Today I would really like to share with you all the secret of how to take trading as a business and not a game. This article is basically for all those who take trading as a game club and end up doing mistakes in the trading.
Set a separate place for trading.
Trading I can say is a one type of study which can’t be done with other activities. For kids to study a totally quite atmosphere is created by switching off the TV and no other disturbance.
In the same you can’t do trading by involving in the other activities such as watching TV shows or relaxing yourself in the chair and eating your favorite snacks.
You need to totally separate your personal life with the trading for this you need to create an environment like work place.
Be in one corner or place of your house where no one can disturb you when you are trading. This will help you to set your mind properly for working.
When you are ready with your place then arrange for a laptop or computer for yourself on which you can do your trading and make sure you have your personal laptop or computer that no one should use.
It is very much necessary to do so because kids may use your laptop and misplace the data from it to avoid such problems you must have your separate laptop or computer.
As now-a-days laptops have become cheap in the markets so it’s easily affordable and even it is available on EMI system.
Don’t think wrong that creating an office environment means , you need to have three four pc’s at your place , it just requires a good laptop or I-pad.
Don’t even install many types of software for trading you just have to install free charting software which is available at the most of the brokers.
Don’t get used to watching the trading news on TV or reading in newspaper because it will lead to more confusion about your trading strategies.
Select a trading strategy and make a trading plan.
When you are ready with your room and all the setup for trading at your place you need to have your trading strategy.
You need to master your trading strategy plans before starting trading to have a clear idea of what you are searching in trading and should not have a doubt about your trading plans.
How to develop a good trading plans if you want to know about it in detail , then you can read the articles related on developing the trading plan.
The main requirement for taking trading as a business is to understand the trading strategy and making own trading plans.
Give some time for analyze your trading.
In beginning you need to allot time to analyze the market situation. For this it may take 15 minutes or even one hour but without giving up keeping your mind at piece.
For this you need to be totally away from any kind of disturbance and otherwise you will need to lock up yourself in the room.
In the beginning you should try to give more time to analyzing the market , don’t get involved in the personal life because once you set your business in trading then you can give time to your family.
While trading trade with only those setups which meet the requirements of your trading plans , don’t trade with those which don’t meet the requirements of your trading plan.
Trading with those setups will lead to close your trading accounts if you will not take it as business deals.
If you don’t find any setup for trading according to your needs then you should avoid trading with those setups to avoid risks.
Management of emotions while trading.
The biggest drawback of trading is getting emotional with the market situations. While understanding the market and trading strategies you should not get emotional.
Emotions can harm you and will lead you to take wrong decisions so it’s very much necessary to be practical and think as a business man for your trading.
Before sitting for trading for the day make sure in your mind that you’ll not get emotional and don’t trade where risk is greater than the reward.
Because once you make mistake and realizing afterwards is of no use so it’s better to be alert before trading.
Management of money in trades.
Many of the people being in markets don’t make the profits , you should not do this because you are there in the market to make profit , so you need to make a consistent amount of profits from the market.
As for your profits earned you need to pay the taxes when you take out that money from your accounts. Being in market you also need to follow the rules of trading applied by the country.
To earn money you need to take a trade just like a business deals without doing deals you can’t aim of getting money.
Many of the traders make mistake by thinking that taking little more risk will not harm them but at the end they get totally irritated with the trades as they cannot handle it.
So it’s better to always follow your rules strictly and never try to break them and always take it as your positivity in life.
Manage your hard earned money very carefully and properly for this you can join my course which will give you idea about analyzing of price action and management of money.
Learn Jayant’s LIFE CHANGING PRICE ACTION TRADING COURSE and find HIGH Probability trade setups in COMMODITY , NIFTY , BANKNIFTY and CURRENCY . Check Jayant’s PRICE ACTION COURSE . Take your Trading to the NEXT LEVEL using PRICE ACTION STRATEGY.