quoting amit ji's post: :thumb:
"1. Know what your trading strategy is and master it.
It’s always surprising to me how many people don’t actually even have a trading strategy but still try risking money in the market.
If you do not have a strategy that you’re trading with, meaning a trading edge that gives you a better than random chance in the market, you are just gambling and may as well just go to the casino instead.
Having a strategy and mastering it, takes time, effort and discipline, which is also why many traders do not have one; they don’t want to put in that time, effort and discipline.
If you think you will just ‘wing it’ and somehow make money in the market, you are wrong. Trading success is not the result of luck or an accident, it takes effort, dedication and passion.
Furthermore, once you have actually mastered an effective trading strategy, like price action, you have to stick to it, you cannot waffle and jump between trading strategies as many traders do.
Trading involves both losses and wins, and you’ve got to be able to have the fortitude to keep focused during the losses.
If you jump ship, and abandon your trading strategy after a couple losses, you haven’t given it the proper time to play out and work in your favour, and you will just be on a never-ending, futile quest for a ‘Holy Grail’ trading method that does not exist.
Have a strategy, know it, master it, and stick to it."