Be Disciplined To Make Consistent Returns In Trading
If you want to leave your career and start trading for a living then you will have to be well prepared, at least for the first few months to have inconsistency in income. Your ultimate aim is to be able to have a reliable source of income that is consistent but that will take you some time to achieve. It can be a little difficult initially to cope with the daily fluctuation in income so you need to be ready for that. Is it a safe thing to leave your career and start trading? Yes, it is.
Emotions play a major role in trading
The emotional aspect is something that you need to overcome when you start to trade for a living. The nature of trading is such that you will end up losing more than you win. The mantra to be a successful trader is to realize that when you trade you will lose more than you win. The secret to being profitable is to cut your losses fast and stay invested for long in the profitable trades. This will end up in profits eventually.
This is not how the human brain functions. The human brain wants to win more than it loses and if you are unable to accept this trading then you definitely need to work on your emotional aspect.
These are things that you should be well aware of before you leave your full-time job and plunge into trading. If you can master this art and be successful in trading the rewards are much more than any regular job.
Make a trading plan and follow it
Star with a trading plan. This should be written down in a step by step manner. If you have written, then half the work is done. This will not guarantee you absolute success but it definitely takes you one step ahead of being a successful trader. If your plan has techniques that are flawed then success would not come to you immediately but you definitely are in a position where you can make changes and better your trade plan.When you document what you do, you are able to track your trades more closely. This lets you make amendments when needed and avoid repeating the mistakes over and over again.
Have a trading plan and follow it judiciously. This is the most important thing to be a successful trader. Once you have a trading plan in place then you can keep working on it to better your trade strategy.