Many of the traders may be trading for part time only , but to become a full time trader may be the goal of each and every part time trader.
Because many of them think that to become a full time trader is better than struggling in the jobs for so many hours in day.
But to become a full time trader is also not an easy job it also requires some of the basic skills to trade in the market all the time.
You cannot consider market to give money all the time , you need a patience and you also need to understand that there are no magic in the market which helps you.
You should plan strategies , your outlook towards the market will help you to make consistent money from the market.
Be trust worthy to yourself.
You can cheat easily to hundreds of people in your life and you will not even feel sorry for it but when you start cheating yourself , you will make the biggest mistake in your life and when you will realize , you’ll feel sorry for it life time.
In trading also one mistake or wrong decision can destroy your life so you should always listen to your soul’s voice to judge between rights and wrongs. Don’t avoid your inner voice.
In the beginning if you have a small trading account then you should take your risk which you can afford to loss. Having small trading account you should try to maintain your position size accordingly at smaller positions with less risk.
Don’t run too much after the money , try to manage your money earned from the market for your expenditure. Always try to keep your expenditure less than the money earned.
Keep some amount aside for trading also. Does not think of getting rich once you start increasing your trading account. Always trade in such a way that you should protect your capital.
Know about the basics of market
I have come across many traders who say that they have made a huge amount of loss in trading but when I cross check them I come to know that they don’t even have the basic knowledge of the trading.
So before becoming the full time trader you must know about the basic strategies of the market and also know about the market conditions.
Become a master in observing price action.
First start with only one strategy in your account try to understand it and choose the one which you feel most easy to understand and apply those in your trading.
Once you become master in that go for another one. Don’t be in a hurry and don’t force your brain to understand all at a time.
We all are different in our personalities and the working capacity of the brain is also different. Patience will lead you to make profit consistently.
If you don’t really understand and master them then you can only talk about trading but can’t apply them in trading.
Have a trading plan.
You should start making your own trading plan and price action trading strategies once you become a master in understanding the price actions.
This will help you to guide yourself to avoid overtrading and not to become emotional in the market and to do a stressless trading.
It will give you the clear idea about your trades and will also avoid waste of time in trading. By having trading plan it will also help you to be more disciplined.
Maintain records in book.
Many of them make the trading plans and also a book but they hardly apply their plans and don’t even make use of the books.
The maintaining of records about your trades will help you to better understand your strategies. It will help to know you about your performance in trading over a period of time.
But hardly any trader maintain a book they remember to write in the starting days but once they lose a trade they forget about a book being emotionally disturbed so that should not be the case.
Do a demo-trading.
When you are ready with your trading plan and your book or diary you can start your demo trading with your demo account before starting trading with the real money.
Practicing with a demo trading account will help you to know the market conditions. Just consider a demo trading as a real market to study the market behaviors.
If you get a consistent profit in the market for at least three months then you can start trading in the real markets.
As you will not get emotionally attached with the demo trading but it will give you the outline of the real markets working.
Need to manage the risk.
For becoming a full time trader your first priority should be to manage the risks. All the full time traders are doing one thing in common i.e. managing risk effectively and properly.
They do this by knowing about their risk to reward ratio and also by maintaining their position size in the market.
You cannot take more risk of money which you are not comfortable and cannot also aim for more money in your account.
A successful full time trader has a different outlook with regards to the market that’s the main difference between full time traders and part time traders.
The full time traders take it as a business and the others take it as a game club. They don’t make the trading plan and usually take illogic decisions and end up doing loss.
The full time traders are more patience and focused about their trading then other traders.
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