To be successful trader one need to understand importance and adhere to a set of rules that have guided the traders. Trading with these rules one can greatly increase the rate of success in the market. If you want to be successful in Share Market, you should trade on the basis of Share Market Tips from technical analysts.
Always use a trading plan
Trading plan is a written set of rules mentioning the entry, exist and money management criteria although it is time consuming.
Applying the trading plan to historic data allows traders to find out if the trading idea is viable. Once the trading plan works well on back testing it is ready to be used in real treading .The main key here is to stick to the treading plan.
Rule no. 2
Treat trading like a business
In order to be successful in treading one need to treat treading as a full or part time business not as a hobby or job.
You need to do research and make strategies in order to maximise your investment.
Use technology to your advantage
Using a current technology can be an advantage and rewarding in trading .getting market updates from our smart phones allow us to monitor trades. Charting platforms allow traders an infinite variety of methods of analysing the market.
Protect your trading capital
Saving money and funding a trading account is not an easy thing especially for the second time. Saving your trading capital means not taking unnecessary risks and doing everything possible to save your trading capital.
Become the student of the market
Think of the continuing education as traders need to learn a lot to remain focus.
So it is important to understand that investing in market requires knowledge and to sustain it is an ongoing process.
World politics, events, economies and even whether have an effect on market. the market environment is dynamic. The more you understand the past and present the more ready you are for future.
Risk only what you can afford to lose
Losing money is always a traumatic thing even more verse if the capital with you began has never been risked.
Develop a trading methodology
Develop a sound methodology by doing researches and studying about trading.
Always use a stop loss
It is a predetermined amount of loss a trader is ready to take with each trade
Known when to stop trading
There are two reasons to stop trading, an ineffective trading plan or an ineffective trader.
Rule no. 10
Keep trading in perspective
It is always necessary to remain focused when trading. One trader should accept a win or lose as a part of business.
Setting realistic goals is essential to keep trading perspective.
One trader should accept a win or lose as a part of business. Setting realistic goals is essential to keep trading perspective.
If you follow the rules above and trade on the basis of Share Market Tips, you can get success in the Stock Market.