10 STORIES ABOUT THE MOST SUCCESSFUL TRADERS



10 RULES AND METHOD OF TRADING TO BECOME A SUCCESSFUL TRADER

1. Trade a strategy that works for you


Do you prefer Swing trading, or fundamental analysis, or trading on Fibonacci levels? Or are you a scalper who prefers to trade on smaller timeframes? Based on your trading preferences, find a suitable strategy accordingly. Trading a random strategy you just found won't give you any extra edge in the market!

Remember that there is no holy grail out there, no trading method is always effective and you will not make money if you are diligent in trading when there is a MACD or Stochastic cross indicating market conditions are over. sellable!

The best traders take the time to learn a strategy that works for them, build trading systems and patiently build confidence to trade without fear.

2. Price chart analysis

One trading rule that most successful traders share is that they analyze the price charts for the best quality entry and exit points. Even after doing fundamental analysis, they almost always have to look at the price chart.

Whether you are a beginner or already have some experience as a trader, start analyzing long-term charts, such as daily and weekly chart charts. This will help you find price moves for a successful trade.

3. Take full responsibility


The best traders are fully responsible for every action they take, every decision they make. The best traders never blame others or anything else for the consequences of their failure.

When problems do arise, the best traders take responsibility for themselves. So, if you make a mistake then the best way to do it is to accept the truth, take responsibility, and learn from it!

4. Learn from every trading

I believe there are a lot of traders who cannot figure out why they are not profitable, even though they know they can. To solve this problem, we have only one solution - it is to track what we do to identify and eliminate bad habits.

Without a trading log, it can be difficult to remember exactly what caused you to act in a certain way at that time. The best traders follow the deals they make, allowing them to learn from every trade, so they grow up and can make more money.

Tracking your trading doesn't need to be too complicated. Use a simple Excel sheet, even take manual notes with pen and paper, as long as you have all the items such as asset type, trade date, trading price, stop loss, take profit, setup, and your thoughts. When closing your position, you should also write down your exit date, exit price, whether you are following your rules, your profit/loss, and your thoughts. Just as simple as that!

5. Successful trading is part of life in balance 


Success is more than just a profitable trader. You cannot ignore:
  • Health
  • Family
  • Love
  • Life style
  • Spirituality
The best traders know how to balance these because they know that focusing on only one of these aspects will not bring success to one person. However, maintaining balance is not easy ... There are times when you will focus on other areas and the transaction will be neglected or vice versa.

To be the best trader possible, you define your goals in this area and then you will have a life direction as a trader!

6. Never lose courage

The more terrifying the transaction turns out the better! That is why professional traders have forged courage in themselves and their trading plans to always bravely accept trading when the opportunity comes. You need to trade without your fear in order to become a successful trader!

Baron Rothschild once said: "The time to buy is when there is blood on the street".

7. Don't let yourself fall into the money hole


If you have to choose rule number 1 in trading then this is definitely a good candidate. It may not be the most important trading rule, it is the first rule that traders should think of. Try not to let yourself fall into the money, right from the very first moments to trading.

Start slowly, observe and practice on the demo account. Give yourself time to follow the market's flow and see how it responds to the news so you can get a feel for it and its pulse.

Trade cautiously until you have really caught the market THEN join in the game. Don't be greedy and get yourself trapped in the hole!

But how do you avoid digging your own grave? The only solution might be to strategize your risk management!

8. If you think you're wrong, get out

For some reason, this rule is very often forgotten and ignored. You cannot always be right with your "market timing". If you're wrong, don't hesitate to get out of there!

There are many traders who say "I know I was wrong" while continuing to keep my position and then suffer losses.

"Come on, just a little more ..." is the small voice in the mind that makes traders lose a lot of money. So, as soon as things start to go wrong in your trading, instead of sticking around to prove yourself right, quickly close your orders and get out of that mess!

Wouldn't it be better to be wrong and lose less money than to be both wrong and to lose a lot of money?

9. Only risk what you can afford to lose


Important: Never borrow money to trade!

Also, the money in your account should not be deducted from money to pay for loans, invoices or other important obligations you may have. Because why do you know? That's because you have to be prepared that you could lose all that money by entering this risky trading game!

10. Follow a trading plan

The best traders never trade on their emotions, advice, or anything that catches their attention, because they know for sure, it doesn't work in the long run. The best and consistently profitable traders hand in a winning trading plan and then trade according to their plan.