Dear Trader
i would like to share my experience and knowledge with people who are interested in trading.
i think, three elements are most important to make a successful trader. Successful traders are those that make a right decision or action in the following-
Money
Time
Target
- Money:
A trader need first to decide the amount that he is prepared to invest or the amount that he is willing to cut loss in each trade and his overall trading.
One must be disciplined with this decision making and necessary control action is very important.
Unnecessary losses usually occur when one overtrades, or holds on to a position that had a big loss for too long that eventually that he cannot afford.
- Time:
Time is a very important factor in many ways:
Trader needs to spend time to analyze and decide on a particular trade.
Trader needs to decide if short term or long term trading that he/she will like to be working on.
Not spending enough time to understand the market that you are trading can result in unnecessary trading losses.
There are much to learn in trading such as margin requirement, historical high and low level, economic fundamental of the product, average cycle period of high and low, stop order, technical analysis, trading hours, daily swap value of the product, etc.
- Target:
Target refers to both sides of your exit point on either profit taking or cut loss.
A successful trader is more likely to be a person who is very disciplined in his execution of trade.
Trader should always remember that “the market is always there”, which means that one should protect his margin for his future trade.
Having a clear target will eliminate the emotional trading in your trade.
Conclusion:
The present market situation is critical and it represent a good opportunity for those that have prepared for the volatile market movement ahead. Do your study, prepare yourself and this will be a once-in-a-lifetime opportunity for many traders. Good luck and enjoy your trading.
Thank you.