What Skills Do you really Need to Be a Successful Trader
How to Become Successful Trader ,Day Trading is a skill that you have to learn not something that you are born with. The same market that can bring you to the promise land is going to bring you to your knees first. The ones who make it are the ones that always keep an open mind and consistently work to make themselves better.
The most successful day traders that I have met in the last decade are the ones that always are willing to learn something new. The cocky day traders that think they know everything always get to a point in their careers where they lose all or most of their fortune.
What kind of day trader are you going to be?
How to Become Successful Trader. The smart traders go back and re-complete the exercises that they should have done to begin with. The stubborn traders blame it on the education and say that it’s not up to par. Other traders bounce around from company to company spending tens of thousands of dollars of their hard earned money on software and training they will never use.
How to Become Successful Trader, You have time
The most common mistake that a trader makes is to rush into a position too quickly and to be too aggressive in his opening trade. There is no need to rush into a position and make a big trade; you have all the time in the world. I strongly recommend that you temper your natural impulse of trading at a high pace with large positions.
If you have opened your position hastily, you will soon feel uncomfortable with your trade and will then be inclined to close out your position during such a draw down and then open a trade in the opposite direction. If you do this, your trading will lag behind the market and you will be out of step and just accumulate losses.
Trade in small size
How to Become Successful Trader, the most common mistake of a trader is to be too aggressive and open positions that are far too large. If the position is too large and the market moves temporarily against your position, you do not have sufficient margin capital to pull your position through and are stopped out. You are then forced to close out your position at the worst possible moment during a temporary down tick.