Secrets of Profitable Traders!
To me, these are the basic ingredients for every trader to be consistently profitable!
1) A Method/Strategy
Any time you place an entry or exit trade, it must be based on certain pre-tested rules that you will consistenly apply in future trades.
2) Discipline
If you lack discipline in following your strategy, you don’t really have a strategy in the first place!
3) Live Experience
The real way to become a master trader is to learn through mistakes in the real markets! Only then do you master the emotional aspects of trading and investing.
4) Taking Personal Responsibility
Never blame the news, the broker, the “insider traders”, the economy, or friends’ advice. As you take personal responsibility, you retain control of your ultimate success. You will then be able to review and overcome certain behavioral patterns that you will discover in your trading.
5) Accommodating losses
Any trading method will have losses. Never allow the emotional impact of any loss affect you too much; focus on the big picture - no single trade is important. Review you losses cool-headedly, and resolve to overcome any bad trading habits you discover about yourself.
6) Accepting gains
As you find yourself making consecutive profitable trades, you need the self-esteem and confidence to take them in a “matter-of-fact” way, without allowing pride to get you carried away - all the time maintaining discipliine in following the trading methods and money management rules.
