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Who gets successful and how?
This is really a very important question that comes to one’s mind before he/she start trading. Although trading carries with it a 95% failure rate, there are a select few who separate themselves from the pack and enjoy a steadily rising equity curve. What is it that separates successful traders from unsuccessful traders? Is it education, intellect, or work ethic? Are they better market analysts? Do they have a better trading system? The answer is most definitely No! Consider the fact that most of the people who fail at trading are doctors, lawyers, engineers, scientists, CEO's, and entrepreneurs. Intellect and market analysis can help but that is not where successful traders focus their attention. The fact is, consistently successful traders, the best traders, THINK differently from the rest. Furthermore, they have learned to manage their emotions. Have you ever taken up a new trading system, practiced your trades on a demo account and done well, then switched to your live (real money) account and failed miserably? This happens because when real money is on the line, most traders tend to let their emotions prevail and so they experience fear. That fear then causes them to make errors that eat away at their bank account.
Successful traders, on the other hand, have developed a unique mind-set that allows them to stay disciplined, focused, and confident in their trades no matter what is happening in the market. They are able to enter in to a trade without hesitation or conflict, and just as easily without hesitation or conflict, admit it isn't working, get out of the trade, even with a loss, and not experience the least bit of emotional discomfort. Why? Because they have learned to accept and embrace the inherent risk associated with trading. They live to trade another day instead of blowing up their whole account, knowing that there will be other trades that will go their way allowing the law of probabilities to work in their favour. Most traders take on the risk of putting on a trade, but successful traders have also truly accepted that every trade has a non-guaranteed, probable outcome with possible consequences. Ironically, this is what keeps them in the positive, carefree state of mind that brings them consistent success. Trying to avoid consequences that are unavoidable actually brings those very things to you and has crippling effects on your ability to trade successfully.
If you want to make money consistently with your trading, you must you must manage your emotions and learn to THINK like a successful trader. You must develop a "trader mind-set".
Well, here we have given you some points on which you can rely and can watch success coming to your way.
Share trading tips:
- Do not over trade - Do not put all your money in share market.
- Do not put all your money in single share or single sector - Put or divide your money in multiple shares or sectors. This may reduce the risk of heavy loss.
- Do not panic or fear - Think twice before making your trade/plan and once done stick to it, don’t panic or fear.
- Accept Loss - If you trade is going against you and if you are not sure about your trade then immediately accept the loss and come out of your trade. It will save you from heavy loss.
- Right Opportunity - Do not fall in trade early, wait for right opportunity and then trade. It’s very important. "Wait, Watch and then trade” you will get success.
- Every day is not trading day - Do not force yourself to do trading every day. It’s wrong. If you are not sure about the market movement for that day then it always wise decision to be away from market and not to trade.
- Keep you greediness away - Most of the people loose in share market due to greediness. Get satisfied with whatever profit you get and come out of that trade and wait for next opportunity. Don’t wait to take huge for that single trade.
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