- Traders need research and analytical skills to monitor broad economic factors and day-to-day chart patterns that impact financial markets.
- Self-control is crucial, as well as the ability to regulate emotions despite developments that could be upsetting.
- Accurate record-keeping is important for trader accountability and for learning and improving.
- Treat trading like a business, not a hobby or a job.
- You need to know the importance of technical indicators
- Learn how to use data & analytics to improve your trading
There is even a saying in the industry — 90% of Retail Traders lose 90% of their money within 90 days!
Firstly, let me define what I mean by a Professional Trader — someone performing a controlled function trading other people’s money, either on a proprietary trading desk in an Investment Bank, or in a Hedge Fund.
Professional Traders do not include the guys on Twitter calling themselves “Professional Traders”. These are almost always Retail Traders simply pretending to be Professional Traders!
Professional Traders have a longer term outlook in which there first goal is capital preservation, and second goal is growth. In other words, the initial and primary goal is to simply NOT lose money, or at least protect themselves from significant losses.
So overall, they aim to get rich slowly with a sustainable strategy. To trade in a way that will potentially allow us to trade forever, because we don’t want to “blow up” our trading account, there are lot of things I want to teach you, So why don’t you watch our Free Course completely, I tried to explain in simpler terms. Thank you!