Day Traders : Knowledge you should KNOW….
“Know that one thing by knowing which everything else become known…..”
As per my experience of struggling to become professional trader then after that becoming professional trader by trading in my OWN account , and then sharing my experience with other struggling traders , to become professional trader through my training program , I had concluded few points :
CONSISTENT success in trading is depend upon
1% on Technical day trading strategy
2% on Money management method
97% on psychological skills….
If you want to EVOLVE as CONSISTENTLY successful day trader , from struggling trader , you must have to acquire knowledge in below areas :
A) Technical Trading strategy Knowledge :
For most of the day traders only method of price prediction , is Technical Analysis….
Below are the components of Professional Day trading Strategy :
1.Stock selection Criteria
4.Money Management method
Once you build professional day trading strategy having above mention criteria , then you must have to back test it , to know whether strategy is profitable or not ? Then you must have to forward test it , to know whether strategy is practical to use or not ?
B)Price movement knowledge :
Trading is not game of PERFECTION , it is game of PROBABILITY….To understand this concept intellectually and implement it practically , You must have knowledge about :
1.How price move from one tick to another tick ?
2.Who are players behind it ?
3.How we depend upon them for our PROFIT and LOSS?
Most of novice traders not able to follow profitable and proven trading strategy , To remain stick to your trading plan based upon technical analysis , you must know Limitation of technical analysis and ways to overcome it….
C)Knowledge about YOURSELF :
You must have to acquire and maintain highly sophisticated psychological skills , to become CONSISTENTLY successful day trader. For that you must get knowledge about :
1.Your own self
2.Your beliefs about Money , risk , loss and success
3.Neutral State of mind unaffected by profit or loss
Knowledge is not just collection of information…..
It doesn’t matter – How many technical analysis workshop you had attained? How many trading related books you had read ? How many market related videos you had watched ? ….By doing all this , you will just get information…..Information get converted into knowledge only when you experience it at your own level.Knowledge means simply not collection of information….Knowledge is practical implementation of information for your own financial benefit.
…..No imagination , No visualization , No verbalization …..Direct experience at SOUL level…….
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