How to become a profitable trader? Top 7 pro tips to become a successful trader in the stock market.

What do you have to do to become a successful trader? We have seen many people coming and going in the market, some of them become successful and some leave, what is the difference between those people who are successful and those who are not? we have discussed this in those 7 pro tips, by following which you can also become a successful trader. If you want to become a trader, then here are some common questions which may come in your mind. Let’s get all the answers today.

Is trading gambling or not?

The simple answer is that trading is not gambling at all, it is a business, it is an art which can be done by learning and understanding. Negative things spread very quickly in our society, so whoever makes losses in trading, he Gambling starts talking but the reality is that the person himself has a gambler mindset who wants to become rich overnight without learning and due to which he incurs losses. If you have to teach some art, if you have to do any business, then first give it time. You will have to give, you will have to learn, remember only one thing that everything that you do not know is gambling.

Is trading worth a career?

Yes, trading can be a very good career for you, if you have the desire to learn patiently, if you are ready to give it time, then you can do trading full time or if you do a job, then you can do it part time also. This is a good opportunity for you. If you want to generate some side income, you can still do trading.

Which type of trading is most profitable?

It depends on you what type of trader you want to become. There are basically three types of trading, one is intraday, the second is in cash market or it is called swing trading also and the third is scalping. It depends on you that if you want to do all three types of trading then you can do all three types or you can stick to one. None of these works are very profitable or profitable. Each type of trader earns money according to his skill.

What Is Day Trading?

In day trading, whatever trades you make, you have to close them in a single day. Whatever you buy or sell, you have to close them within a day. You cannot hold it for more than a day. But most of the people prefer to do intraday trading only.

Can I be a millionaire by trading?

Yes, you can make as much money as you want from trading, but for this you will have to do proper learning. Without learning, if you go into trading, you may suffer a huge loss.

Is Day Trading Profitable?

If compared with other trading methods, there is a possibility of making very high returns in intraday trading. You can make a lot of money in this but you will have to be good in technical analysis. If your technical is good then you can make a lot of money here. Just as huge profits can be made in intraday trading, there is also the risk of huge losses involved.

How Much Money Should I Commit to a Single Trade?

Whenever it comes to profit in trading, we should always look at it in terms of percentage and not in terms of numbers. You can only set a target that is more than the risk you have taken in a trade. For example, if you have taken a risk of ₹ 500, then your target should be ₹ 800 to ₹ 1000 or even more.

How Much Should I Risk on Any Given Trade?

How much loss we can take in a trade depends on the capital. Generally, if you trade in the cash market, you should not take a risk of more than 1% or 2%. If you do intraday trading, you should not take a loss of more than 5%-7%.

Do traders really make a lot of money?

Look, if someone is a trader then he is not earning money only from trading, there are many options in the market. There is long term investment, there is investment in stocks, there is investment in mutual funds, there are many sources of income. So we cannot say that if there is a trader then whatever money he has earned is only from trading. There are many options for you too, you can also make money from different sources. There are many opportunities in the market.

Here are some most helpful 7 Pro Tips to become a successful profitable trader

Tip no 1 : Learn basics of the Market

The first step to start trading is that you will have to learn the basics of the market. You will have to learn the basics of technical analysis like what is a call put, what is an option chain, what is volume, you will have to learn about candlestick patterns. Learn about all the chart patterns also. For this you can take the help of YouTube, you can search on YouTube and see, there are many videos available from where you can learn the basics of trading.

Tip no 2 : Find your market

You will have to choose your market, which type of market do you want to trade, do you want to trade in crypto currency, do you want to trade in Forex market or do you want to trade in Indian market. At the same time, you should also decide whether you want to trade in the cash market or do intraday trading or do both.

Tip no 3 : Find your trading strategy

Now make a trading strategy on which you are going to work, how much risk you are going to take, how much profit you are going to make, that is, make your trading setup, make some of your rules.

Tip no 4 : Start doing backtest your strategy

Now start backtesting whatever trading setup you have created. Backtesting basically means that whatever rule you create for yourself, look at the market charts in history and see how many times it has worked. What should be implemented in what is not done?

Tip no 5 : learn from your mistakes

Whatever mistake you are making, write it down on a paper and start working on it. Keep in mind that the mistake you are making should not be repeated again.

Tip no 6 : start paper trading

Whatever you have learned till now, whatever setup you have made, now it is time to implement it in the live market. Now you can start paper trading. Paper trading is that there is a demo application where you can trade in the live market with virtual money so that you can know how right you are and how wrong you are. What still needs to be implemented?

Tip no 7 : start doing real trading with small capital

Whatever amount you add for the first time, consider it like a tuition fee that you are going to pay to the market because you will also have some improvement left which will be completed by doing real trading. Control your emotions, be disciplined, don’t be too greedy, don’t let too much fear come, do absolutely emotion less trading and gradually this path will take you to a profitable journey and you will become a successful profitable trader.

  • So this was a complete guide for you on how you can start from zero and become a profitable proffessional level trader. If you liked this post and found it helpful, then share it with your friends so that they can also start a profitable journey. May it help them also.
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