When it comes to trading the markets successfully there are many pieces to the puzzle to make it work period but there are 5 major components that every individual must master if they want to be successful at trading they are 5 successful market trader ingredients:
1- Desire (you’re why)
2- Available Time
3- Trading Goal
4- A time-tested system
5- The correct skillset (Technical Analysis Basics)
You must know why. you must know exactly what it is you’re trying to accomplish. in other words, having piles of money is not a good desire, it’s not a good enough reason for you to become successful. to become successful the desire must be deep, it must be specific, it needs to Have as much detail as possible.
As an example, if your desire is to move out of state and buy a home to retire in There are some details that need to be filled in. The first one is where will it be in other words what state or country? Let’s use Florida as an example what town will the house be in? Is the house on the ocean side of the Gulf side? Is it a big house because you want lots of families there or is it a small house because you’re tired of having family there? what color is the house, how many rooms are in it? These are the types of details you need in your desire.
Your time availability will be critical to your success in other words how much time do you have available each day and or week to devote to this business, and yes this is a business. Layout the available time each day of the week it can be devoted to education and to practice Trading.
The trading goal is different from desire, your training goal is what do you want to accomplish from your trading, a financial goal. You need to develop a wealth mindset, not a poverty mindset. Are you looking to day trade? are you looking to swing or position trade? are you an investor? What is your goal time-wise for how long you want to be in a trade? Another trading goal is are you trying to replace your income? are you looking to bring your spouse home from work? are you looking to retire? The third and final goal is how much are you looking to make per day, week, month or year.
A Time-Tested System
Knowing exactly what system you want to trade will be critical to any successful training plan. Learning how much you can make trading options or stocks based on a specific set of criteria will be important to understand. Before major criteria that I believe must be in every trading system are identify the pattern, enter the trade manage the position and exit the trade. it all seems fairly simple, but nothing could be further from the truth. this is not a get rich quick scheme it is a get rich said system.
The correct skillset
Having the correct skillset means being able to read the chart. it means being able to understand technical analysis basics. The chart will speak volumes to you if you allow it, but you must spend the time put in the effort and energy to learn how to read the chart. To learn how to become a master trader.
There you have 5 major ingredients to becoming a successful trader. Take some time to go to each of the 5 Build them out and develop your system.