What makes an expert trader?
TRADINGFEATURED
"You are scientifically capable of making 2–3 decisions per day"
From pages to profits: Practical solutions for becoming an expert trader are explained below:
Effective position sizing is crucial - Overleveraging, especially when emotions run high after a loss can sabotage the success of your next trade. The key to emotional control begins with mastering proper risk management strategies. Trading is not a roll of the dice, you are crafting a career, not playing roulette. Be a pro, not a gambler.
Limit your time at the screen - The longer you sit in front of the charts, the more likely you are to make mistakes and start reciting with emotion instead of logic. Find a suitable trading session and stay on the charts for 2–3 hours per day maximum.
Limit amount of trades - You are scientifically capable of making 2–3 decisions per day. Embrace discipline by taking fewer trades per day, focusing on high-probability setups for lasting success.
Identify your tilt - When frustration and anger creep in after losing, it’s a cue to take a break or wrap up your trading day. Trading decisions made in a heated state rarely lead to success. To fortify your mindset in these moments, consider engaging in activities like reading, playing chess, and meditation. Your mind flourishes when challenged to focus and solve problems. These practices can be powerful tools to regain control and composure during challenging trading moments.
Developing confidence - You have heard it 1000 times but it holds - confidence begins with a solid trade plan. Backtesting, analyzing price action, and reviewing journal entries are your tools for improvement. The more you refine away from the game, the stronger your confidence during the game. Athletes understand this well, practice off the field builds the confidence to perform.
Credit: Quora