what separates a succesfull trader from un succesfull trader

first things first few are my doubts

1) which yields more percentage of profits, day trading or long term investment
from previous posts and replies what i got was a succesfull day trader makes
anywhere between 1.5 to 2 % of his capital a day.
assume if he trades with 10k then he will be making 150 to 200 per day which will come up to 4500 to 6000 per month.
Now with the same amount invested for a month will it yield that much profit

2) what it takes to become a succesfull trader. does attending classes or reading lot of books on stock analysis(bar chats, graphs, finanicial statements)
or company analysis .. what x factor which makes one earn in lakhs in trading and another a full bankrupt

3) does it boils down to one thing called experience which i mean is u lose and lose and one day start earning and somehow u get into the world of succesfull trader by some percentage over the years

u are most welcome to comment east and west on any of the above points
guidance and insights are most welcome

I downloaded the trial version, but i dont know how to use. is there anything do i need to do?

in my view its all about experience & excellence.

additional is the trading plan and strategies when you are entering and when you are inside and of course when you will exit on the market... :thumb:

Putting my thoughts on your question.

Both are different approach to trading and each needs different psychology/mental setup and systems to succeed. Like in cricket, open batsman needs diffrent batting approach then middle-order batsman. Answer depends on analysing yourself and finding out the approach that suits you. Trader make money by trading both styles and they also go broke trading them.
IMO, daytarding is lot more demanding on your time and puts lot more emotional challeng.. hence sustaining it for long term is difficult. But it is fast way to learn trading. Once u master the skills of trading
then u can move to swing/positonal trading and enjoy life with abundance of free time.

ACTION.. Implementation of what one knows and make correction wherever required. I always consider that success in any profession sits on a tripod with following 3 legs
(1) Knowledge (2) Skills - learning the tricks of the trade and developing approach to implement knowledge into action (3) Experience
Weakness in anyone of them, will limit your success in long run.

IMO, it is not experience but the diversity of experience that makes one grow.
If you continue to take same action then you will continue to get same result.. To get better and improved results, one has to take different action. Both will put number of years under your belt, but first one will keep u struggling at the same place.. whereas later one will put you the path to becoming consistenty profitable trader.

Happy Trading

Amateur - Over Trader - Taking and following decision out of addictiveness, without some specific exit and entry rule, couldnt hold himself from trading when conditions are odd. Out of addictiveness to trade he will take losses, rather then staying out.

Pro - Trader - No matter what, he sticks to his entry and exit criteria. If no signal then he stays out. Not addicted to trading in wrong conditions.

share market is like a sea and till date i think that i have only gained a drop from it...and no matter how long, it will still be less...experience in share market IMO is when some body is earning regularly in all the market directions. His balance sheet is giving him positive results. Else all the knowledge, all the experience is waste.

There are traders sitting around the world, who are trading for so long with simple trading method like moving averages, on the counter end, there may be new traders, who are working with all the indicators they know. And both are in profit. The person working for so long only knows his own strategy. But the other knows the edge of other systems also. So it hardly matters who is experienced.

All it takes is an adaptive and learning mind.

IMO , its getting down to basics and keeping things simple. The most important out of all is to get rid of the excess baggage in our head which creates obstacles. Once the BS is taken care of then enjoy the ride.

Cheers And Happy Trading

ability to take risk!

1. Make a proper plan and stick to it.
2. Don't be afraid to get out of losing positions.
3. Don't exit from winning trades too early and don't wait for losing positions till late.

Also understand/learn technicals and fundamentals when in trading business.

Well I also follow planetary indications(Financial astrology) along with technicals and fundamentals