, most people are knocked out because they are not capable enough to control emotions and ego.
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