Before I answer this question, I want to share a caution!
“Successful Trading is not a destination, and it is a journey”
Every day we need to work hard to get success in trading. Each day and each trading opportunity is unique in the market.
Whenever I thought I know everything in the market, the next day, the market slapped very hard on my face (with a big fat loss) to indicate it is supreme.
I must admit some of the facts about my trading:
- I don’t belong to the 90% accuracy trading category. From an analysis perspective, I will get 80-90% accuracy. But in practical trading, I only get 50-60% accuracy. However, I only look for good risk-reward trades (a minimum of 1:2). Hence, it is quickly covering up the losses and turns into a profitable business.
- I do take successive losses in my trading, and these losses are painful. However, I have strong money management rules and hence don’t lose much money when I fail. I take a break from the market when I get successive losses in my trading.
- I feel high when I make a big profit on any trade. From my past experience, I have realized that whenever I made a big profit, I will feel high, and the next day I will lose money in trading. Hence, I will take a break for 1-2 days whenever I make a big profit on any trading day.
- Even though I am an intraday trader, sometimes, I don’t get trades for a couple of weeks (or I am interested only in high profitable trade setups). On all the other days, I am happy to sit and watch the market without doing anything.
- I still face problems whenever I try all trading types (like intraday, positional, and investment). Hence, I have restricted my trading activities to positional, and very rarely, I opt for intraday trades.
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