After going through the recent recession, many felt that working for people is no longer secure and many are talking about trading for a living, be it in stock trading or forex trading.
Many had failed but there are some who succeeded.
What are the Factors that separate those who succeeded and those who failed?
1. Trading Plan
- Come out with a realistic trading plan. i.e. setting yearly, monthly, weekly or daily target.
2. Trading Psychology
- Able to understand how markets work and how to position yourself in the market.
3. Good Money Management
- Know how to manage your capital which able to last you in a long run.
4. Good Trading Strategy
- Know when to enter and exit with good success rate and risk rewards ratio.
5. Traits of the trader
- Hard working (willing to put in effort to learn and re-learn)
- Discipline (Able to follow as per plan)
- Independence (Able to depend on ownself for decision making)
- Confidence (Confidence in what you are doing - after went through the trial stage)
- Patience (Willing to wait for the good opportunity for entry and exit)
and most importantly - need to have the Passion for Trading.
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