Markets have been on a roller coaster ride since the start of new year week. These kind of markets are real test of trader.
I firmly believe that anyone can learn to trade successfully, it’s also true that there are certain skills and abilities that one must be willing to develop before they can become a successful trader.
If you have been reading my daily positing for a while, you know I firmly believe in having a Strong Trading Psychology, Working on Proper System and Discipline in all the trades.
Skill set Required for Trading Success
- Learn Manage risk,DO not Blowout Account. This requires both emotional control and a firm understanding of the uncertainty of markets and probabilities of trading.
- Learn Self-Discipline. Humans are not naturally good traders, in fact just the opposite. The most comfortable decisions are usually the wrong ones, and we’re hardwired to make decisions that feel good,We need to instill Self Discipline within our self to succeed in trading
- Develop EDGE– Educated Guess- Trading Strategy will play a Crucial Role in trading success as it will let us know when to enter and when to exit.
I have complied a list of question for my readers that will make crystal clear what you need to do to become a successful trader. So, dig deep and put your thinking cap on, and when you’re finished reading leave a comment and let me know if you think you have what it takes to become a successful price action trader.
I have complied a List of 20 Question which you should answer Honestly, Any Score below 15 means You are not Fit to be a trader, Stop trading immediately and save yourself from losses. Either learn the art of trading by yourself reading Books or Get yourself a mentor.
- Do you have a trading plan
- So You have Trading Goals
- Do you cut your losses with proper Money Management
- Do you define your Risk with proper Risk Management
- Do you know where to exit
- Do you add to your losing Position
- Do you over trade
- Do you let your profit run
- Do you keep a record and review them by maintaing Trading Journal
- Do you add to your winners
- Do you use mutliple time frames
- Do you Trade the News
- Do you trade using Social Media messages
- Do you Withdraw your Profits
- Do you try to pick market tops or bottom
- Do you keep changing trading system every other day
- Do you want to double your money in matter of 2-3 months
- Do you study Loss making Trades
- Do you Stop trading when you have achieved your trading Goals
- Do you know when not to trade.