We know that to achieve something in life or to plan our future we must set goals which makes us clear about our future or career. But I would like to say that when it comes to trade people make many assumptions of earning more and more in short period of time without thinking practically.
For example you can’t have a goal to get lakhs of rupees in your trading account in a year after starting trading. You need to have a right direction of thinking , you can aim of money in trading once when you become a proper trader and get a good experience in it.
Following right attitude will motivate you for doing trading , whereas thinking in terms of only money will give you emotional stress. So now let us discuss in detail about the practical thinking and how does it helps to achieve goals of a trader.
Trade Without Any Expectations.
It applies mainly to the beginner trader and also to some extend to the once who have become professional trader and entered into trading with the goal of doing trading and not just making money.
Get involved in a trade to get the complete knowledge and skills about the trade because as it is said that half knowledge is always dangerous.
Even if you become good trader don’t expect profits in greater proportion from the markets just get small and consistent profits from the market.
So your first practical goal must be to know about the trading completely and trading accordingly without any expectations from the market.
Don’t Be Dependent On Trade For Your living.
Once you become a good trader and become comfortable in trading with getting small profits , don’t get greedy and don’t think that now you can make unlimited money as that’s really not true.
As you may have just shift yourself from demo trading to a live trading and must have just started risking money a little more from 1000 rupees to 2000 rupees then also you should not get dependent for your living completely on the trading.
Because when you do that you get involve in over-trading , over-thinking with regards to trading which indirectly leads to trade emotionally and losing your trading accounts money at the end.
So the second and the most important thing which a beginner trader should strictly avoid to do are depending on trading for living.
Take trading as a part time job.
Trading should be taken as a part time job.In the beginning you should always have a second source of income.It is good if you have more earning sources along with the trading.
Trading part time has its own benefits because , it gives a less pressure to the mind and also helps to avoid over trading as one needs to also focus on the job and other daily activities.
Give your best in the trading.
You should try to totally focus your mind in making progress from the trading and becoming an experienced trader, for this you must keep your mind in total control to avoid thinking of making more and unrealistic profits.
Try to give more and more time for observing charts , price signals and developing a good trading strategy instead of just wondering all the time for profits.
Once when you will become a highly skilled trader with your right efforts the success is automatically going to follow you.
If you failed to do so then at the end you are nothing , but going to fail in the field of trading and getting emotionally disturbed.
Give more time in observing the market rather than trading.
This means that you must keep on observing the markets more and more, should trade in only those trades which are high probability winning trades with less risk.
So you need to be away from the market till that time and must wait patiently for the right time to trade. Don’t waste your time by getting involving yourself in wrong trade setups.
So in short do not over trade in the market. Don’t become greedy to earn more profits and lend up risking more money which you can’t afford it.
Follow good trade practices be a disciplined trader as there are no short-cuts in the profession of trading.
Make trading your passion.
You need to be passionate for the trading as in my career of more than 7 years of trading experience I would say that in trading , only those can become a successful trader who are highly passionate for trading i.e. considering trading as your breath , you must live each and every bit of trading.
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