When asked “what are the keys to becoming a successful trader” My response is simple. 1, you need a system or strategy that has an “edge” over the market. And 2, you need to have the ability to consistently execute that system/strategy without error in order to exploit that edge.
It’s often the assumption that this “edge” needs to be something remarkable, when in reality, the edge that we’re able to gain over the market is often very minimal.
So how to traders become consistently profitable if this edge is so small?
Well, it’s all about risk management. Having an edge puts us in the position where we can consistently take positions that we’re confident in, while risk management is what allows us to grow our accounts.
New traders — instead of focusing on win percentage, I encourage that you focus on how much you win when you do win vs. how much you lose when you don’t win.
If you can consistently keep that 1st number above the 2nd, then you’ll see that even the slightest edge will put you in a very profitable position.
Thanks for taking the time to read my words & if you enjoyed it, I’d appreciate it if you’d SHARE & hit that heart button below ❤
Forex Trader/Trading Coach/Real Estate Investor
Learn to Trade at www.TradeEmpowered.com