Well, there are tons of material from the professional gurus on how to become a successful traders. For me personally, I hold on to these 4 habits to ensure consistency in my trading.
1. Set goals. Life as a human is consistently making choices and setting goals, from the day we are born up to growing old. We perform better when we make goals for ourselves as they keep us motivated. Of course, we need to consistently review our goals. For me, I set a monthly goal to read 3 companies' annual performance.
2. Manage risks. Risk management is very important such as stopping losses and setting the profit limits. Of course, we need to incorporate other factors such as our portfolio size and how to control and balance these risks and rewards ratio with the right entry and exit point based on our personal computed intrinsic value. Without managing risk, it will become a gambling. Of course, one simple method is via playing etfs such as $Vanguard Total Stock Market ETF (VTI.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Invesco China Technology ETF (CQQQ.US)$ $Vanguard Growth ETF (VUG.US)$ $Schwab Strategic Tr Us Small-Cap Etf (SCHA.US)$ $iShares MSCI Min Vol USA ETF (USMV.US)$and $Ishares Trust Ishares Core High Dividend (HDV.US)$
3. Research, research and research. Traders should have some basic understanding and knowledge on the traded stocks and its peers. It takes time to groom and all traders constantly learning from their mistakes and apply the learnt knowledge into future trades. Research will help and condition traders practicing a good habit even market is frenzy.
4. Limit time and get a life. Life is about balance. It is a good to designate a slot for slow down and take a break. This can rejuvenate attention and refresh ourselves. It's just similar to exams. Aside than trading, we need to have a healthy lifestyle as well. No point trading at your health risk.
How about yours? Do share with me too. 😊🍀