Today again we saw the volatile swing in market, going down on bad news making a panic bottom and than rising during the second half of session. Traders trading without a trading plan and not having proper discipline are bound to looses in such market, as they are unable to change the sides quickly end up being a loser. As per Stats only 5% traders are able to make money on “consistent” basis in the market in long run. So what makes trading so fascinating that only 5% traders are able to learn lets look into the reasons.
1. They will never trade for living for initial 5 years of trading, They use this time to get aquainted with all kind of market situation understand the value of 3 M in trading . The need for steady money like a weekly paycheck will corrupt your thinking and force you to deviate from your plan of action that was so well thought out prior to the heat of the battle.
2. They will trade only with money they are willing to loose. They do not need the money that they loose. Evenif the account goes bust their retirement planning and other necessities goes unaffected, The enormous amounts of money that it requires to learn to daytrade would exceed most people’s lifetime income. What makes the number of successful day traders so low is that even the few who could make it, dont have enough capital to endure the learning curve.
3. They never rely on other people opinion. With the intital learning curve they make sure to build habit of trusting the system!! They do not worry what FII’s are doing or believe in some insider news.
4. They do not follow the crowd, and there is no pressure on them to conform or perform. One absolutely must not be in a position to be held responsible for anything that you do. Total freedom from both personal and monetary obligations are a MUST, this alone eliminates 99.9%.
5. They have incredible discipline to not buckle under pressure. They have a perfectly clear head and understand fully what they do and how they do it.Battle wounds and memories of defeat are more valuable to them than the money.
6. They do not daytrade with the goal of making money. Quite the opposite, they would be just as happy in any type of intellectual challenge that requires the extraordinary inverted thinking and brilliance required to win at an individualized sport.”
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