6 Tips of The Successful Trader

1. Money that you can afford to lose, trade with that

Successful traders carry two buckets one of risk and one of money, but the important thing is which bucket is bigger. The bucket of risk is the little one and the bucket of money is the bigger one which they use more conservatively for investment and in longer-duration positions.

2. Be patient

Successful traders do not trade every day. It doesn’t mean that they are not working, they sit before their computer system and analyze the market, if they do not see any opportunity that meets their criteria, they will not execute a trade that day. This is much better than going against the market out of an impatient desire to “just do something.”

3. Be disciplined

Impulsive behaviour is always worse if you are trading on your own. Greed will make you trade again and again that profits may not seem promising enough.

4. Don’t be afraid to push the button

Novice day traders often get wrapped up in watching the candles on their screen and face “paralysis by analysis” and can’t act quickly when the opportunity presents itself. If you work on your plan and stick to it actually placing the order should be automatic.

5. Capital on one trade, Never risk too much

It is very important to understand to first, plan your trade and then trade your plan. You can set a percentage of your total day trading budget depending on your investment, it can be 2% to 10%, and stick to it do not allow the size of your position to exceed it.

6. Do learn from experience and don’t second-guess yourself

Do not get depressed when you get occasional losses every trader has losses. So, do however confirm that you followed your rules-based strategy and didn’t get in or out at the wrong time.