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A decision on what specific markets to trade.
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A developed robust trading system to trade that fits the traders personality and risk tolerance.
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An understanding of the expected winning percentage of trades in the system and maximum expected draw down of your trading system.
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Defined entries that tell the trader the price level to enter that has the best probabilities of success.
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A defined price level that the trader will exit because it will show the trader they are wrong.
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A position size based on the stop loss exit level to limit the risk exposure in any one trade.
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An understanding of the total risk involved in having mulitple positions on at the same time due to correlation and volatility.
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A trader must be in touch with what different types of trading does to their emotions and ego whether it is the time frame or position sizing.
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A realistic expectation of returns is crucial to keep your resilience up as a trader and persevere and avoid trading too big in a search for riches or too much.
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An understanding of how your system performs in different market environments does a lot to help get through mentally trying times or losing streaks.