THE PROCESS INVOLVED IN START TRADING SUCCESSFULLY
Start trading in financial market in Commodity, Current and Share or Stock Segment is easy, but maintaining profit from trading is ultimately difficult. Some of the major exchanges we are focusing for trading are,
FOREX (International Currency Pairs)
MCX (The number one commodity exchange in India)
NSE Stocks, Futures & Options (The number one stock exchange in India)
COMEX (Worlds best commodity exchange in USA)
Someone who enter in to trading in financial market worlds will hear and face lot of confusing words, some are mentioned below,
Short term trading
Long term trading
Books and seminars to become successful trader
Buy Sell signal generating software
Technical analysis software and system
Elliot wave theory
Indicators and analysis
Charting Software, Meta Trader, Ami Broker, Meta stock, Ninja Trader
Automated trading, algorithmic trading
Trading software, Nest, ODIN, Meta Trader
Trend trading, identify trend
Real time data
End of day data
Tips and client advisors
Target and Stop Loss
Support and resistance levels
PE Interest ratio
Brokers, Forex Brokers, MCX Brokers, NSE Brokers
Multiple Exposure for day trading, positional trading
Buy Today Sell Tomorrow (BTST) Calls
Lot size, mini lot, micro lot, main lot
If you are a new comer in trading, I am sure while reading the above you will get confused about where to start trading? It seems there are so many decisions traders have to make, so many things traders need to understand for trading success. Rather than describing in details about all the mentioned key words above, my intention is to get you thinking about the process involved in becoming successful traders. The process will follow the universal principles of successful trading.
THE PROCESS INVOLVED IN SUCCESSFUL TRADING
The universal principles of successful trading outline the process of trading. There are six essential principles tools of successful trading:
Development of a trading style
Selecting markets to trade
The three pillars
Commencement of trading.
Let’s have a quick look at each.
Preparation explains what traders can expect from the markets and trading. It also shows traders what they can do before they even start trading to ensure they don’t go too far. Good preparation will provide you with a strong foundation to your trading.
Enlightenment discusses what is necessary to succeed. It points out where traders should be directing their energy. Enlightenment will guide you down the correct path to survive in trading.
Development of a trading style: brings into focus what you need to know when selecting a method to trade.
Selecting markets to trade: Knowing how to select the best markets to trade is crucial. Trading is hard enough without having to trade small markets that are susceptible to manipulation.
The three pillars address the three tangible ingredients of successful trading -money management, selecting a perfect technical analysis software, and psychology (fear and greed).
The commencement of trading puts it all together.
As you can see, trading is the last principle of the six important principles as we discussed above. I hope you can understand why so many traders lose in trading, they start trading quickly, they don’t give enough time to prepare to become a professional trader. There is a lot of work involved in becoming a successful trader. Majority of new comers consider it would represent too much hard work. For those willing to put in the effort, it presents a clearly defined path toward success in trading.
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