What are some of the key elements or rules to become a constantly successful stock market trader?
TRADINGFEATURED
"If you want to model success, you must model the recipe that made it successful"
You say you want to be profitable.
You say you want to be consistent.
You say you want to trade for a living.
It took so much money, dozens of trading accounts, and studying the legendary traders to realize that risk management was the ultimate edge that allowed the greats to make consistent profits and also keep what they made because what good is making money if you gave it all back to the market.
If you don’t know where you stand, how do you expect to move forward in your trading career?
To model success, you must model the recipe that made it successful.
Discipline and consistency: The only way to build discipline and consistency as a trader is if you have a trading plan and a way to track if you are following your plan or not.
Probabilistic peace of mind: Trading is all about probabilities and it’s all about increasing your profitability of success while keeping your risk managed. By not tracking your numbers, you are staying stuck in the noise of your mind and market.
Knowing if you are getting better or worse: The only way you will ever stick to your risk management is by tracking it throughout the day and not after it’s too late.
Credit: Quora