Each and every trader gives his best to become successful in the market and make consistent income. But when you open your demat account you receive a message “Out of 10, 9 people are in loss “ . This message specially for option trading. Here we will discuss about the overall market success and not only for option trading.
In Trading you will have to create your own rules and then have a discipline to abide by these rules. Its very easy to say that follow discipline so that you will get success. But the question is which rules we have to create to get success. To create rules need experience and experience always matter.
Here is first stage to get success.
- You create your own experience
Once market open in the morning at 9.15 am what should be your first step. From 9.15 am to 3.30 pm what steps you need to follow to trade in the market. First you should know what is option trading. What is nifty and Banknifty. What is global market condition last night. How US market performed last night. Which strategy you need to follow for the entire day. Have you joined any share market classes near you. Have you learned and developed strategies. There are so many conditions before market start, in a day and end of the market time.
Here your experience matters. If you would have taken a proper education then you must have a proper strategy to perform trade in the market. Also its very important that how consistently follow that strategy and make your journal every day to track the record of each and every trade.
We as Tradeshala, Academy created automated journal which helps you to keep record of each and every trade so that you will get know after every weak, month and year your performance. This activity increased your experience in the market. You need to follow only one strategy for the consistent next 3 to 6 months. Keep the record and then do performance analysis. This will help you to go ahead with your trading journey with high experience. Here you are observing yourself every day and get improvement in your trading style. So daily experience you need to write down as what you have learned today in the market and what should be the improvement for me in future. You can change what the market is doing, you can only change yourself .
- Follow the opportunity
As a Trader you always follow the market trends. As you observe on daily trades market behaves differently. For example today market is uptrend between 9.15 to 11.30 am then suddenly it went sideways for next one hour. After that market turned into downtrend. Here you need to take opportunity to trade each and every market trend hence your strategy should be build such manner . Many times you observe you booked your profit and then market went 300 points ahead. Here there is a chance to miss this rally. You need to trend yourself to chase the entire rally and maximize the profit. To get this opportunity you need to have a proper strategy and stoploss system. Start following trend here after. Tradeshala has designed such strategies to follow the entire trend and maximize your profit.
- Trade Execution
Your ability to execute your trades shows you as trader or just a normal demat account holder. Fear is always there while executing trades. In your relationship with the markets you had to learn what to fear. What you learned to fear was a result of whatever you did that caused pain. Your pain was the result of your not knowing what to do next. Hence you should be clear with your entire day planned, stock selection process, indices selection, trend identification and very important your strategy. Trade execution is an art. Your execution skill has to improve day by day as this is the only skill will prove you as a trader and not just a demat account holder.
- Daily Trade Records
This is the 4th stage in your trading journey. You know everything in market. You know option trading, you know index trading, you know swing trading, commodity trading, option buying, option selling concepts, option hedge process. But you are not observing your trades daily basis. You do now have any record of your trades that means you are not updating your journal then you are not a successful trader and you are not serious with your business.
AS A Tradeshala Academy we have developed automated journal which will help to keep each and every trade record. This will help you to do analysis of your trades and learned from that. This stage is very important in traders’ life.
- Accept the Profit and Loss
Many Traders I have seen who has gone into recovery mindset as they are not ready to accept the fact. In case today you are in loss then accept it and go ahead with the new trade as a fresh trade. Untill you accept the fact you would not be a successful trader. Profit and loss is the process and it should be a daily routine. Accept the profit and loss with equal mindset and go ahead with new start every day.
