The things that a Smart trader don’t do on his journey towards profit

Things to avoid for being a successful trader

Being a trader if you want to reach a point of being profitable adopts good habit and throw off bad ones. Habits are more important. You will become successful when good habits are formed.

Many novice traders felt guilty of putting stop loss. This is mainly due to the fact that every trader blindly believes their broker that the broker is watching their trade. But the reality is no broker has the time to watch every trade of a trader. If you are not putting stop loss orders it means now you are running with the risk of having your entire account being worn out or strike a major draw down when the market makes a large move. So first good habit you need to take is put stop loss orders. Next thing is don’t worry about the opinions you will get opinion when you want it. Everyone have their own opinions about everything differently. When you ask about market trend to 10 different people you will get 10 different answers. If you want to be a “smart trader” doesn’t pay attention to opinions but pay attention to facts. The difference is that you will get the picture. Watch how the market respond and accordingly trigger your trade. Here a trader takes 100% responsibility of their own and eliminate the situation of blame anyone else.

Continuous updating is a way to success. A good reader can be a good leader. Regular learner can improve their skills. More learning means acquiring more knowledge. You can learn about trading by reading books reading articles finding a mentor studying about great investors and so on. The next good habit you have to learn is focus on the process. Focus on your entry, risk employment and stop loss order. Don’t worry about past. If you loss first leave it and go for profit. Think positively do positively. Don’t mix your other worries with your trade. It will kill you not keep you. There are worries exist which demand your attention. But please don’t add your trading to that list. Not select just a broker. Pay attention to the following while you selecting a broker.

  • A broker with less brokerage. Not a broker who give large exposure.
  • A broker who give better customer support. That means answer to your questions as fast as possible.
  • Their existence. How long they are in this sector.
  • Is your fund is safe in their hand?

Safety of fund, strong support are the important factors, brokerage world is so competitive. So search for a solid broker. Zerodha, Ventura and Wisdom capital are some of them. Avoid tips waiters use tips traders use plans. So when you follow good trading habits you can become a great trader or in other words a smart trader. Stop over thinking. Focus on your work. Never stop learning and avoid opinions from others. Choose a best broker. In this way you can consistently profitable in your entire carrier.

You can find more information from our blog by click the below links;

How emotions push you to false trading. How it can be controlled?

Awareness of the World Economy can Improve your Trading potential

Graphs & Their Application To Speculation In Trading FOREX, MCX, NSE

Winners and Losers in Trading Commodity/Share/Currency Markets a Comparison