5 SKILLS EVERY TRADER SHOULD HAVE!

Whether day trading, scalping, or investing, there are fundamental skills that each trader should master.  Skill-building activities will help you sharpen your ability to make money and cash in on critical market movements.

1. Have an Actual Trading Plan.

You would be surprised how many traders don’t actually have a trading plan. They have ideas of what are good and bad but don’t actually have a set of rules they follow. You really should have guidelines for how and what you trade.

2.  Stick to the Trading Plan.

Developing a trading plan is extremely important.  But once you create it, the key is sticking to what you’ve written down on paper. Your trading plan will not work 100% of the time. That is fine. Nothing is perfect. If it works even as poorly as 6 out of 10 trades, that is one hell of a trading strategy because 90% of traders FAIL at trading.

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3.  Know the Odds.

You should know the payoff odds for each trade that you take.  Day trading produces gains from small movements with higher risk than Longer time trading.  Stay away from day trading. Very low trading skill and day trading combine to make a very quick way for you to lose all your money.

4.  Keep Up With The News.

Soak up the industry. Learn about the company’s you are investing in. Do some research on management. What are some upcoming projectsor plans the company is planning? Realize that many of your trades are affectedby serious macro challenges that are going on in the world right now.

5.  Ability to Keep Emotions Under Control.

If you’re going to be in a trade for 3 months, you cant let one day day take you out of the trade. Not everyday is going to go your way. As long as the technical levels are still in you’re favor, you have to practice discipline and stay in the trade. This is why I now suggest people to NOT day trade but to look at swing trading with a moving average strategy. You learn more about how I trade.. HERE.