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Read to know how you can improve your trading skills and become a better trader in 2018.
If you do not plan well you will not succeed in anything that includes everything not just stock market trading. Your first job should be to learn from your mistakes.
1. What mistakes you did in the year 2017?
2. Was your money management skills poor?
3. Did greed overtook you and you traded more than you could afford?
4. Why you did not take the stop loss as planned?
5. Did you take tips? How much you lost on tips?
6. Any research you did on trading? If yes what was the result?
If you answer the above honestly you can improve your trading skills in 2018.
Here are some more ideas.
Do not forget that 95% of traders lose money. Only 5% of traders make money and make a living out of trading. They succeed because they have a plan – a tested plan that they stick on for a long time until it needs a change.
Here are some important things you must do before you start trading in year 2018 to get better results than 2017.
Review Your Top 5 Big Winning and Losing Trades You Took In 2017
If you want to know the big mistakes you need to study the big losers first. Remember that losing trades are your best teachers. Second best teachers are your winning trades. Try to go back to historical rates and analyze why you took those trades and why you lost. Be honest with your review else you will be wasting time.
Reasons can be speculative trade or tip trade etc. If you suddenly increased the lot size then why you did that. You may have fallen for greed but what was major reason for that. Write it down.
You might find common things in the winning trades and losing trades. Focus your research on the common things.
Common things can be like – correct lot size, correct entry time, India VIX was supportive, profit taking at exact pre-decided position, positional or intraday trading, hedge / no-hedge etc.
In 2018 Start To Write Trade Details for Every Trade
Details for every trade will give you insight of whats correct/wrong with your trading. Eliminate the wrong as soon as its confirmed that you are repeating that mistake. A mistake can be due your certain behavior. Learn to control that behavior. Quickly eliminate the destructive patterns of your behavior.
Write Your Trading Goal For Each Month Before You Begin Trading For The Month
To improve your trading skills you need to focus a month not every trade or each day so that you have 30 days to get results. To improve think about the bigger picture not the smaller picture. Trading journal of one month will give you ideas to improve your trading skills next month like it can be not to over trade and wait for opportunity.
Review Your Trades End of Week
Saturday and Sundays are non-trading days. Use weekends to review your trades done in the week and try to know your mistakes or the good thing you did that week in trading. This will help you to review entire month at the end of the month. Write down your trading flaws like indiscipline or any other thing.
Once you can identify the sources of your failures in trading you can figure out what to change to make you a successful trader.
Get Good Training In Trading
There are many people teaching good strategies. But you should chose a good teacher. You should know what you will learn and if their teachings can help you out. Do not forget that trading is very hard not an easy job to master as only 5 out of 100 traders make money in the long run. If you can do it on your own research skills its good, but there is nothing wrong in investing in a course made by people who are already a few steps ahead of you who have to help you become a better trader. A good course helps you to save time and money to do the research yourself. This will shorten your learning curve. This will give you someone to hold yourself accountable everyday, and give you someone to support you on a day you are losing.
My conservative option course has helped many traders trade successfully Nifty Index options and make a monthly income month after month since 2015. Its peaceful trading where lot of research is not required. Trade set up does not even need a lot of time. You can do the course by paying a small fee which is nothing compared to the losses you suffered last year.
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