To become a successful trader you need to keep a regular and a daily updates about the market. As people normally start, being emotional with the markets and tend to do the mistakes.
So to stop you from doing mistakes it is important to become a discipline trader and to maintain regulation is a key job of Price action trader.
By doing this it will improve your trading success with constant and growing profits. Once you become regular in a market you should be pre-planned about your trading strategies.
Once you set your regulation in a market you will think more practically and not emotionally , which is the biggest key of success for a successful price action trader.
Allot some time for market observation in a day
Decide a time in a day when you can sit at the same time every day for observing the markets.This will balance the time between your personal activities, job and observing the markets.
Decide your best time accordingly in a day for a trading and make it a necessity every day to sit for a trading at that time and time up yourself for trading.
If you are allotting an hour in a day then you should be finishing in that time only. The best time for trading can be before an hour of closing of market and when market opens.
In that given time only give your some time for studying the graphs or charts of the price action. Once you start studying the charts it will help in better understanding of market conditions.
If you become good in understanding price action charts then you can easily find high probability winning trades , which will decrease your risk of trading and be able to manage your risk properly.
During that time only also check the updates of your trades in which you may have traded earlier. Do not cross the time limit of your trading because it will lead to over-trading.
Over-trading can cause you emotional disturbance because of markets and you will end by doing mistakes in the trades.
Before entering in to the markets for the day you should be totally planned and clear about your ideas such as what is your target and your risk capital which you can easily bear.
This can also lead you to come across many good setups in the market for trading.
Must have a clear price action trading plan.
Before sitting for trading at your allotted time should have a written plan because if you don’t have a clear idea and strategy you’ll land-up in confusions and making mistakes.
Your plan should consist how you should manage your risk, your aim, risk limiting etc. these factors will help the trader to know about the different setups in the market.
Take an example that one cross his budget and increases expenditure which is because of his improper planning of his expenditure and not managing money according the needs.
In the same way successful price action trader do think about managing the capital with the practical attitude. Don’t be away from market for too long, you need to keep a daily visit to the market and price action charts.
Also don’t trade directly if you have been away from the market for too long. Start again as a fresher , study the market properly and then trade.
Successful Price Action Trader Maintains a Book.
Maintaining a record of each and every trade that you do and also noting your every session i.e. every days record what you did should be noted down in the book.
Whether you make a loss or profit, your emotions i.e. how you feel about your loss or profit and the thoughts which run in your mind after that event should be written in the book.
This will help you to identify your mistakes after your loss. Having a written record can also help to know your emotions regarding the market and attachment to the market.
Also write about your emotional state before sitting for trade and also after the trade, this will help in better understanding of yourself.
Extra times should be for hobby and relaxation.
Many of the traders in their free time or extra time always get involve in trades but it should be strictly not practiced because it will surely lead to over trading.
The extra time left should be spend in doing some things which you like & enjoy such as hobbies like playing cricket, relaxing, going for outing etc.
The hobbies or other things should be anything, but should not spend the extra time in trading the markets. You should utilize that time mainly for relaxing your mind and being free from stress.
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