What skills are needed for becoming a full time successful and rich trader?

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What skills are needed for becoming a full time successful and rich trader?-第1张图片

Rich and successful traders are focused on -

Risk Management - They practice managing the risk of a trade rather than how much money they can make.

Emotional Control - Trading is more than a number’s game. Control your emotions to control your money.

Patience - Having the patience to wait for your setup to develop will pay more than forcing a trade.

Testing strategies - Make it a habit to back test a trading strategy 100 times to understand how it works before trading it in the live markets.

Keeping records - Maintaining a detailed trading journal to analyze performance leads to growth.

Refining what works - Using the data collected in a journal to double down on what’s working and correct what isn’t.

Mapping market structure - Mapping out the story of the market before jumping into a trade to increase the probability of success.

Self assessment - Seeking constant self improvement by understanding we are the only ones responsible for the results we get.

Adopting long term mindset - Focusing on long term growth and compounding small wins rather than trying to get rich quickly.

Keeping it simple - Trying to find a secret indicator that’s going to print money is not out there, focus on keeping things simple so entries are clear.

Leveraging a job - Using income from a day job to grow the size of a trading account is more sustainable than quitting and relying on trading for income.

Not fighting the market - Understand that the market is going to trade how the market wants, it’s easier to trade with it rather than against it.

Accept losses - Losses are a part of trading, The idea is to keep the losses small and the wins big by using proper risk management.

Never over trade - Focus on A+ setups and never chase trades when on a losing streak.

Getting the reps in - Successful traders are always looking at the charts even if they are not trading.

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