Trading is no ordinary profession that can be easily mastered, as it is showed statistically that only a few succeeds in this market. Today I would like to discuss the skills needed in order to have better chances of success in this very tough arena.
In my understanding there are two areas in trading where skills has to be recognized and developed separately, most trader mixed this two areas during the learning process and that the results are vague and confusing most of the time.
What are these supposed skills?, these are the technical and psychological skills, these two requires separate understanding and must be learned in a different approach.
The technicals skills pertains to learning characteristic of the market, understanding different trading terminologies, learning how to trade using your trading platform, how to open an account, learning different trading approach and methods, etc. Most traders dont have much problem in attaining this skills.
The psychological skills is the most challenging and hard part for traders, it pertains to the understanding on how you handle yourself when dealing the market or when you are conducting your trades, it is personal in nature and it is all about how we behave and react on every market scenario or trading conditions. This skill set is critical to a one's success in trading, because this is the one used in the implementation of our trading strategy.
It is very important that traders acknowledged the separation of these two skills so that he can easily identify which part he fails and can make the necessary adjustments much more easier, most traders failed to progress as a good trader because they cannot identify which part of their trading cause them to fail.
In order to succeed in this market, a trader must exactly know the causes of his failure as a trader, in this way he can find an exact solution to the situation, otherwise the cycle of being a loser will just go on.
Good luck to all and happy trading!
Note: The writeup is taken from my own blog(https://onlinetradingadvices.blogspot.com)