This article will help you to know the facts to pull consistent profits from the market.
It is really true that even after learning a good strategy , if you do not have a right kind of mind set than you will definitely not be able to make money.
Maintain a good psychological balance while trading , is the first step towards making your trading business profitable.
And if you failed to do so then you yourself are letting down in the market , from making money due to wrong psychology.
There are few steps which you need to follow compulsorily in order to make a profit from the market , they are as follows.
Be Realistic in Thinking.
Being realistic in thinking means that you cannot aim to quit your job and just get dependent on your trading within only 2 months from your 2000 rupees trading account.
It is not that easy to make money in the market and it is practically not very easy to earn your daily bread from it.
You need to accept the truth of trading , that you cannot over trade and need to keep the greed of making more money from the market aside , in order to make consistent profits from the market.
By not following the rules you will make money temporarily but on a long basis it will cause you to lose your all money.
Follow the points mention below to avoid such problems.
♦ Trade with only those setups which gives a proper risk to reward ratio. The most perfect way of trading is that you can start learning about trading with a demo account and once if you find a consistent profit in it , you can enter into the real market.
♦ You need to maintain your risk to reward ratio such that you should be comfortable in losing that much amount.
♦ You must get a proper sleep at night. After exceuting the trades , you should be free from the stress regarding trading. You must avoid over thinking regarding the trading.
♦ If you are over thinking about your trades that means you have definitely over risked in trade. So it’s better to have little profit at a time then risking too much which you can’t afford to lose.
♦ Don’t get emotionally attached with the trades. keep your emotions aside while trading just take it as a business deals thinking and taking it practically.
♦ Don’t try to connect your previous trades with present trades because if you will do so then you will lend up losing money in the market. Take each trade individually in the market.
Need to Keep Patience.
Almost all the traders lack this quality as it’s really difficult to do so. There is a big reason for not having this quality as all enter into the market with the mindset of making a huge amount of money as soon as possible because of which they can’t wait till the right time comes in the market for trading.
This leads them to trade in such low probability trades , which does not give good returns from that trades. At the end such traders don’t even make money from the market.
♦ Choose quality over quantity. Don’t go in intension to trade in more numbers of trade at a time , just trade in high probability trade setups which give good excellent returns in the trades.
Be Disciplined Towards The Market.
Being disciplined means you need to have a proper pre-preparation before entering the market , i.e. having a proper trading plan , maintain a good trading journal , avoiding over-trading and having experience of the market movements i.e. by observing the market daily in order to trade effectively and efficiently to gain consistent profits from the market.
Think twice before entering the trade rather than thinking afterwards . Check the trade setup properly before entering the trade , keeping in mind all the aspects of trade such as risk to reward ratio, having proper stop loss , analyzing the support and resistant levels of the market depending upon the daily time frame charts.
Be Confident and Have a Faith On Yourself.
Almost every trader will have a different view with regards to the same trade, so once your trade is executed don’t ask your friend or don’t believe in your friends saying about the markets movement.
Don’t even look for the news regarding the share market because if you hear negative news about your excecuted trade , then you will become tense and may exit from the trade.
And you may observe that your judgment was exactly right regarding the trade and you will be highly disappointed at the end that why did you exit from the trade.
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