- If you are tired of finding a way to a profitable trading and wish to quit your trading career, then you should stop.
- This blog is for the traders who have taken one step forward and two steps backward.
- Often many of the traders will find ways and means to find a new strategy that will give them 100% profit, but the truth is that there is no such strategy.
- Here, in this blog, we will be discussing the process that will help you to become a successful trader.
Ways to gear up your trading career
- These are some of the many ways that will gear up your trading career.
- Some of the main ways are discussed here in this blog.
They are as follows:
Choose the best opportunity, not the first opportunity, to gear up your trading career:
- This is the most effective way to make money as a trader.
- Being an intraday trader, you will get the privilege to choose your own battles, and this is your sole advantage.
- You should decide which battle you are going to choose, and your major task is done here.
- You should choose a battle wherein you have a high probability of winning with high risk to reward ratios.
- Often, many of the new traders think that the traders will take every trade that they will get and make money out of the same, but the truth is that high-probability trading is the only thing that will make you profitable over a longer time horizon.
- Another advantage of doing this trading is that you can allocate more capital to the setups that you are confident about.
- When you trade only selected setups for a longer period of time, you will get to know more deeply about the things or setups that will work on you and those that will not.
- After knowing the favorable setups, you can take more risk on your high-conviction trades so as to maximize your returns.
- This is how you can win over the long term by doing less and high-conviction trading.
- On the other hand, if you are a frequent trader and love to take every opportunity that you get, then it will be very hard for you to allocate more capital to high-conviction trades because when you take every trade, there may be a possibility that your system may analyze the noises.
- So, you will have to allocate the same amount of capital to each and every trade.
- If you take high-conviction trades and even if your stop loss gets hit, then there will not be much problem for you because you know you may get more profit as compared to the loss that has occurred because of one trade.
- After all, we will always love to take every opportunity because we think that every trade that we are going to take will give the profit, and that is why for the right opportunity, patience is required.
Master the skill of price action
- Price action is the only leading indicator amongst all the indicators out there.
- So, it is always good to master the art of price action.
- If you can properly read the charts, then you can easily trade with confidence.
- If you are learning any skill, then you can’t learn it in a day or two.
- You will have to spend months or years to master that one particular skill.
- In the same way, if you wish to master price action, you will have to practice continuously.
- Only then and only then can you master the skill of price action.
- Thus, it is said that the more time you spend in the market, the more you will learn because eventually, the market will teach you everything.
- After you master the art of price action, things will get easier for you.
- Combining price action with low-frequency trading is the best as well as the most effective way to trade.
- Obviously, for that you will have to master the art of price action along with a good trading system that will give you not only selective but also high-probability trades.
Conclusion
The above ideas can be applied to every trader irrespective of their trading style.
Frequently Asked Questions
Q1) Which trading strategy is the most successful?
Position trading is the most successful trading strategy.
Q2) What is the secret to successful trading?
Setting an appropriate risk level before you start trading and sticking to it.
Q3) What is the golden rule for trading?
Never lose money is the golden rule for trading.
Q4) Which trading style is the best?
Trend trading is the best trading style.
Q5) Which trading is the most successful?
Day trading is the most successful form of trading.
About Us
Nifty Trading Academy is our academy where we teach you about the stock market as well as technical analysis. We also provide live trading sessions and upload blogs for the same.