The main thing that separates the consistent profitable trader , from the struggling trader is not their intelligence or extra ordinary mind. The only thing is that profitable trader don’t make the first move. They allow market to make the first move. That’s it.
Making the second move is the key which helps you to become a successful trader and getting consistent profits in your accounts.
Allow the market to show its move.
Take an example of playing cards with a friend where your friend knows about your move and strategy of playing , what you think ? what will happen ? who will win ? The answer is for sure your friend will win because he can easily make out your move which makes winning easier for him.
In the same way consider market as your opponent where I know market is very un- predictable but truly speaking it leaves its footprint which helps you to identify the future situation of the market.
This helps you to trade easily , through which you can judge the market easily and make out the consistent profits from the market.
But to judge the market it will take your good amount of time in the market , till you develop an experience in the trading field.
The amount of time you spend in trading.
I preferably give more importance to the time structures which you spend with the market and I would suggest or strictly tell you that do not cross the time limit structure.
The trading does not depend on the time i.e. it’s not that the more you spend time the more you need to trade.
Don’t understand that to make money you need to trade only in one market , it’s just the way how you apply your price action trading strategy to different markets.
So you need to become smart in analyzing different market’s and making your own trading strategies accordingly.
Also giving importance to different time frames and strictly following it , is the main key to success in the market.
Wait for right time.
It need to keep a lot of patience , if you are in hurry to trade and become a successful trader in a short time than you should not get involve in trading because , it is surely going to give you a great loss.
You wait for the market to show the price action signal , from that you must be able to analyze the future move of the market and if you think that it’s going to give profit with less amount of risk which you can afford to take , then only you must trade.
The market creates several price action signals and support resistance areas , which will tell you the right time to trade in the market.
For this you need to observe market movements every day very closely and from the right source i.e. with the help of the price action of the market and not with help of indicators.
This applies mainly for intraday trading where one need to keep patience, without getting panic and allowing the market to show its turn first.
Always do wait for the confirmation from the market i.e. wait for getting confirmation from the market about it ‘s move or direction.
Just don’t take very lightly to study the price charts. If you are beginner you need to study the price action in detail and do practice for longer time to get more perfect to read the price action of the market on charts.
You need to learn and study trading in depth.
The actions or the steps which are taken by the trader before trading in the trade are known as pre-actions or the things to do before trading.
The actions or the steps taken by the trader after trading in the trade is known as post-actions or to think afterwards when your trade is executed. Mostly many traders do not follow the post-actions.
The pre-actions includes making your own strategy , analyzing risk to reward ratio for each trade before trading, deciding the stop loss and waiting for right time to trade.
The post-actions includes not getting panic by the others saying about the trade , believing in yourself and your strategies, not getting involve in reading news on trading.
Many of them just follow the pre-actions but I would say that along with pre-actions , you also need to follow post-actions , because both the thing will work together outstandingly to become a successful trader.
Keep in mind the first goal of a trader should be keeping the capital safe in the trading accounts and should risk only that much , which don’t affects you emotionally by loosing that amount.
Then your second goal should be making money from the market with consistent profit.
Happy Trading.
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