I have found that there are more and more day-trader and contra-trader in the stock market. But I want to ask, how many traders are succeeded? Because of this, I will share some information here so that more people can benefit.

“A person with good self-discipline but a poor trading method will outperform a person with poor self-discipline but the best trading method currently available”

Basically, this article is broken up into 2 sections:

1. What A Trader Need
2. What A Trader Do Not Need

Here, I will share more information about “What A Trader Do Not Need”. This section will help traders to know the things you must stay away from to become successful with your trading.

What A Trader Do Not Need:

1. Revenge Trading

- Revenge trading comes from one thing and one thing only, blaming the market for your loss. Many people are confused at why revenge even comes into play during trading. But it’s really very simple. Think about gambling, for example. You can only lose what you decide to bet. When you bet the money, it’s easy to take responsibility for your losses because most likely you had to actually physically place to bet on the table, and you can only lose what you decided to risk. One trade has nothing to do with the next trade. When you feel to compelled to get back what you just lost, that is certainly the wrong attitude.

2. Wishing, Hoping and Praying

- You must act to take profits and act to get out of losing trades. You cannot be passive with the market, and that’s exactly what wishing, hoping and praying does. It makes us passive. There is nothing wrong with wishing, hoping and praying. But there is no room for it in trading. The problem comes when we wish, hope and pray that the market will do what we want it to. This put us in a passive relationship with the market. When you wish, hope and pray that the market will do a certain thing or move in a certain direction, you are shifting the responsibility to the markets.

3. Doubling Up: Adding To A Losing Position

- The key to successful trading is keeping the risk to an absolute minimum. Minimizing your risk is 100 times more important than finding winning trades. (And finding winning trades is important too, so I hope this shows you how important it is to limit the risk.) The only reason to get into a trade is if you see an opportunity and you feel the market has a good chance of moving in your direction. But the reason people usually add on to their losing positions is not because they see another opportunity, but because they do not want their first opinion to be wrong.

4. Greed

- Greed stems from a belief that there is never enough or there won’t be enough. So, to take those factors like I want to use this money to pay my bills or I need this money to cover my losses. While those things may be true, they don’t have anything to do with which direction the market is heading. Letting those things control your trading decisions makes you greedy. It makes you want more than the market may be offering, and it influences you into not acting in your own best interest.

5. Fear

- In a winning trade, a fearful trader will focus his attention on information that the market is going to take his profits away. And in a losing trade, a fearful trader will focus his attention on anything other than what would indicate this trade is a loser. These are the main reasons why most traders cut their profits short and let their losses run. Obviously, this fear will sabotage your trading because it causes you not to act in your own best interest. To trade without fear, you need to completely trust yourself to know you will always act in our own best interest.

Thank for reading and following this article. To Be Continue

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