EVERY TRADER WANT TO KNOW THIS STRATEGY
From the above Three Qualities the top most according to me is "PATIENCE"
which nobody can taught you . i am damn sure each and every trader
must learn this through experience
From the beginning i studied price action,working of indicators .I created
my strategy and i felt i am going to crack it but the result always ends up
in loss..I dont know why..
Then the Word "PATIENCE" i came to know
For example when the price of particular stock/forex moving towards
support or resistance i always put advanced order without waiting and i dont want to miss that trade
and at the end of day market ends up in opposite manner and i blown my account.
The stock market is a device for transferring money from the impatient to the patient."
- Warren Buffett.
So please wait till price reach the destination place and then place a order.
Second Quality for Successful Trader "Risk Management"..
If your account size is $100 ..then you can take maximum lot size upto 0.02 ..
if you increase the leverage and take and take an 2 lot size then you want to see your
account blast infront of your eyes..
Because i seen Two Times in my account .....HAHA
While placing your order you want to decide your STOPLOSS Mandatory.......
instead of TAKE PROFIT .....
While hearing STOPLOSS mandatory it was hard ..because no one(includes me) wants to hear LOSS
But My Personal Advice...Treat Stoploss as your friend...During difficult times it will help you alot .,...
Third Quality for Succesful Trader "Price Action".
Only Three Words "PRICE ACTION SPEAKS"
you can use indicators....blah ..blah...only for support purpose.you should not
fully dependent on indicators..because it was LAG.....
Just try to read the Naked chart..You can find everyting..
where is demand and supply.go through ..
Once you thorough with Price action.You can use indicators(Just fot additional Support).
These are the three qualities for Successful Trader...