7 Golden rules to become a successful trader.
1. Think for long term and let compounding do the magic:- always think for long term investing that will help you to earn money and the risk chances are very low in long term always think for the long term and compounding will do the magic for you one of the best example of long term investments are SIP or ETF that will give you a large amount of revenue early when you do short term trading like intraday or future and option the risk of losing your money is higher but when you do investing that is a long period of game The risk of losing your money is very low and the chance of gaining profit are very high.
2. Don't hold losing trade respect your stop loss:- always respect your top load that will help you to become a successful trader if you get or heat or stop loss exit the trade don't hold the trade to get a profit always respect your stop loss is the one of the main rule in trading. People in starting of the trading does not follow stop loss they are in the thinking of that their lost will decrease or it will turn into profit after sometime but always remember to respect your top loss if you want to become a successful trader or gain profit.
3. Trend is your friend:- always trade according to your Trend and your strategies that you have make always follow the trend trend cannot be wrong in trading make trend your friend always trade according to the trend where trend is going the market will go there always place your trade according to the Trend of the market. You can also use super trend to find the trend of the market if you are UN beginner in trading it help you to find which trend is going on in the market and helps you too places your trade.
4. If you are afraid check your position sizing:- if you are afraid to lose your money always start from small size of positioning in the trade market always have small profit or small loss in the starting for in the beginning of the trading journey. It is recommended to trade who are new to always place your small size provisioning in the market whether you gain no profit whether you then no loss at the beginning all these play small size positioning in the market.
5. Trade only when you are set up allows:- always trade according to your setup for your strategies if you are set up allows that you can enter the trade always follow your setup don't follow the telegram channels or anyone else tip always follow your setup and your own things to gain profit or have loss always depend on yourself. When people trade according to someone's tip for according to the telegram channels at starting the game profit but after sometime they get a huge amount of loss and set trading is a scam.
6. Follow maximum 3 strategies only:- always follow maximum 3 strategies don't feel your chat with strategies or more number of strategies that you can't even see the bar or candlesticks of the trading market the maximum strategies that successful trader are maximum 3 and always use Strategies and always trade according to your setup. Many people use more strategies they get confused and place wrong trade that lead them to their loss always remember you can use three strategies at a time and three strategies are very good to use at one time if you want to gain profit.
7. Investing and trading is a personal game:- weather you are doing investing or you are doing trading it is very personal game don't show people your portfolio trading is very personal game you have to depend on yourself do not always share everyone but your profit and losses are always keep your portfolio with yourself and also keep your profit with yourself always take come and be humble to everyone.
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