What defines a trader that makes a profit and another that doesn’t is who they are, trading is not all about altering what you do, it is about taking the right actions, having some special behavioral qualities like patience, levelheadedness, non greedy, and many more. These are some of the qualities that unprofitable traders lack.
Hitting one big trade that will earn you a lot is not all that matters. There is a high probability that the same big trade will cause you more harm than good. If you actually think this is wrong, what do we say of lottery winners that later runs into bankruptcy after winning a huge sum of money? The same thing goes with new traders that actually got their first big win from luck. They will end up throwing the money back into the system when the risk associated with trading blindly acclimate looses that can swallow them up. However, there are skills that a new trader needs to learn to avoid any of these.
These skills include learning how to create trading signals that are good, efficient position sizing, ability to go with laid down plans and lastly, the tractability to move along with changes in prices
These do not happen in a day, it takes time before the magic manifest. The trading system needs to be followed on a daily basis and this will continue for some couple of months until the profits finally work itself out. The only way to earn money continuously is by learning the basics of minimizing losses, knowing when to say goodbye to a winning trade that might look attractive but dangerous and also the accumulation of capital for a long period of time. This magic that we are talking about will only manifest after you must have created a system that complies with what you believe and what you thinks about risk tolerance and how you will repeat your entries and exits as you continue your trade.
Despite the fact that there are many profitable systems out there, not everyone is making most of it because trading is not just based on ideas, one has to know exactly what he or she is doing. Everyone wants to be a successful trend trader but there are certain things that differentiate a successful trader, which are discipline and self-control. However, this rare trading edge is as a result of the trader’s own art of emotional and mind control.
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