Successful Traders Secret Mantra

By | March 11, 2013 3:29 pm

If “A Trader” wants to make profits on consistent basis, it very crucial to learn the art of filtering ” the noise that separate us from the actual price action.” Basically for a trader its just “Trader V/S The Market“. What many traders don’t realise is that, their success is really down to their ability to execute their trading plan accordingly. This is a simple task which probably only require having the right attitude and discipline.

But with the advent of technology, social networking the situation gets a bit more challenging when traders are constantly influenced by external or internal factors which are not within their trading plan. Blue channels will keep flashing news which can deviate trader from trading on his plan. When you trade in a group each individual will have its own plan, time frame and risk tolerance, their talk can again deviate us from our trading plan.These factors often cause traders to make irrational decisions.

A Trader has to play a lone hand because we have our own tolerance for pain, our own goals, and we should have our own trading plan with a robust methodology.Trading  success comes in the form of consistency and flawless execution of a profitable trading edge.  Trader needs to be able to obediently execute his/her trades with an unbiasedobjective and rational mental state a.k.a. a clear State-of-Mind.

Before we trade we should have a watch list, a risk percent per trade, a methodology, and a trading plan. We should be running our trading like a business not a casino. Information and opinions can bias our trading. Be very careful about the information that you let into your mind. You should attempt to trade as close to your system and methodology as possible without allowing anyone’s opinions our thoughts to come between you and the charts. Actual price action is the king everyone’s opinions are just that, opinions.

It is dangerous to be a trader and not know who you are. If you know your risk, your methodology, and your tradingplan then there is nothing to do but work on mastering that plan. if you do not know who you are as a trader you will run around asking for opinions and predictions about what will happen. Since no one has a crystal ball they are just making projections based on there own methods. Why go fishing for some one else’s method when you can have your own?

Trader know thyself, know thy plan, and trade it.

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