New Venture needs a Hand of blessing or Beginner luck ? I think its Skills and Blessing Hand to overcome hardship in Venture. Running on the luck will eventually leads to failure. focusing on systems or process will place you to sustenance model in a Venture, Venture might be conventional business or trading in Exchanges.
Pic Source : Tradeciety.com
Many traders start with the imagination of to get rich quickly in this process they will blow off their trading account. Sustaining in journey of Trading, traders needs to consider Trading as Business and work on Planning and Risk management. as you see in this pyramid only few percent of traders will be left after 5 years. those who aren't disciplined or never had a plan/system and bet on too many trades without proper risk management, tend Quit the trading.
Beginners in Trading needs to develop a plan or at least kick start of with Journal entry for every trade they enter. - Trade with small quantity
- Futures and option to be started after only after having established Winning ratio with small quantity with proper record and every trade documented.
- Every losses needs to be analysed and Grading to be done for all the trades to check the improvement in your trading.
- stop trading if you are having too many losses and reduce the size of the trade.
- Establish your own trade setups that matches your temperament.
- Identify your style of trading, are you a Scalper or Day trader or Over Night Position taking trader ?
- following your system and being disciplined will lead you to become good trader.
- Focus on becoming good trader rather thinking of making money. Remember money flows to good sportsmen and not the sportsmen chasing money makes good money.
- Idea is to trade well not to be trader in number of trades.
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