Nowadays everyone wants to make money fast. People are willing to take the risk to multiply their money fast. So futures trading attracts most people with risk appetite. There is nothing wrong in trading Futures and Options, but first we should ascertain whether we have the qualities required for a profitable futures trader. It also requires basic knowledge of futures trading as well as some technical analysis skills though. According to me basic qualities required for a trader are patience, decision making, willingness to accept mistakes and a brave enough heart to take more losses than profits. Here are some tips/suggestions to be more profitable futures trader with my experience.
1. Decide how much capital you want to commit for trading. This amount should not affect your personal finances even if you loose whole amount.
2. Never trade for fun. Money making is a serious business. Never take your money light. It is hard earned money, never risk it without knowing what you are doing. Have clear cut goals and targets in place before opening a position.
3. Before opening a position decide when you want to exit if it goes as per plan. Also decide the exit point no matter what happens when your position goes wrong. Main quality of a successful trader is to accept that he made a mistake by opening loosing trade. Early you accept the fact, lesser your loss. If you are egoist and never accept your mistake then don't trade in financial market. This is not your cup of tea.
4. All the successful traders have more loosing trades than winning trades. Only differentiating factor between them and loosing trader is that they cut their losses early and ride their profits for long. So when you look at the net amount earned, they will still be profitable. Let us say they lost 10 trades with avg trade loss of Rs 2 and won 3 trades with average profit of Rs 8 their net profit is still Rs 4 after total of 13 trades. It is not about how many trades we win, but about how much profit you make in those winning trades and how early you got out of loosing trades. This is where success of a trader is hidden.
5. As i explained in previous post, trade with the trend. For investing this point may be wrong sometimes, as some investors basically go against the tide and make money. But for a trader it is always safe to go with the tide.
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