If you are tired of finding the way to profitable trading and want to quit your trading career, then stop! This article is for you. In today’s article, I will be telling you the Top 2 Ideas That May Gear Up Your Trading Career. When I started trading, I had the same problems that many traders may have in their initial stage. I also got stuck in the ‘one step forward and two steps backward’ phase where traders make little profit and big losses, and I have noticed that many traders are unable to clear this stage. But despite all these problems, I kept on trying and finally mastered the skill of trading.
Often, many traders spend most of their time finding a new strategy that will give them a 100% profit, but the bitter truth is there is no strategy as such. Before revealing my ideas, I want to make it clear that I am not going to give you any strategy or a plan that will give you guaranteed profit. Rather, I am going to discuss the process that may help you to become a successful trader. So without any delay, let’s get to the topic.
This is the most effective way of making money as a trader. Being an intraday trader, you get the privilege to choose your battle, and this is your advantage. You have to decide which battle you are going to choose, and your major task will be completed there.
You should only choose a battle wherein you have a high probability of winning with high risk to reward ratios. Often, many new traders think that traders take every trade they get and make money, but the truth is high probability trading is the only thing that can make you profitable over a longer time horizon.
Another advantage of doing high probability trading is you can allocate more capital to the setups that you are confident about. When you trade only selected setups for a longer time, you get to know more deeply about the things or setups which will work for you and which won’t. After knowing the favorable setups, you can take more risk (which should obviously be under your risk appetite) on your high conviction trades to maximize your returns. That is how you can win over the long term by doing less and high conviction trading.
On the other hand, if you are a frequent trader, and love to take every opportunity that you get, then it is very hard for you to allocate more capital to high conviction trades because when you take every trade, there may be the possibility that your system may analyse noises. So you have to allocate the same amount of capital to every trade.
If you take only a high conviction trade and even if your stop loss gets hit then there will not be much problem for you because you know, you may get more profit as compared to the loss that occurred because of one trade. This kind of trading is more difficult for many traders. After all, we always love to take every opportunity because we think that every trade that we are going to take will give the profit and that is why waiting for the right opportunity is important and for that, patience is required.
Price Action is the only leading indicator amongst all other indicators out there. So, it’s always good to master the art of price action trading. If you can read charts properly then you can easily trade with confidence. Now, the question that remains is How Can We Master Price Action?
There is a very simple answer to this question. If you are learning any skill then you can’t master it in a day or a month, you have to spend months or years to master that one particular skill. In the same way, if you want to master price action, you have to practice it continuously. Only then and then, you can master the skill of price action. That is why we say, the more time you spend in the market, the more you will learn because eventually, the market will teach you everything.
After mastering the art of price action, things get easier for you. Combining price action with low-frequency trading is the best and most effective way to trade. Obviously, for that, you have to master the art of price action along with a good trading system that gives you only selective but high probability trades and that is where my mentorship program can help you a lot.
Through my Booming Bulls Elite Trader Live Mentorship Program, I give everything needed to master the art of price action along with a trading system that will only give you selective trades to maximize your profit. These 2 ideas that we have described today can be applied to every trader irrespective of their trading style. It doesn’t matter whether he is an options trader, scalper, or intraday trader, If you implement the above-mentioned ideas in your trading, you will definitely see good results in the coming time. All the best.
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