- January 6, 2018
- Posted by: xpert
- Category: Free Goodies
1. Plan your trade
Trade without plan is gambling.
More often its seen people don’t even know their levels to trade. Just that market is open doesn’t mean you should or must take a trade.
Before taking any trade write it down first. Use pen paper and write your entry, stop loss and target.
If you don’t do this then you can never be successful trader. Almost all most successful trader first plan their trades then take a trade.
2. Trading Book
This is the 2nd most important step everyone should do. We all know our best teacher is our self only. Keeping record of all trades is a style of professional trader.
Professional traders always keep note of his entire trader even if it’s for years back. This trade book can help you identifying those mistakes we had done.
You must refer all your trades of last 1 month at every weekend. This will boost your confidence for coming trades and will stop you from losses.
3. Invest in learning
The professional trader will never stop learning new things. Learning is also part of improving and implementing changes coming in market. We all know nothing is permanent here so to remain in game and earn every day, we must learn every day.
Always spend min 20% of earning in learning new things. This way you can increase your profitable trades and accuracy.
4. Reduce cost and improve platform
If you are technical analyst then the hardware will be the more accurate you can become. Here hardware means your trading platform. There are sort of requirements which can make you a batter trader in time. As trading is all about entry and exit at right time.
You also need to reduce your cost; here it means your brokerage. These days almost all broking company is ready for negotiation over this. You must always do that and try to cut your costs.
By joining discounted brokers you can reduce your cost to best level. But make sure you also check all their facilities like terminal, back office, clients desk etc…
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