You Can’t Trade Well Without These 4 Essential Elements

by | Nov 12, 2023

If you want to trade well, success is often determined by a combination of knowledge, strategy, and discipline.

These elements can either make or break a trader’s journey.

You can’t trade with just one of them.

You need it incorporate them into your daily regime.

And they need to come to you without thinking too much, each time you sit at your desk to tackle the markets.

In this piece, I want to go through four of the elements which you cannot trade without.

  1. Emotional Control – The Art of Mastering Your Reactions

Successful trading requires you to understand how to control your emotions.

Emotions, if left unchecked, can lead to take on impulsive and revenge trading decisions.

And once you get your ego involved, this can lead to substantial financial losses.

If you start to feel glory with a winning streak.

Despair with a losing streak.

Anger and impatience during a period of indecision.

The elements of celebration, misery and frustration can cause a major shift in your trading results and emotions.

That is why you need to think like a machine and maintain emotional equilibrium

When you master your mind and develop a disciplined mindset, you will enhance the ability to make rational and logical decisions.

Even during the most volatile periods that can last for an extended period of time.

  1. Diversifying Markets – Spread your risk

Instead of putting all your faith in one set of markets.

I need you to be open minded and have others in mind.

Look at trading Forex like EUR/USD. Look at opening your options to trading Gold or even have a look at all the other markets that work with your trading personality.

This will help you safeguard yourself against unforeseen events.

This will also help you reduce the impact of market-specific risks.

If you think of smart diversification, you will be able to weather storms and embrace sunshine with other markets.

Not only will this protect your capital.

It will also open you to opens avenue for potential growth in different market conditions.

  1. Strong Trading Journal – The Power of documenting every move

You need to keep track of your trading history.

Not only that.

You’ll need to have at least 2 trading journals to document different conditions for different markets you’re trading.

This will be a valuable tool for self-assessment, risk analysis and improvement.

When you analyse this data you’ll be able to identify different

  • Patterns

  • Strengths and weaknesses

  • Market environments

  • Drawdown analyses

And it will help you to see the parts of the strategies that you can improve on, refine your learning and see the bigger picture.

  1. Purpose and Goals: Chart your success in the financial landscape

Just like every sports, building and business have blueprints and games plans.

So to do you need to have a clear purpose and set specific goals.

 

  • of trades

  • of winners

  • of losers

  • Expected % gain

  • Drawdown preparations

You can also have a goal of depositing certain amount of your savings per year.

And then compare your actual results to your expected results.

Final words:

This article was a reminder to reinforce the elements you need that you cannot succeed with out as a trader.

It’s important to remember these to help you build a foundation for sustainable success.

Let’s sum up the 4 elements of trading, you cannot do without.

  1. Emotional Control – The Art of Mastering Your Reactions

  2. Diversifying Markets – Spread your risk

  3. Strong Trading Journal – The Power of documenting every move

  4. Purpose and Goals – Chart your success in the financial landscape

Trade well, live free.

Timon Rossolimos
Founder, MATI Trader

 

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Trade well, live free.

Timon Rossolimos

Founder, MATI Trader

 

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