Practice makes a Trader perfect

Practice Practice and Practice.... If you want to become a successful trader in the market. The more you practice your eye will be set for the next move of the market. I can remember that during my earlier days of trading, I used to trade only with a single quantity, to understand the market for both swing and Intraday Trading. Most of my trades, were failure back then. However, I have not given up because I was not concentrating on money those days and I have not lost my capital as well due to small quantity. What I learn from those days remains with me forever, which eventually made me a profitable trader.

I started observing patterns on the market and taking notes on price behaviours. Those learnings and practice helped me to understand, pullback, retracement, type of retracement, bull run, Bullish momentums, accumulation, distribution, and most importantly how a candle is been formed.

Now a days, many beginers and retailers are taking online courses and think that someone will provide them knowledge and they will become a millionaire with a short span of time. It is completely IMPOSSIBLE. Even if someone will give you a strategy, you will not be able to make money immediately, because You do not know the drawbacks and the psychology of that strategy. You become confident, more precisely over-confident after buying or listening any strategy. You need to practice a lot then only you can align yourself with that strategy. On the contrary if you create any strategy, you will be able to know the in and out of that strategy as per your psychology. You can only make a strategy if you spend more time with the market.

Market is like your Girlfriend or Boyfriend, the more time you spend, you will become more comfortable and can predict his/her behaviours. Have you trusted, affectionate, became comfortable or loved your partner on the first day you met him/her? no right!! the same applies with the market. The more you love, the more you spend time and the more you practice, the chances of become successful is much higher.

You need to know the correct Knowledge, psychology and lot of reading about data, market behaviours, economy, and charts then only you can have a better understanding about the market. If you do not want to lose more money then first start doing practice only with a single quantity . Once you have better understanding, then you can create your system. A system about risk management, quantity management, time management and account management to proceed for the next step about profit making.

Remember that you have to spend actively about 6000 hours at least in the market with charts then only you can have a fair understanding of the behaviours about the market and it has to be a 500 hours of active trading hours. Now you think, how much loss you can take/sustain during those 6000 hours. Do a calculation and then start trading. Otherwise trade with a single quantity of stock and start gathering knowledge and journal it. Once you do this you will get an idea slowly, and increase your quantity accordingly. Be on a process of improvement. You will get money easily if you follow the process. But if you focus on the money making from the beginning, you will not be able to improve, eventually you will end up losing your hard earn money.

So, Practice Practice and Practice..........

Be slow but be consistent.

Comments

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