Most of the Professional traders are trading for a living.Every new trader has a dream to trade for a living.They hope soon to become a successful trader and trade from home according to their comfort and spend more time with his family and friends.But this is not a get rich quick scheme. Lot of struggle , patience and hard work is required. But if you decide to be a successful professional trader anyhow then you can.But you need to follow some important rules which the successful full time traders follow .So get serious what are that important aspects to follow to be successful.
There is no magic or particular formula or holy grail to be a successful full time trader
Be Practical
Successful traders are so practical about trading. They do not expect to win the every trade.In fact they do not trade with the emotions .They don’t get nervous or happy with the trades and completely neutral while trading. They accept the winning and loosing trades happily. This is because they do not take much risk per trade. They follow the money management rule with strict discipline. They don’t become greedy and anxious for their trade results. Therefore for ideal trader you should be practical and have realistic goals and don’t take risk per trade
Make a Trading Plan
To be a successful trader you should make a trading plan before trading. You should be fully planned for tomorrows trade. You should have your trading record book, where you can keep your trading records, to do plan, etc. Develop a habit to scan your favorite markets at the closing bell of the markets using price action trading style and locate the support and resistance areas and you should note tomorrows trade setup in your trading journal what to trade and how the entry and exit will be. This all steps you should be planned. Make a habit to see the daily and weekly price charts and locate your high probability trades in your trading journal, You should have your all the past record and data in your trading report book to analyze your trading results.
As a full time trader you should have a dedicated office for trading with essential equipment’s. If you don’t have a office then at least you should have a dedicated trading area in your home for trading.
Trading Strategy or method
You should learn trading strategy or method from a successful professional trader and then just apply the strategy in your trading. Master your strategy by doing practice. You should have a strong faith in your strategy. You can also back test the results of your strategy how the method works. Make a habit and do practice to apply the method and watch your results.Trade only when it fits in your trading strategy. Don’t create illogical trade set up.Also don’t over trade. Once you master your strategy you will be able find your trade set up quickly and be able to trade smoothly.
Risk Management
Remember risk management is the main key of your trading business. I repeat follow the strict rule of money management. Do not take more risk per trade. Always have a risk with which you are comfortable with the trade even if the trade is loosing.
Follow the Trading Discipline
Control your behavior while trading.Follow the rules of stop loss and target while trading. Do not have greed and fear while trading. If you follow money management then you will have no fear with the trade. If your target has come just book the profit, do not greed more. Manage yourself while trading with the defined rules of your trading strategy.Have a proper mindset while trading. Be realistic.
If you follow the above discussed points then you will be on the path of a successful trader and your dream of trading for a living will definitely come true.
Happy Trading.
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