Highly profitable traders are not born, they are made. They do not rely on pure luck to make consistent earnings but on their calculated moves when trading in stocks/Forex/commodities.
Today lets discuss the Qualities of Top trader.
1. Discipline
Without discipline, none of the other qualities matter. It is possible for any trader to invest some money in a account, enter their very first trade and make a high profit and repeat the process and make profits for a short duration of time.The story of most of retail trader, but what differentiate professional from retail trade is:
However, it is only a disciplined trader who will be able to consistently make profits over a long period of time.A trader who lacks discipline will most likely wipe out his/her trading account in a very short time period.
2. Perseverance
We all at one point in life fail in our endeavors. When that happens, most of us give up but the best of us preserver and try again and again until they perfect their approach and succeed.The best traders in the market did not get to the top easily by winning every trade.Almost all of them lost big at one point, or even several times. But they fought on, learned more, and came back better.
3. Professional
Top traders are highly professional to their approach to trading. They do not treat the market as a gambling table or a hobby, but as a serious business.They use proper risk management and money management techniques while at the same time recording all their transactions.They use a carefully formulated trading strategy on each of their trades instead of simply going with gut feelings.
4. Unemotional
While all of us as human beings have emotions, top traders have over time trained themselves to approach their trading devoid of the emotions that jeopardize our trades.Emotions such as fear, greed, pride, and hope only end up sabotaging our clearly formulated trading strategies and make traders discard their market analysis results leading to losses.
5. Goal Setter
It is said that every journey begins with the first step. However, if you do not have a direction to follow and a destination to move towards, your steps may just take you in circles around the same spot.Top notch traders identify their preferred destination by setting goals. These goals include short term goals that may span anywhere between a few minutes to a few weeks.They also have middle term goals which may span a duration of between a few weeks to even a few years. A goal setting trader will also have long term goals that will typically be set to be accomplished within some years.
BRAMESHJI YOUR WORDS ARE SOMETHING LIKE MY EXPERIENCE AND CONSCIENCE SPEAKING.
i PRAY GOD FOR YOUR HEALTHY / WEALTHY LIFE TO CONTINUE WITH YOUR NOBLE SERVICE / GUIDANCE FOR US.
thanks a lot Rajamohanji..
Thanks again for your inspiring and confident building article. As a trader one cannot able to foresee or identify where that lakshman rekha dividing, the gambling part and professionalism falls. Also he cant time it out also .It wipes out all his gains. Moreover when Institutions and sophisticated traders are trading with hi speed algorithms, how an independent trader unarmed with these things can strategize? Will be thankful .if you can put your thoughts when you at your leisure and guide us. Thanks again
ALGO Trading is just an excuse traders give of unable to make money.
As per latest Stat @NSE only 2% of trading volumes are driven by ALGO, so i do not think because of Algo a trader is not able to market money.
Trust yourself and stick to trading discipline with proper risk management.
Rgds,
Bramesh
Dear Bramesh Sir,
I am your big fan. I always read ur blog very carefully and try to trade accordingly from last one year. I have made some money in intraday stock trading and loast many in FNO too. Now i dont know in which stage i am. Now iam facing some problem regarding loss of money in trading even i am more confidant that i will make money in that trade 100% but i cant take decision to enter in trade. Please give some valuable guidance to me what i have to do. From last 15 days i want to trade but cant take any trade. And in thus time i had never enterd in my money making trade where i have confidence but not taken the trade.
Regards,
Nish Thakker
It shown lack of trust on your trading system.
Start TRUSTING your trading system and make a trading goal stick to it.
Rgds,
Bramesh
sir i trade daily in nifty and bank nifty….and make aprox 5000 everyday…i was doing this for 2 3 months…but suddenly i started doing overtrading and wipe out all the gains….plz tell where i am being wrong…any suggestion fr my kind of trader.
Mr Ramesh, I suppose you are wise in trading and have confidence in your self in earning Rs 5000 every day. But you have lost money in recent trade, do not get upset it is part of business. Try to save 25% of your profit. And also use strict Stop Loss.
Thanks all the best
The Biggest Problem is “TRADING DAILY”.
As a trader have a realistic trading goal and if achieved “STOP” Trading.
Less you trader more you earn. Get into habit of sitting out of market.
Rgds,
Bramesh
thanks a lot sir…but there is one more thing …if i sit out of mkt for few days…i really dont understand the screen well as i am a pure screen trader…plz give ur thoughts sir
Than change your trading style
Its really grt..article sir
Dear Bramesh – Can you please share a writeup on Option sellers – when to sell option, when to go for major strategies like stradle strangle, how to maintain stoploss on combinations – atleast some of your thoughts……