Markets have been on a roller coaster ride since the start of new year week. These kind of markets are real test of trader.
I firmly believe that anyone can learn to trade successfully, it’s also true that there are certain skills and abilities that one must be willing to develop before they can become a successful trader.
If you have been reading my daily positing for a while, you know I firmly believe in having a Strong Trading Psychology, Working on Proper System and Discipline in all the trades.
Today’s we willl not discuss anything but i have complied a list of question for my readers that will make crystal clear what you need to do to become a successful trader. So, dig deep and put your thinking cap on, and when you’re finished reading leave a comment and let me know if you think you have what it takes to become a successful price action trader.
I have complied a List of 20 Question which you should answer Honestly, Any Score below 15 means You are not Fit to be a trader, Stop trading immediately and save yourself from losses. Either learn the art of trading by yourself reading Books or Get yourself a mentor.
- Do you have a trading plan
- So You have Trading Goals
- Do you cut your losses with proper Money Management
- Do you define your Risk with proper Risk Management
- Do you know where to exit
- Do you add to your losing Position
- Do you over trade
- Do you let your profit run
- Do you keep a record and review them by maintaing Trading Journal
- Do you add to your winners
- Do you use mutliple time frames
- Do you Trade the News
- Do you trade using Social Media messages
- Do you Withdraw your Profits
- Do you try to pick market tops or bottom
- Do you keep changing trading system every other day
- Do you want to double your money in matter of 2-3 months
- Do you study Loss making Trades
- Do you Stop trading when you have achieved your trading Goals
- Do you know when not to trade.
No trading goal = Keep trading = Over-trading. Question no. 2, 7 and 19 are same. Yes you should stop trading and read something for a soft way to learn but know that some things can only be learned through hard way. That is the only way they get etched on the brain since lunch is not free, you must pay the bill.
Great Bramesh sir ! What I just want to add is Buy on rumor and sell on the news. Also, please inform me about your courses.
Very good Article but this is not true you can’t get 15 score by considering below criteria.
Do you add to your losing Position – YOU SHOULD NOT
Do you over trade – TRADE WITH PLAN and RISK.
Do you Trade the News – STAY AWAY. RETAIL Traders GETS CRUSHED.
Do you trade using Social Media messages – NOPE.
Do you try to pick market tops or bottom – NEVER TRY THAT. TRADE WHAT YOU SEE.
Do you keep changing trading system every other day – THIS IS BIGGEST ENEMY.
Do you want to double your money in matter of 2-3 months- DOUBLED MONEY CAN BE LOST IN ONE DAY.
So My score is 13.
NARESHJI – YOUR SCORE IS PERFECT 20, CONSIDERING ‘NO’ ANSWER TO SEVEN QUERIES. I AM SURE BRAMESHJI NEVER MEANT ALL ANSWERS TO 20 QUERIES ARE YES. YOUR PERCEPTION THAT WE CAN’T GET 15 AND ABOVE IS NOT VALID.
ALL CONTENTS OF THIS ARTICLE ARE LIKE BIBLE/ VEDAS.
Heartful thanks for the crisp Awareness questions, very useful enough to revisit theswe point every day/week whichever is convenient.. Covers everything from risk management to psychology ..in trading
GREAT ARTICLE BY MASTERJI TO FIND OUT OUR TRUE COLOUR.
SUCCESS / MONEY IN TRADING WILL NEVER COME WITHOUT PASSION / DISCIPLINE / PERSEVERANCE / SMART WORK.
TRUE MENTORS LIKE BRAMESHJI ARE HARD TO FIND IN OUR TRADING COMMUNITY.
I also agree with Sunil sir by reading your post and taking your sessions there is a lot of difference which i feel in my trading because before start of market i know where to enter what is my risk whether i should trade in trade or not. This is all because of you and your wonderful strategies
I am very happy for both Ishmmet ji and Sunil ji
Thank you for this good article. I am now following most of the good habits of a great trader…..
Your Nifty Analysis is My Trading Bible.
Very good article.
We strictly follw trading system. Though we can’t make proper profit.
Thanks Bramesh Ji, Earlier i did many mistakes and made lot of losses. I have been reading your articles and correcting my mistakes, You have been providing lot of very very useful information and pointing our mistakes and our minset. Great work. Also you are helping us to overcome our mistakes.
Please continue the same. Great job!!!
Thank you Sir, The two links in the article is not working. Please have a look. It is pointing to 404 page not found.
Sir I must say that earlier many answers of the questions posed would have been NO but after taking your classes and reading your Daily Posts, I have changed a lot and now I must admit that I trade with proper trading and risk management plan. BIG THANKS