RULES YOU SHOULD FOLLOW IF YOU WANT TO BE A SUCCESSFUL TRADER-PART II

Hie All, this is continuation of the article
 RULES YOU SHOULD FOLLOW IF YOU WANT TO BE A SUCCESSFUL TRADER-PART I

9) PERSONAL LIFE- Whatever is wrong in your life will eventually carry over into your trading performance. This is especially dangerous if you haven’t made peace with money, wealth and the magnetic polarity of abundance and scarcity.Get your personal life in order.

10) DON'T TRY TO GET EVEN- Drawdowns are a natural part of the trader’s life cycle. Accept them gracefully and stick to the time-tested strategies you know will eventually get your performance back on track.

11) EARLY WARNING SIGNS- Big losses rarely occur without multiple technical warnings. Traders routinely ignore those signals and allow hope to replace thoughtful discipline, setting themselves up for pain. Pay attention to those warning signs.

12) FINANCIAL HEROES- It’s natural for traders to emulate their financial heroes but it’s also a perfect way to lose money. Learn what you can from others, then back off and establish your own market identity, based on your unique skills and risk tolerance.Nobody can be YOU, better than yourself.

13) THERE IS NO HOLY GRAIL- Losing traders fantasize about secret formula that will magically improve their results. In reality, there are no secrets because the road to success always passes through careful choice, effective risk management and skilled profit taking.

14) DON'T COUNT YOUR CHICKENS-  Its good to feel good about a trade that’s going your way but the money isn’t yours until you close out. Lock in what you can as early as you can, with trailing or partial profits, so hidden hands cant pickpocket your success at the last minute.

15) KISS- Keep It Short & Simple. Focus on price action, understanding that everything else is secondary. Go ahead and build complex technical indicators but keep in mind their primary function is to confirm or refute what your trained eye already sees. Always remember the founding pillar of technical analysis is price action discounts everything.

16) Losses are your tuition fees- Trading is one of the few professions where losing money every day is a natural path to success. Every trading loss comes with an important market lesson, if you’re open to the message.  

CONCLUSION

The vast majority of traders fail to tap their full potential, eventually cashing in their chips and finding more traditional ways to make money. Become a proud member of the professional minority by following classic rules designed to keep a razor sharp focus on profitability.