When I first started trading, I lost 1 house. Fortunately, today I have been able to learn the proper skills needed to become a consistent trader. The following are the 5 skills that helped me avoid losing 1 million in private money and avoid being eliminated by the market👇👇
1️⃣Emotional management: Trading is both analytical and psychological. Controlling your emotions, especially during market volatility, is crucial. Controlling fear and greed ensures clear, rational decisions are made.
2️⃣ Consistent strategies: Jumping between strategies can lead to confusion. I've found that success lies in mastering a strategy, sticking to it, perfecting it, and only adjusting when absolutely necessary.
3️⃣Risk Management: What matters is not how much you make, but how much you keep. Setting strict stops, only risking a certain percentage of my portfolio, and not over-levering was critical to protecting my capital.
4️⃣Avoid over-trading: Preventing myself from impulsive trading has blocked such a big loophole for me. Overtrading can lead to significant losses and unnecessary stress, especially during volatile days.
5️⃣Review and Reflection: I began to maintain a detailed trading log, recording each transaction, its rationale and results. Regular reviews of the journal promote growth by highlighting patterns, errors, and areas for improvement.
