Being Succesfull Trader ...

There are 3 general things you must have in order to be a successful trader :


1. You must have a good system !
The system should be profitable over the long term and must be easy to implement.It should be of a mechanical nature,allowing and requiring little or no discretion or judgment on the trader's part.This is especially important if you are starting out in trading and it is critical that you follow mechanical hard-and-fast rules : IF A=B then you do C=D .
There are lot of emotions which come into play when trading..If you have set of rules to follow then you know exactly what to do and no matter what your feelings are telling you,you can ignore them and simply follow the precise rules dictated by your system.

2. You must have a good set of money management rules
i have come to appreciate that success in trading is not only about having a good trading system (of course that is VERY important) but also about having a good set of money management rules and principle.Trading without following these precise money management rules is a sure to fail.
For those of you that are new to the business of trading,let me explain what I mean by money management.The term refers to the principles and discipline you use in order to control your risk total exposure when to entering trade-how much of your total capital you will risk on any individual trade,where your loss,where your profit target,the ratio between your profit objective, and your loss,etc..

3. You must be able to control your emotions.
This is a VERY important rule and something that a trader must learn to master,Whilst trading, you are constantly presented with feelings such as fear, GREED, and excessive excitement(for example, as a result of winning streak)
The reason many trader experience these type of feelings is simple - they don't have good trading plan.They don't have a good and clear set of rules to follow.They will trade based on emotions rather than on signal issued by a robust and profitable system.They will not respect losses,profit objective or any other important parameters essential for profitable trading.

I strongly believe in EMOTION-FREE TRADING. It is essential for success and that is how you will be the best of the best - by following a precise set of rules that are both easy to implement and require absolutely no descretion.