Have a Realistic Trading Plan
One should have a realistic trading plan while trading the markets. Many traders expect unrealistic results from the market which is not good in trading.
Before entering the market you should have a clear goal and mindset about your trade. You should be pre-planned for your entry and exit of your trades. Many traders trade emotionally and they just dream about the unrealistic results from the market.
Most of the traders don’t place there stop loss and target orders and they just watch the trade emotionally and expect unrealistic expectations from that trade.
They just think that if this trade moves explosively in their direction then they will get big results. But unfortunately due to this behavoir they lose their trade and end up making huge losses.
Learn Price Action Methods of Trading and do Practice to Master them.
Price action is a dyanamic method of trading which can be used for any markets where there is a good volatility.Learn price action trading methods thoroughly and master them.
Learn price action methods to trade the market rather than learning the indicators or oscillators. Price action is the easy and natural way of trading which will help you to trade the market lifetime with more accuracy.
Develop your interest to learn price action method. You should be passionate to learn price action. Develop your habbits to observe the price charts.
Long term observation of charts will improve your knowledge and experience about the price movements. Slowly you will be able to trade the market with more accuracy and confidently.
Beware of Over Trading.
Overtrading is a slow poison in trading. Many traders are addicted to overtrading. Most of the traders think that more trading means more money. But this is completely wrong.
You should enter into only those trades which are high probability trade setups. Avoid trading in low probability trade setups.
Just check yourself whether unknowingly you are addicted towards overtrading or not. If you feel anxious or restless on saturday and sunday when market is closed , then it is obvoius that you are addicted to the market , just like a alcoholic.
You should feel free and happy even if the the market is closed , then you should consider that you are not addicted to the market.
Instead of entering in more number of trades , enter in selected high probability trade setups , so that you will get good results with more accuracy.
Manage your Proper Lot Size accordingly and Handle Your Risk Properly.
Risk management is the main key of success in trading. You should not risk more per trade. Your risk should be digestible or comfortable to you.
Very few traders focus on risk mangement . They just avoid to learn about risk management or they do not give importance or priorty to risk management.
Actually to get success in trading risk management plays most vital role. But most of the traders don’t follow it. This is the major reason why most of the traders fail in trading business.
Don’t change your lot size frequently. Your position size decides your success or failure in trading. Usually most of the times it is observed that when traders make profit their lot size is less and when they make loss their lot size is more.
Therfore you should balence your lot size and should be constant till your fund changes. You can make changes in your lot size accourding to your trading fund , following the risk management.
Trading is a Professional Business not a Casino.
Trading is actually a professional business just like other businesses. In fact this is a most exciting and wonderful profession in the world.
But many people think that it is a game of just two keys. But it is not like that. It requires same dedication and devotion which requires in other businesses.
There are the same rules and disciplines to get success in trading , as in other businesses. Most of the traders enter in the market , without understanding the markets or the required rules and regulations and trade blindly without any logics or without following the rules and disciplines of the markets which is the main reason for failure in trading.
To get successs in trading one should focus on learning the markets and observing the price movements. You should increase your knowledge and experience about trading.
Focus on learning the markets not on earning. Once you will get passionate to learn about trading , it is a first step of success in trading.
As your knowledge and experience abour trading will increase , slowly success will follow you.
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