What does it take to be a successful trader?

What does it take to be a successful trader?

Many people want to get into trading to make some quick profits easily. This can be a dangerous way to think about trading, as it does take expertise and there is a lot to learn first. Most people who start trading straight away without too much knowledge are struggling to make money trading forex or other assets online. This is because they all seem to have the same faults. If you are going to trade in the future or you are already trading, but losing money, then this a must read for you. Know what you are doing The first advice to everyone, if you are trading or planning to start trading, is that you must know what you are doing. If you don’t, you will lose money. If you have taken some course to learn about trading or you have read a lot of about it, you probably have a good understanding of the markets, what is affecting the markets and so on. This is a good start, but you will need to know the reasoning behind why you did something. You are entering trades, closing trades, setting stop-losses and take-profits, but without proper reasoning behind your actions. You need to know why you are doing these things, meaning that you need to have a trading plan. Traders that do not have a trading plan are most probably the ones who are losing money on trading instead of making it. Following a trading plan or a set of rules, every day is boring for most people. Remember that you are trading to make a profit, so it is...