Taken from:

1. Winning Attitude

Every successful trader possesses this one key element. And it is this desire to become successful that will make you truly focused on trading.

You have to understand that trading is a psychological process; you must be able to overcome challenges to becoming a great trader, because winning or losing depends largely on your mindset.

2. Discipline

Always Plan Your Trade And Trade Your Plan

A disciplined trader always has a plan about how to approach the market. Even before a trade is placed all the components have been predetermined. This will help eliminate any indecision involved with trading.

  • Always Trade With The Trend

Remember this important point ever time you make a trade.

  • Be Patient When Timing Your Entry

Regardless what your entry rules are, be specific and predetermined. Execute your orders only when all conditions are met. Note: Never open a trade because you are anxious from waiting.

  • Determine Your Exit Strategy

The method you use is not important, but the fact that you have an exit strategy is. This should have been predetermined in your trade plan and always execute without hesitation.

  • Execution Of Trade Plan

The execution of a trade plan should be simple. All the components prior to entering a trade have been predetermined. The important thing to remember is follow through with your plan and not let outside factors influence your trading decision. It would not make any sense to have a good trade strategy and not use it or change it in the process. Stick to the plan, which is the main reason you have one in the first place.

  • Consistency Is Key

Every trade should be consistent and implemented with ease according to the trading plan. This will help you become more proficient in trading. The key is to find a trade strategy that compliments you and has brought you success over time.

  • Simplicity

Always keep your trades simple and do not implement multiple strategies at once, this will only confuse you when tracking the progress of your trades. What you want to avoid is getting out of trade wrong as a result of complicated trading. So keep it simple and let your trading plan do the work for you.

3. Trade Management

Risk Management