Psychology 40%, Position sizing 40%, Trading strategy 20%
1) Trading is not a get rich quick scheme.
3% to 10% return on capital per month is very realistic number.
2) You should be well capitalized ( looking to trade for a living)
if want 30k per month you need at least 3 lacs (considering you make 10% gain per month) more capital always better.
3) Technical Analysis doesn't work all the time.
Just Master one tool or one setup(back tested) and that all you need to be successful trader.
4) Trading is not about forecasting the market.
5) Limit your risk.( 1% to 3% max on any single trade)
6) Don't over analyze( keep it simple)
Over analysis and complicating your tools may lead to confusion and is not necessarily efficient.
7) Ignore you Bias( hardest part of trading)
8) Always use a top-down analysis approach.
Start from the higher time frame to lower time frame. The higher time frame the more strong an invulnerable.
9) Trend trading increases your chance of success.
Trading setups that occur within the context of the trend tend to have a higher success rate than those against it.
10) Don't give up
Yeah it can go up to 10 losing trades... Don;t worry , it's normal in trading.
Psychology 40%, Position sizing 40%, Trading strategy 20%
1) Trading is not a get rich quick scheme.
3% to 10% return on capital per month is very realistic number.
2) You should be well capitalized ( looking to trade for a living)
if want 30k per month you need at least 3 lacs (considering you make 10% gain per month) more capital always better.
3) Technical Analysis doesn't work all the time.
Just Master one tool or one setup(back tested) and that all you need to be successful trader.
4) Trading is not about forecasting the market.
5) Limit your risk.( 1% to 3% max on any single trade)
6) Don't over analyze( keep it simple)
Over analysis and complicating your tools may lead to confusion and is not necessarily efficient.
7) Ignore you Bias( hardest part of trading)
8) Always use a top-down analysis approach.
Start from the higher time frame to lower time frame. The higher time frame the more strong an invulnerable.
9) Trend trading increases your chance of success.
Trading setups that occur within the context of the trend tend to have a higher success rate than those against it.
10) Don't give up
Yeah it can go up to 10 losing trades... Don;t worry , it's normal in trading.