Anonymous
Are there certain qualities I will need to have in order to stomach the volatility?
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Jonathan Chia Guangrong
01 Dec 2020
SOC at Local FI
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U need to test with real money. Swing trade need to follow strict rule. When reach ur profit target must not be greedy.
If u trade with CFD, MUST cut loss. If use cash, just wait when wrong.
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There are a number of qualities I feel that traders will need. I'm still trying to get them down pat. From my limited experience trading options on the US market for the last few months, these qualities are key:
Risk Management. This is key. Know when to exit your trades for profit or loss. Also how much to risk on any given position and overall portfolio. Take care of this and profits will follow.
Trust and follow your trading plan. Don't let emotions run amok. Cut means cut. (Still telling myself this). You may have a number of down days in a row. But if you think your trading plan is good, keep to it.
Technicals (chart reading). Vital for trading. More so if you intend to day trade in the future.
Know how to take risk off trades if position is green and you intend to let it ride further.
Hope this helps.