Things you should have clear mind about while Trading to ensure long term survival
'Trading time frame” refers to the length of time that you generally plan to hold trades. Will you trade intraday, short-term, long-term or somewhere in between? What is your definition of short-term, long-term, etc.? This is a critical decision as each individual has a different temperament for risk. It is essential to trade in a manner that fits your own personality. Day traders will tell you that day trading is the best way to trade and will give you very good reasons why they believe this is so. Trend-followers will tell you that trendfollowing is the only way to go, and so on and so forth. The bottom line is simply this: No matter what anyone tells you, there is no one best way to trade. You must identify the approach that is best suited for you personally. If you can’t follow the markets all day, then it is unrealistic to expect to be a successful day trader.
Go With The Trend
One of the most useful skills that any trader can develop is the ability to identify a trend. If you can identify a market in an uptrend and enter a long position or identify a market in a downtrend and enter a short position, you have the potential to make good profits. Too many traders spend all of their time trying to “predict” what will happen next, rather than simply focusing on answering the question “what is the trend right now?