InvestorQ : As a trader, what are the operational issues you must keep in mind?
Rashi Mehra made post

As a trader, what are the operational issues you must keep in mind?

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Sam Eswaran answered.
3 years ago
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What are the preconditions to be a successful trader? Here are a few basic and advanced conditions that a trader needs to follow to be successful…
A good trader always treats the trade like a business. Hence risk and returns are designed in such a way that capital is protected. Also, you can never be successful as a casual trader. You need to be a full-time trader.
Have a trading plan in place. Also, have a backup plan. At what level are you going to book profits? At what range will your stop loss be maintained. The trading plan has to be respected irrespective of your views and shifts in market conditions.
Trading has changed a lot over the last 50 years. Today, trading is a lot more about technology, charts, high-end analytics etc. All these tools are meant to empower you as a trader. Make the best use of technology.
Do you own research! You can never be a successful trader if you rely on tips and heresy. Make it a point to use your own ratification filters before embarking on a trading decision. That is the key to trading. Finally, process matters a lot. Choose the right stock and the right order placement mechanism. All these matters a lot in trading.
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