Sorry to break it to you, but there's no one thing that's going to make you successful in trading.. Matter of fact not just trading but in life.. It's a combination of different things that will make you successful.. I'm not going to list all here because this is not school and I'm not the teacher.. But I will say this. You will need a detail plan that works (write your plan out).. When to get in, when to not get in, how to exit, and risk management. And you will have to work on your emotions too, but I don't think trading is 95% mental like most people think.. But you will screw up if your emotions aren't in tack. What will help with your emotions somewhat is having a good a plan that works, because a working plan will help you build confidence.. So the next question is, where do you even find a good plan/strategy that works? Well that's when your 10,000 hours come in.. Sorry folks.. I'm not here to water things down and have you thinking you can start trading tomorrow and make thousands next week.. I want to give you the hard cold truth.. It took me 10 freaking years to be able to trade full time and I'm still learning new things every month.. Are you willing to sacrifice 10 years? If not, stick to your 9-5.. I'm not saying it will take you 10 years to become profitable, but it's a possibility.. So how do I trade? I look for certain levels, wait for a certain pattern and then I pull the trigger (pic below). Do I lose? Yup! How many trades do I lose in a row? Everyday is different.. Some days I don't lose at all.. Some days I lose 2 in a row, some days 3 or 4.. I had days where I lost 6-7 times in a row and still made a profit or break even, but I don't trade that reckless no more lol.. You will have to prepare your mind to lose 10 times in a row and be ok with it.. If you are new to trading you should have a daily loss limit.. So if you lose 3-4 times in a row then you should stop trading for the day and start over tomorrow.. One of the main reasons people can't make it in trading is because they can't get used to losing.. They have been brain washed by society that losing is bad.. But in trading, In order to become successful you will have to lose.. You will have to lose to win.. With trading you can be right 40-50% of the time and still make money.. So the next thing I will say is when you are making your trading plan make sure it involves your winners being bigger than your losers.. I'm not going to lie, it's easier said than done, but that's where your 10,000 hours come in play.. I'm addictive to manual back testing.. That's how I come up with all my strategies.. I study the chart 7 days a week.. Are you willing to put in that much work? Anyway, when it comes to taking profits, I will take profits much quicker when the market is ranging, and when the market is trending I will let that bad boy run.. So you will have to know how to identify a trend and a range in real time. Again that's part of your 10,000 hours... So the next question is, how bad do you want it?
damn, not gonna lie. if it took u 10 years to become profitable, you have nothing to offer me. it only took me 6 months to become profitable. last friday, i did 7 trades. 6 winners and 1 loser. made over $550 for the day. peace.
I quote "It's a combination of different things that will make you successful." Where have you been all my life , if only I'd known.