95% of Traders lose money, It is important to learn the things that allow Profitable Traders to make money on consistent basis. If you have been trading for a while but have not been profitable these may be things that you need to start doing to stop losing money.
Start Following a Trading Strategy
The market doesn’t care about your opinions but the Trading Strategy will give you Entry/Exit and SL. Learn to understand what the chart is saying. Start to define trading success by trading a robust method with discipline over the long term. Consistently trading a winning system over the long term is what makes money in the market.
Start to take 100% responsibility for your losses. Do not Look for Excuses for your Losses.You enter the trade, you exit the trade, the wins and losses are yours alone. The blame game is a losing game in the markets.Start to change your position quickly when you are proven wrong in a trade.
Have the Right Position Size
If your position size and risk management are correct no one losing trade should emotionally devastate you it should be only one of the next hundred trades with little significance by itself. Start caring more about what the market is doing and less about what you think it should be doing. Always Believe in Living Another day, Protection of Capital should be your Only GOAL.Traders that make money are able to trade through their losing streaks with small losses to get to the big wins.The primary thing that makes money for most rich traders is having small losses and big wins not percentage of winning trades.
Stop Looking For The Holy Grail
Trend trading is based on two piece of data that is always accurate “Price and Time.“ Looking for the Holy Grail, Traders spend untold sums of money on analysis software, trading systems. All in order to predict the future but they never stick to a single system.
However there is no Holy Grail. There never has been and there never will be.But this doesn’t mean profits, indeed huge profits, cannot be made in the markets. Trick is to Follow Startergy which give you an Additional Edge and Follow it consistently. “True Believers” in Trading Strategy end up making money.