In this article, we try to simplify how to become a successful trader step by step.
Define your goal: Every person has a different goal and definition of success. In most cases, they define a successful trader by looking at their performance and return. For example, a 20% return is better than a 10% return. However, return only doesn’t explain the full picture perhaps you feel like a 10% return is more comfortable to you because you spend less time in trading and can achieve a more consistent result.
Learn a well define probability strategy: By having a well-defined probability strategy it will help you to stay consistent. We need to avoid those discretionary trading strategies. It often requires trader experience to execute it and it is exceedingly difficult to master it.
Apply proper money management: Maximum 2 percent risk per trade sounds common and boring. It serves to be some of the strong foundations of money management. It also creates some room for error and reduces the drawdown of your account.
Finding the right mentor: A mentor helps you in many ways. The most significant being able to reduce your learning curve. However, the right mentor is crucial or else it will never reach your goal.
Execution: It is pointless if you learning to trade without executing any trade. Execution of trade is the time it tests all areas of your trading skill from strategy to psychology. If you manage to focus on your trade execution you have successfully mastered your psychology.
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