If you have always wanted to be a profitable trader but are failing every time, then here are the steps that you should follow to become successful at trading. Also, do check out the Pheeva which is a great source to start trading in cryptocurrencies.
Have a trading plan
No trader has ever been successful without a trading plan. A trading plan is a must for every trader. It is a set of rules that mentions the entry, exit and the stop loss on every trade. It also clearly highlights what you need to check before you take any trade.
It may seem to be time-consuming to write down a trading plan, but it is the first step in taking you towards a profitable trading journey.
Treat Trading as a business
Whether you plan to do trading full time or part-time, it is vital that you be serious about it. Trading should not be seen as a hobby but as a business. It can be costly if you make even a small blunder when trading. Treat trading like a business and do proper research and strategize well so that you can maximize your returns.
Make use of technology
Trading is a business that is competitive, and you need to be quick to take a trade. If you have the maximum resources, you will be able to trade better. There are charting platforms available that lets you see the trade from various perspectives. You also get software which can be used to backtest your strategy. Please make use of these because it increases the probability of you being successful at trading.
Aim to protect your capital
Your trading capital is significant. Without your trading capital, you cannot trade. So take care that you protect your trade capital. Do not take impulsive trades. You will lose money on your trades but what is essential is that you make more than what you lose. For that always make sure to follow proper risk to reward ratio on every trade that you take.