Hi there, I'd agree with most of the things said here, I too had a lot of losses initially then started recovering slowly. Still make mistakes and regret later but they are not blunders or suicidal any more as they used to be. I have so many times doubled money in a month only to lose it later because of some silly mistake. To add my two cents I'd say to be successful in trading what one needs is (some things have already been told by Reggie in his very useful post) -
1. An average/simple trading system
2. very good Money Management (its as important as or even more than having a good trading system)
3. If you are a day trader - good trade execution (its not generally emphasized upon but I think in day trading its very important)
4. NO Ego at all, ( because I allowed so many huge wins turn into losses only trying to outperform myself every other day so that I can boast about my great performance.)
5. Always keep rational and acheivable goals so later when you get more than what you aimed for, it will increase your confidance and your faith in your system and inspire you to continue following it successfully.
6. If day trading, do it with great concentration and in an undisturbed place
7. All of this is useless and totally wasted effort if you dont have following three things -
DISCIPLINE, DISCIPLINE, DISCIPLINE.
FOLLOW THE RULES RELIGIOUSLY
warm regards
1. An average/simple trading system
2. very good Money Management (its as important as or even more than having a good trading system)
3. If you are a day trader - good trade execution (its not generally emphasized upon but I think in day trading its very important)
4. NO Ego at all, ( because I allowed so many huge wins turn into losses only trying to outperform myself every other day so that I can boast about my great performance.)
5. Always keep rational and acheivable goals so later when you get more than what you aimed for, it will increase your confidance and your faith in your system and inspire you to continue following it successfully.
6. If day trading, do it with great concentration and in an undisturbed place
7. All of this is useless and totally wasted effort if you dont have following three things -
DISCIPLINE, DISCIPLINE, DISCIPLINE.
FOLLOW THE RULES RELIGIOUSLY
warm regards
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