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This is on the higher side, with only about 20 per cent traders being consistently in the black.
This low rate of success in trading is due to many factors, knowing about which can help a trader avoid certain pitfalls.
Anything of value in life requires mental and physical efforts and involves time, energy, and resources.
Just like becoming a highly-paid doctor earning a six-figure income requires years of hard work, becoming a highly successful trader needs a decent capital, emotional strength and years of toiling.
Too much knowledge, analysis and theory can have an adverse effect, instilling doubt and uncertainty in every decision taken.
A more effective way is to pick a few trading tools that suit you and leave the rest.
Most ‘trading strategies’ that traders of all kinds keep looking for almost always backfire eventually. Even if it works for some, it may not work for us.
One needs to see what strategy is good both in the market and with one's personality to be able to get any benefit.
While the glitz and glamour of trading are attractive, if we are having poor risk management skills, and fail to calculate the risk in each trade, it can accumulate and erase your trading account in no time.
The chess game of trading requires a good defence.
Just like we cannot over-speed indefinitely in a highway with traffic, we cannot keep our winning streak in trading going on forever.
We have to put the brakes (Stop Loss) to ensure we don’t go down with the ship in a sudden plunge. Trading is about probability and it is good to know that there is always a possibility of loss in each trade.
Most traders enter the business of trading without a plan. This is the equivalent of driving a car without being sure of one’s destination.
Having a trading plan keeps you on course and helps you reach your desired destination. It allows you to filter and analyse what is working and what needs reworking.
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