TO BE A SUCCESSFUL TRADER SPECIALLY IN OPTION TRADING REQUIRED FOLLOWING GOOD QUALITIES:
- TRADER MUST BE PHYSICALLY FIT AND ALSO FROM MENTALLY. FOR PHYSICAL, TRADER MUST DO SOME MORNING EXERCISE OR MORNING WALK GOOD FOR HEALTH. MEDITATION SHOULD BE A PART OF DAILY LIFE. MEDITATION HELPS TRADERS TO CONTROL EMOTIONS & REMAIN COOL AND PATIENCE DURING TRADING.
- ALWAYS PLAN YOUR TRADE BEFORE TAKING WITH SPECIFIC STOP LOSS TARGETS AND MUST HAVE PART PROFIT BOOKING HABIT IN EVERY TRADE AND TRAILING STOP LOSS AND ALSO HAVE SOME OPEN POSITION FOR LAST TRADING HOURS IN TRENDING MARKET.
- SINCE TRADING IN OPTION HIGHLY RISKY YOU MUST TRADE WITH DISCIPLINE AND ACCORDING TO SOME GUIDELINES. YOU MUST SAVE YOUR CAPITAL KEEPING STOP LOSS IN THE SYSTEM AND NEVER DO OVER TRADING.
- SINCE MARKET IS FLEXIBLE, SO TRADER ALSO MUST BE FLEXIBLE. TRADER MUST BE READY TO BUY AND EXIT MANY TIMES IF STOP HIT AND REENTER IF BUY TRIGGER.
- YOU MUST BEHAVE AS A TRADER NOT AS INVESTORS. YOU MUST KEEP DISTANCE BETWEEN TRADER AND INVESTORS. SO THAT YOU SHOULD NOT BE EMOTIONALLY ATTCHED WITH PARTICULAR TRADE IF GOES AGAINST YOU. INTRADAY TRADER MEANS FOR A DAY AND SHOULD NOT CARRY THE POSTION IF NOT EXIT OR FORGET TO KEEP STOP LOSS. YOU MUST EXIT IF FORGET TO KEEP STOP LOSS.
- YOU MUST DEVELOP A SKILL TO TRADE UNDER REVERSE CONDITIONS. FOR SAY YOU HAVE PLANNED TO TRADE THE FOLLOWING: TO BUY 30100 CE @195 STOP 160 TARGETS 240-300. TO BUY 29800 PE @160 STOP 130 TARGETS 220-270. :NOW YOU BOT 30100 CE @200 PRICE WENT TO 245 AND THEN STOP HIT @160 AND 29800 PE BUY TRIGGER @160 BUT EMOTION ATTACHED WITH 30100 CE AND YOU DID NOT EXIT EVEN STOP LOSS TRIGGER AS YOU DID NOT KEEP STOP IN THE SYSTEM NEITHER YOU BOUGHT 29800 PE @ 160 AND PRICE WENT TO 269 THEN YOU REALISED YOU MISSED THE BUS.AVOID THIS KIND OF HABITS.
- TRADER MUST AVOID EMOTION. NEED TO KEEP EMOTIONAL BALANCE AND MUST FOLLOW THE TREND AND DO TRADE. ANY TIME MAKET CAN CHANGE THE TREND FROM LONG TO SHORT OR FROM SHORT TO LONG. IF YOU TAKE YOUR TRADE ACCORDING TO THE MOVE OF TREND YOU CAN BECOME A SUCCESSFULL TRADER.
- TRADER MUST AVOID TRADING IN SIDEWAYS MARKET OR WHEN MAKET IS TOO VOLATILE OR CHOPPY.
- DO NOT COUNT PROFIT & LOSS IN EVERY TRADE. A SUCESSFULL TRADER ALWAYS TRADE ACCORDING TO SPECIFIC METHOD AND KEEP FUND MANAGEMENT SKILL.
- A SUCESSFULL TRADER ALWAYS COME WITH PLAN SAY: SUPPORT & RESISTANCE OF THE MARKET AND TRADE ACCORDINGLY.A SUCCESSFUL TRADERS KNOWS WHEN TO TAKE A LOSS AND MOVE ON TO THE NEXT TRADE.THIS TYPE OF MENTAL PREPARATION PREVENTS ALL THE NEGATIVE EMOTIONS SO THAT YOU DON’T HAVE TO BE STRESSED OUT DURING A TRADE OR ILL WHEN YOU ARE LOSING MONEY.
SO BE A SUCCESSFUL TRADER: PRE-PLAN A TRADE BEFORE ENTERING A POSITION. KNOW AND UNDERSTAND YOUR RISK. CONTOL YOUR EMOTIONS. NEVER TRADE IN FEAR, BUT IN CONTROL. YOU HAVE TOTRADE THE MARKET, THE MARKET DOES NOT TRADE YOU.