Hello Guys according to mine experience and knowledge Some things I think are necessary to become a Better trader, so I am sharing all of them with you.
⚡⚡TRADING TOOLS-: (Contains Indicators & Other Soft tools like Screeners Or other software)
So as we all know that a after a good Physical Setup (internet connection, Computers or other gadgets) we also need some other tools like indicators or screeners and alerts in our system for better trading and quick executions. So these all things should be Good and make sure that the indicators which you are using are Backtested properly by paper trading or by virtual trading.
KEY TAKEAWAYS
-:Technical traders and chartists have a wide variety of indicators, patterns, and oscillators in their toolkit to generate signals.
-:Some of these consider price history, others look at trading volume, and yet others are momentum indicators. Often, these are used in tandem or combination with one another.
⚡⚡TRADING SYSTEM-:
A trading system is a set of rules that can be based on technical indicators, chart or candlestick pattern where a system tells the trader when and how to trade, likewise a long term trader or investors taking trades or doing investments on fundamentals basis and so it is known for sure that the more familiar a trader is with their trading system, the better their odds at being consistently profitable so always try to learn more than trade for getting a good trading system.
⚡⚡RISK MANGEMENT-:
Risk management includes the Stop loss, portion size of trade and capital allocation in trades from which you can define how much risk you can take in any of trade or investments which are pre-defined according to you trading system and the basis of identified stop losses for entry or exits which helps cut down losses. It can also help protect traders accounts from losing all of its capital.
KEY TAKEAWAYS
-:Trading can be exciting and even profitable if you are able to stay focused, do due diligence, and keep emotions at bay.
-:Still, the best traders need to incorporate risk management practices to prevent losses from getting out of control.
-:Having a strategic and objective approach to cutting losses through stop orders, profit taking, and protective puts is a smart way to stay in the game.
⚡⚡MINDSET-: (LAST BUT NOT THE LEAST, MOST IMPORTANT)
The correct mindset in trading is one that is dedicated, focused, disciplined, confident, has no ego, has no fear of losing, and has detachment to money. For those not into trading, this might sound a little weird. Most traders focus on developing strategies in order to make money.
If you have developed profitable trading edges and trading strategies, it’s time to move on to the next level, which is developing a good mindset for trading. The correct mindset in trading makes you follow your trading edges and strategies!
When you get experience in day trading or other time frames in trading you’ll discover that trading is certainly not as easy as it seems. Quite the opposite. If you can’t follow the rules of the strategies, you simply have no trading strategy. Trading discipline is what most traders need. The correct mindset in trading is what separates good and bad traders!
SOME ADVICES-:
A trader needs to be dedicated.
A trader must know himself/herself.
A trader stays focused all the time.
Disciplined Trading always avoid compulsory or impulsive trading.
Always separates confidence and overconfidence like a good Trader.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
⚡⚡TRADING TOOLS-: (Contains Indicators & Other Soft tools like Screeners Or other software)
So as we all know that a after a good Physical Setup (internet connection, Computers or other gadgets) we also need some other tools like indicators or screeners and alerts in our system for better trading and quick executions. So these all things should be Good and make sure that the indicators which you are using are Backtested properly by paper trading or by virtual trading.
KEY TAKEAWAYS
-:Technical traders and chartists have a wide variety of indicators, patterns, and oscillators in their toolkit to generate signals.
-:Some of these consider price history, others look at trading volume, and yet others are momentum indicators. Often, these are used in tandem or combination with one another.
⚡⚡TRADING SYSTEM-:
A trading system is a set of rules that can be based on technical indicators, chart or candlestick pattern where a system tells the trader when and how to trade, likewise a long term trader or investors taking trades or doing investments on fundamentals basis and so it is known for sure that the more familiar a trader is with their trading system, the better their odds at being consistently profitable so always try to learn more than trade for getting a good trading system.
⚡⚡RISK MANGEMENT-:
Risk management includes the Stop loss, portion size of trade and capital allocation in trades from which you can define how much risk you can take in any of trade or investments which are pre-defined according to you trading system and the basis of identified stop losses for entry or exits which helps cut down losses. It can also help protect traders accounts from losing all of its capital.
KEY TAKEAWAYS
-:Trading can be exciting and even profitable if you are able to stay focused, do due diligence, and keep emotions at bay.
-:Still, the best traders need to incorporate risk management practices to prevent losses from getting out of control.
-:Having a strategic and objective approach to cutting losses through stop orders, profit taking, and protective puts is a smart way to stay in the game.
⚡⚡MINDSET-: (LAST BUT NOT THE LEAST, MOST IMPORTANT)
The correct mindset in trading is one that is dedicated, focused, disciplined, confident, has no ego, has no fear of losing, and has detachment to money. For those not into trading, this might sound a little weird. Most traders focus on developing strategies in order to make money.
If you have developed profitable trading edges and trading strategies, it’s time to move on to the next level, which is developing a good mindset for trading. The correct mindset in trading makes you follow your trading edges and strategies!
When you get experience in day trading or other time frames in trading you’ll discover that trading is certainly not as easy as it seems. Quite the opposite. If you can’t follow the rules of the strategies, you simply have no trading strategy. Trading discipline is what most traders need. The correct mindset in trading is what separates good and bad traders!
SOME ADVICES-:
A trader needs to be dedicated.
A trader must know himself/herself.
A trader stays focused all the time.
Disciplined Trading always avoid compulsory or impulsive trading.
Always separates confidence and overconfidence like a good Trader.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
Comment:
ALWSYS DO DEEP STUDIES NOT BROAD STUDIES
Comment:
DO MORE OF WHAT WORKS AND LESS OF WHAT DOESN'T
Comment:
“Every battle is won or lost before it’s ever fought”
Comment:
THANKS FOR GIVING WONDERFUL RESPONSE TO THIS IDEA, I AM NOT GOOD IN EDUCATIONAL IDEAS BUT FROM GETTING GOOD RESPONSE LOOKING I AM IMPROVING WHICH COMMUNITY LIKING, THANKS MATES