You Should Have 5 Elements To Be Successful

Trading is a very complex undertaking and if you miss one element you will likely eventually fail  in this endeavor.

Here are the five different elements we must have working for us for success in trading:

The Knowledge

If we don’t do the homework to know what we need to know we will fail due to ignorance. Understanding historical price action, reading books by and about the best traders, seminars, mentor-ships, and  systems testing is all part of the homework we must do to get the needed knowledge.

The Resources

While trading with a small account is a good place to start it is not a good place to stay. Traders must be adequately capitalized for meaningful trading. We must have an affordable broker that does not charge bloated commissions and gives great execution on orders. A trader must have a platform and charting service that is adequate for his trading style. Trading a small account with an expensive broker with poor execution is a path to eventual failure.

The Desire

If you are trading just for the money you will quit before you are successful, Why? Anyone without a love for the game will quit during the long difficult learning process. After hundreds of hours of work and years of trading with nothing but a loss to show for all the effort anyone with common sense will think it is too hard and just quit. Those with a love and passion for trading will eventually succeed and usually make six figures or Become a Millionaire for their efforts. Those that do a cost benefit analysis in the first few years will generally quit due to the math.

The Skill

A trader must have the skill to trade in three dimensions. The management of the mind,  the method, and money management are all crucial for success. Traders must have the discipline and perseverance to trade robust systems through different market environments without giving up. They must have the ability to accept and deal with their thoughts and emotions as they arise during both winning and losing streaks. Risk must be managed on every single trade without the ego causing bets so big that they put your future trading at risk. The trader must also have the skill to not let fear take away the traders ability to pull the trigger on a good entry.

Best Trading System 

Trading systems are very useful for traders. With the help of this technology you can maximize your trading profit by doing nothing. Now a days so many traders are using this game changing technology to avoid loss. These are fully robotic trading systems which allows traders to create their own trading strategies. This is the most effective way of risk free and profitable trading. Their are so many trading systems are present in the market but you need to select the best one for you. Online Robotic Stock Trader is also a good option for you to get get your own trading system.

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