The rewards of the 1% trader population are in millions because of the losses which the other 99% incur!
For someone who wants to be in this 1% category, he needs to have grip over only a couple of strict self-made rules :
- Specific risk reward ratio: This means, the trader must be assured of how much reward he wants or how much risk he can absorb. Many traders are too overconfident to admit their flaws. Even if the stock has crossed his stop loss, the trader ponders that his strategy cannot be wrong! This leads to more loss and capital dwindling.
- No Over- Trading : Traders, who cannot take hold of their emotional quotient, are driven by greed, desire and lust. They try to take advantage of every dip and small momentum which the market gives. As a result, they end up deploying more and more capital and eventually end up losing capital in brokerage, STT and other fixed charges.
- Definite Trade Setup : Many traders keep huge office setups, laptops and multiple broker terminals but lack expertise in trade itself. Many traders take pride in just knowing all or many technical indicators but fail to use them. As a result, when they enter into the market with real money, they do not understand precise entry-exit points nor do they keep any Target or Stop loss alerts. This folly empties their pockets with no money within a few days. Traders should instead have 2-3 strategies and gain vast experience in that through backtest, papertrades, real trades, consolidation watch and many more.
For traders who cannot understand the concept of backtesting and paper trading and jump into the real market quickly, AlgoBulls brings for them a profound aglo-driven platform where they can get ready-to-use accurate data about trades backtest and paper trades of more than 2 years.
Traders only need to add the time for which they want to test, Profit and loss tracker and run the strategy. They get readymade reports about the p/L, volume and trades.
Not only this, if they want to run a strategy in the live market they can choose the strategy, enter time and simply execute. AlgoBulls would take care of Profits, stop losses, risks and other order tracking mechanisms through its excellent backend support.