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3 Things That You'll Need To Become A Successful Trader.....
Part 1: Methodology
To become a successful trader, first and foremost, you‘ll need A methodology. I realize that this is a bit of a “Captain Obvious” statement but you’d be surprised how many people just “wing it.” I’m not referring to novices trying to find their way by sampling methodologies. That’s understandable. I’m referring to the many that are much more experienced and should know better.
Part 2: Money Management
You've heard the rags-to-riches-and-so-can-you! stories: going from being homeless to a multi-millionaire or parlaying their Bar Mitzvah money over 3,000%. Even if the stories are 100% legit, is it repeatable? Returns like this mean that excessive risks were taken. Could you really repeat what they did? Or, a better question to ask would be, could even they do it again? I watched a good friend turn 5K into roughly 1 million.
Part 3: Trading Psychology
We’ve now come to the most difficult part of trading: You. The mechanics of trading aren’t that difficult. Developing the proper mindset to actually trade is. I do have some good news (in addition to saving money on my car insurance), provided of course that you’re willing to apply some brutally honest introspection.