There are majority two kinds of traders one is a professional trader and other is an amateur trader and in the entire blog, we have been focusing upon that the perspective of the trader or investor will change after reading the entire blog with focus. It will be helpful for you to know the basic requirement of a trader and after reading the entire blog you will find that the thinking that you had will change and give you the reality that how can work to be a successful trader.
7 Secret Success Mantra for The Stock Market
1. No Emotions
You may know that in the border the soldier’s go for the wars to encounter all the enemies and not with any emotions over there. Same is required in the stock market as a professional trader the first important thing is work in the market without any emotions. Fear and Greed these two things should not be there in mind while trading or investing. As soon as you think about this the very next moment you will start to make losses in the business.
Suppose, if a person takes a stall outside your society and sell any kind of snacks over there and most of the customers are from the society so he does not charge anything from them this is what, that the guy is working with emotions and getting no profits on it. In the market, if there are emotions then there is loss and if you work without it you will make money in the market.
2. No Gambling
Do you know what gambling is all about?
Gambling means investing or using money on the business in which you don’t know anything about that and you are investing because you want to earn money. Many of the people have the conception that the stock market is gambling but it is not. If you start investing or trading in the market means you have the knowledge about the market and so on it is not term as gambling.
You may have known and listen to the story of the Mahabharata in that there was a dice game in which Yudhishtra had lost the entire match against Shakuni because Shakuni was a professional player in the game and Yudhishtra was a beginner and never played before for him it was a gambler. In the stock market also 90% to 95% trader is like Yudhishtra who makes losses over losses and rest 5% to 10% trader are like Shakuni who is a professional trader in the market.
3. Solid Education
In the childhood, everybody’s parents used to tell them to learn and study syllabus but at that time we didn’t know the importance of getting education and today if we want to diversify your leaning’s then you will surely need a mentor to guide the best path for you and even if in the stock market there is necessary to get education from a mentor to get the knowledge about the market.
In the stock market, you should learn according to the mentor and you should daily work upon the lessons you learn from them and to execute the learnings practically and also read books and articles of many successful investors or traders across the globe.
4. Work with Stop Loss
The only focus and the thing that you can control is your stop loss. You can define the loss but you can’t define whether you will generate profit. If you don’t keep your stop loss then one day surely you will lose your all invested capital. In the stock market, no god can help you if you as a trader don’t set your stop loss and always carry forward your positions in losses then one day 100% sure you will lose your capital, so keep the stop loss in trading and keep smiling.
If you achieved the target don’t be happy but if you hit the small stop loss then be happy. Risk management is the perfect key to save you from the giant losses. You can understand risk management easily through our blog on the same and you will find it a much better thing to control the loss and always keep the stop loss shorter. Learn More About: What is Stop Loss?
5. Detailed Plan
For starting any kind of business, you need to define your goals and plans for that you can’t predict the profit but you can define your loss and you can minimize your risk also. There are many factors which should consider in any of the business. If you have no plans and you started for trading then soon your account size will become negative.
If there is any shop kind of business is there then you need to find the perfect location, the product which will be more sold over there, shop size, taste of the customer etc. Same is needed in the stock market before trading you should define your plans, your goals, your dreams that you be needed to fulfill if you get profitable from this then you should plan your amount of investment which will be needed, to define stop-loss, to define risk etc.
6. Proven System
In the stock market, there is no if and but strategies used and if you follow the analyst from any news television stop it there and then only because you will find that there will 5 to 6 analyst and every analyst gives a different opinion in the same stock because there are different indicators for all of them and if there is confusion in the market then there is surely lost in the market.
You should make yourself discipline for the market and establish your strategies and should work upon it and find a unique system which will work according to your research likewise a right entry point, right stop-loss and right exit point in a trade. This is a proven system you should follow and work on it regularly.
7. No Use of Social Media
Firstly, to be a successful trader or investor, you should stop using all your social media application during market hours. Most of the trader get the free tips or trials on the WhatsApp, Telegram and trades according to the free tips this is not the sign of pro-trader.
Learning some techniques or strategies from YouTube, applying the strategies and again making losses on that is not appropriate for becoming a pro-trader. The tips should be given in hotels for waiters only and not in the stock market.
In Trading Fuel, we had immense information about the Stock market and regarding the winner of the stock market, you need to keep your mind calm and stable before trading or investing and also for a winner or successful in the market you need to do meditation daily to keep yourself patient and act wisely in the market. In Trading Fuel, you will come across various blogs related to trading and also on investing. Regarding this reading, if you find some query you can easily resolve with us via email and also for interesting blogs you can read more from Trading Fuel.