Comment on Introduction to Winners
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01 Dec 2021, 05:04 PM
Dear Udaya ji,
Greetings!
Just sharing my personal experience as a Commodity Trader briefly here, I have recently opened an account with Zerodha. No amount of capital & strategies can work for any trader without imbibing the following qualities:
1. First and foremost is that you should have a ‘Passion’ for trading. This means you should have full dedication & be passionate about trading and not just entering it for a making it a living or for earning money. Because, if you are passionate about something, you will definitely master it and if you master it , definitely money would automatically follow. One funda works in life and makes you happy: “Do what you like, or like what you do”, this may sum up the same.
2. Second is ‘Patience’. You should have extreme patience especially in Commodity markets, as these have long working hours from 9 am to 11:30/55 pm at night, around 14-15 hours. It’s a different subject that different traders have different capital & strategies and need not be there the whole time. Patience is required to wait for the correct entry & exit levels for a trade. At times you may not find a good entry/exit point the whole day and just out of anxiety/frustration or impulse/gut feeling you may enter a trade which you may regret later. So keeping patience, pays, as no profit on a day is better than a loss making day.
3. Third is ‘Perseverance’ or ‘Determination’. Which means “persistence in doing something despite difficulty or delay in achieving success”. In other simple words you have cultivate the habit ‘to keep going in spite of setbacks, is the one quality which will make you successful’.
4. Next is Control of ‘Emotions’: You have to learn to take winnings & losses lightly & with a learning attitude. Don’t let Big winnings go to your head and don’t let losses overcome you with grief, as these will only make you in BP patient (Blood Pressure & heart patient). Unwritten statutory warning for traders: “Trading is injurious to health of BP & weak heart Patients, hence are advised to keep away from it”. Greed is another thing which you have to control, make a trade plan and plan the trade and book your profits or losses accordingly. Never have a loss to profit ratio of lower than 1:2, as any novice will tell you. But plan this after deep research only, or your 90% of the stop losses will be hit.
Rest, for some other day, happy & profitable trading.