It is observed that every single person even the one who is not involved in trading compares his or her growth with respect to the money in his account to state himself as a rich man or a successful.
Same thinking people apply with respect to trading and think that if more amount of capital is present in the trading account then they are growing successful in the trading market.
But truly speaking I thought the same as you all are thinking many years ago but then I realized that success or growth in trading truly does not depends on the trading account.
In the beginning anybody may even have turn one lakh rupee into 1 crore but that all he did was just by being in the market all the time and taking more risk and not having any kind of mature thinking.
After spending many years in the market my thinking regarding market totally changed and I got a new outlook towards the market.
For Consistent Success In Trading The Following 5 Things Has To Be Developed.
Give first preference to risk management and then second preference to your reward.
In 2008 the crisis was all because all the people almost did opposite i.e. they gave importance to their reward more than their risk management.
Only very few successful traders understood that the market is going to fall due their mature thinking and analyzing market regularly.
When such conditions occur the charts are the best alerting signals for the traders to identify but many of them avoid that signal because of greed or getting more money from the market.
It causes you to trade , out of your trading plan comfort and finally becoming indiscipline with trading and blowing out your trading account at the end.
So signal that you will come to know about your developed thinking regarding trading is that you will always give preference to risk management being as a discipline trader.
Make sure you are completely stress free when you are trading.
Make sure that you are completely free from any kind of stress while trading because it will create a problem for you in the market.
Being stress out , you will be not able to analyze the market practically and you will end up taking even more wrong decisions in the market.
If you have lost your trade then don’t start getting panic about it and don’t over think on it, just try to bring out solution to it somehow.
Just behave in such a way that it does not affect you at all, but it doesn’t mean that you will do the same mistake again.
Same way if you win a trade then doesn’t get over excited and over confident with trading because if you are winning today then due to you’re over confidence , you may even lose tomorrow so better be careful.
Don’t make competitions with the other traders.
This is very important for each and every trader as the traders are increasing day by day you may have your friend, relative etc in trading , so don’t go into show off of your trading account.
It’s a natural human tendency to show off others , so don’t get involved in any kind of trade which does not satisfy you trading strategy and don’t risk more just to show someone , because it’s going to harm you later on.
If you miss a good trade , than don’t do chasing behind it , Yoy will get other good trades in another sessions or the next day.
Take your trading business seriously and not as an entertainment.
Trading is a business which you need to take it very seriously , it does give you a comfort of trading from anywhere unlike your job.
Trading is much flexible as compared to your job , but here also you need to follow some of the disciplines very strictly to become a successful trader.
Don’t take as a casino or a fun at the movie , you need to really treat it as a business to grow successfully in the market.
Make sure that you follow your trading plan.
Be very particular in following your trading plan because doing that will help to analyze the trades easily and avoid mistake before entering the trades.
Even if you have suffer from a series of loses or wins you should follow your trading plan in all the conditions.
Having a trading plan is the key to get success in your trades. It helps you to identify the high probabilty trade set ups and potential entries in the market.
The 5 things explained above has to be developed to get consistent success in trading. The idea is that you have to develop your thinking or attitude in more maturity level as a trader.
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