If you want to be a successful trader in any kind of market, you should maintain some qualities. If you implement those qualities in your trading, no one can stop you to become successful trader.
Patience: Patience plays key role in trading. “Don’t search for the opportunities, let the opportunities to come”. It is not that you have to trade at any cost even if you don’t see any opportunity. ” If it is not there, it is not there”.
I repeat ” if it is not there, it is not there”. Be patient, wait for the opportunity to come, then only enter the market. “It is better be quite than loosing money”
Confidence: Be confident on your Trade Plan, Strategy or Tools you use. When you are confident on your trading method, you will be able to catch max profits.
Accept Losses: Looses are common in trading along with profits. If any trade goes against you, accept it, and exit trade. Don’t get panic. Only thing you have to see that, winners are more than losers.
Control over Emotions: Keeping a Cool and Objective attitude is critical. Avoid emotions when it appeared to see a loss. The successful trader does not trade on emotions, but sticks to the plan and accept loses or wins equally.
Discipline: Discipline means having and sticking to the Trade Plan. This is absolutely essential for a successful trader. Be disciplined in controlling emotions, accepting losses and sticking to the trade plan. Prevent over trading.
Money Management: Strictly follow money management principles. Plan your Lot size and Risk based on your Equity. Risking 1 to 2% of your Equity on each Trade is acceptable. Stick to this principle.
Willingness to Learn: This is highly competitive game and educating oneself is essential to understand the market. Learn first and Trade next. Dedicate a some amount of time to learn from Internet, your Mentor sand Experts. For me, it has taken years of experience, hard work and networking, filled with lot of trial and errors.