Important Factor in Trading Success The first step towards speeding up trading success is to make sure you understand what defines your trading success. At first thought beginning, traders think success is the equivalent to money and lots of it quicker. However, we help you to change your conception of trading success, which will help you to improve how you think about the market and as a result, will change the trading approach to a more successful one and sustainable. Now, if you want to manage the risk appropriately on your every trade you take, you are going to have to accept that you cannot risk a large portion of trading money on any one trade. What does it mean for the average retail trader with the relatively small trading account of $5,000 or less? It means that you are simply not going to make lots of money on given trade, and it is going to take you the proper chunk of time to build up the trading account even if you are doing everything right.
Trading Success Taking the time to learn effective trading strategy, including entry and exit criteria, risk and money management as well as psychology trading. Next step is to put all the knowledge together into the cohesive unit that makes sense and provides you with a trading approach and plan of attack for the interactions with the market. Now the most important factor in the trading success is discipline. You must be disciplined and consistent and stick with the trading approach in all the areas: Entries, Exits, Risk Management and psychology.
Build your trading plan to help you stay disciplined and provide you with the tangible ‘road map’ to keep you grounded and accountable. If you can out in the time to stick all the above things, you will already be far more successful than the large majority of the traders. Always remember that if you have a small account, you are not going to make a lot of money quick if you are doing everything right. However, a trader who consistently makes money on a small account even if it's $100 a month is light years ahead of a trader with a $100,000 account who is losing a sum of money each month. If you develop a 6 month trading track record showing consistent result and profits on even a $100 account, then that is trading success, even if you only made $500. The point is, the dollar amount you make does not necessarily equate to trading success. Trading success is measured by assessing several different metrics besides just money. A Successful trader will be profitable over a year or more, and he or she will have to do it with the consistent actions, not impulsivity with the huge drawdowns in between gains.