Trading Mantras

Must Read tips for Stock market Trader

Successful traders have a simple system.

No matter which technique you use as long as you stick to it. A Successful trader knows only their own techniques and makes trades based ONLY on this system. "The secret to being a winner is consistency of purpose". Use the same strategies to enter the market and to exit the market and you'll always know what your getting. A successful trader knows the difference between defensive and offensive behavior, and when to use each. - protect your money first, profit later.


Develop the necessary mental skills to trade well. 

Spend time learning how to stay focused on the present moment. Learn how to 'mentally park' losses and trading errors. Learn how to let winning trades run and cut losing trades short. These are all crucial mental skills that are not found in reading the MACD or price bars.Trading is a tough business with lots of
adversity. If you haven't got a clear sense of what you are all about in your trading, you
will find trading very difficult.

DON'T CHASE THE MARKET. 

If you are slow, and miss a day trade that suddenly looks like it would have made you a fortune, do NOT panic and try to jump in late - you will almost certainly be buying the top or selling the bottom. Remember that the market will be there tomorrow, and the day after, and for ever, so ANY trade, no matter how important it looks, can be ignored if necessary. Keeping your powder dry, and being ready for the next one, is more important than hitting every day trading opportunity you see. Many successful day traders only trade for a few hours a day - they miss plenty of action but don't care, because they know the market will be around when they come back.

TAKE A LOSS WHERE NECESSARY :

Knowing when to take a loss is the most important lesson any day trader ever learns. If you keep your losses small, you can come back to fight another day. As long as you control the loss in a calm, professional way, keeping it within the limits you have set for your money management strategy, it is STILL a good trade!

As a trader , losses are part of our business. 

You can’t avoid them . However , there’s a huge difference between losing big on a regular basis and losing small in controlled trading plan . If u can’t accept that fact , you simply shouldn't trade.If you need to succeed with trading , then you MUST invest both time and money to acquire the knowledge that you need , the discipline to follow your trading strategy and the patience to wait for the “ Perfect Trade “

In order to be a successful day trader, you need to have the right tools, choose the right markets, and trade the right trading systems. However, it is just as important to have the right psychological and emotional outlook. Without the right psychology, your emotions will have a big impact on your trading, and may even prevent you from trading at all. The two main emotions that day traders experience are fear and greed, and while you will probably not be able to remove these emotions completely, you will need to manage them.