The Key Trading Essentials

Like any business, there are a set of required key essentials if you want to succeed. Try and cut corners, and your business will suffer. Take the time to build key essentials within your business and you put odds of success greatly in your favor.

The key essentials of a successful trader are:

Patience – This is arguably one of the most understated elements of trading. Warren Buffet said it best, “Wealth is transferred from the impatient to the patient.”

If you try and rush a trade or your growth in this business, odds greatly decrease of succeeding as a trader. Many novice traders attack the markets like they need to retire tomorrow. Be patient; successful traders understand its about playing chess, not checkers.

Process – There’s a laser specific process any and all successful people follow; every day. From professional athletes to Fortune 500 CEO’s. Deviate from this process and success naturally begins to deteriorate. As a trader, it’s imperative to build a process that you follow each and every day. This process consists of a daily routine; pre-trade, during the trade and post-trade. What the exact process is will vary from trader to trader, but the premise remains the same. Take the time to build a detailed process and your trading will naturally progress.

Focus – Without focus, the above two essentials are meaningless. We have distractions coming at us from all directions and it’s our job as traders to avoid being influenced by these distractions. Having a strict process, will provide you the much-needed tools to remain focused when all these distractions come at you. Learn to block out the noise and focus on your process. There are many different ways to successfully trade the markets, key is to focus on what works for YOU and block out the rest.

Clarity – This falls under trading psychology. Without a crystal-clear mindset, your trading will undoubtedly suffer; there’s just no way around this fact. Key is to acknowledge where your mindset is, at all times, and intelligently operate only from a place of clarity. If you are questioning yourself or allowing certain emotions to infiltrate your trading decision, it’s time to take a step back and evaluate the situation. The thing is, you have complete control over when and where you deploy capital in the markets, so only do so when your mindset is where it needs to be. Control your mind, control your risk.

Which leads us to our last and final key essentials of successful trading.

Risk Management – If you follow only one of the key essentials on this list, make it managing risk. You could be the worst stock picker on the planet, but if you have flawless risk management, you’ll be able to give yourself enough time to improve your stock selecting skills. Professional trading is about managing your risk; conserving capital. Be extremely impatient with losers and flow with your winners.

Think of each of these essentials as a link in your trading chain. Your long-term success in this business is directly correlated to the strength of your “chain”.

So, take the time to perfect the necessary skills to put trading success in your favor. Because at the end of the day, we must always focus on what we can control and flow with what we cannot.

About The Street Trading

Consistently Profitable.

That's The Goal.

Start with a crystal-clear vision of where you’re headed, then effectively lay the foundation to reach that goal through a systematic process.

That's The Street Trading.

We provide a straight-forward, no-nonsense results-driven trading education, that cuts through the noise to teach new and existing traders on how the stock market truly operates.

Our attention is focused on building actionable knowledge about the markets from the ground up. We construct a foundation of the fundamentals behind consistently profitable trading that you can build a career on. Take the guess work out of trading and ultimately understand what moves the market to finally flow with the Street and Trade with Clarity.

Day Trading | Swing Trading | Position Trading - It all comes down to managing risk and market psychology.

If you’re interested in learning more about what we have to offer you as a trader, come check us out at https://www.thestreettrading.com/

We look forward to joining you on your trading journey!