10 Pathways to Trading Success

10 Pathways to Trading Success
10 Pathways to Trading Success
Nicolas Raymond

 

There are many paths to trading profitability, but all the paths have similar steps. Here are some important steps you must follow on your path to profitability.

  1. The amount of success you have in trading is primarily based on the amount of homework you do.
  2. You must develop a winning trading system that is based on previous price history, trend capturing in your time frame, and great risk/reward setups.
  3. You must have a quantified trading plan for executing your system with real time entries, exits, and position sizing.
  4. Position size so you never take big losses. Never let any trade risk the ruination of your account.
  5. Learn from those that have consistently won in the markets.
  6. Read the best trading books ever written.
  7. Study a market’s price history, and how it related to technical indicators.
  8. Study historical chart patterns.
  9. Be aware of your emotions and ego so you can continue to trade based on facts instead of how you feel.
  10. Perseverance pays in trading. Let losses be lessons and your mistakes be your teachers. Don’t quit when you’re frustrated; keep going until you are successful.