If you ask me what all I think are the absolute basic requirements to be successful in stock trading then I would list the following. These come from my own experience till date.
1) Method
If you don't trade as per a method (i.e. you trade randomly)
or
if you keep shuttling between various methods and haven't yet shortlisted & finalised the method you are going to use
then there is no chance for you except some lucky run here or there!
If you have shortlisted a favourite method your journey upwards is definitely on.
2) Buffer amount
If you don't have sufficient buffer amount in your bank after the committed margin money, the stress generated by the normal and abnormal market fluctuations will effect your ability to take correct decisions and hold onto correct positions.
If you have sufficient buffer amount, then you have no tension about unforeseen circumstances.
Shocker times come very few but their fear wears you out!
3) Experience
Once you have a method in the pocket and buffer funds in the bank you still need experience. The real trading is much uglier than that displayed in the showroom!
A soldier who has gun in the hand and bullets in the belt still needs the experience of the battleground lest he should be butchered by the enemy who have three things in their bag - gun, bullets and EXPERIENCE!
4) Consistency
Consistency is the most inconsistent thing in the world.
Many talented and brilliant people faded away like a flash in the pan just because they couldn't be consistent.
You can be only as successful in life as you can be consistent!
Inconsistency can still scuttle your trading dreams despite method and funds!
5) Emergency skills
Emergencies and real bad situations do come once in a while, even in stock market.
No real champion is made without the ability to survive and overpower difficult situations.
If you don't prepare yourself to face such emergencies then don't be surprised that your trading career is hijacked one fine day!
6) Mental toughness
This is the stick you need to support you at every step in trading career!
This is the stick you need to shoo away every unfriendly dog encounter on the dalal street!
Everything is psychological.
No place or situation tests human endurance as much as battlefield and stock market.
A growing mental toguhness is the final frontier to trading success!
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