There are some simple Market Profile Guidelines for Success that if followed, will immensely help to increase the likelihood of success and survival in the market. The following guidelines must be understood and taken seriously by all-new profile traders:
- Trading is not a gambling or a game of chance. It is a skill and a discipline that can be learned.
- Consistently profitable trading cannot be accomplished without a coherent understanding of the market and how it works.
- Learning to trade requires developing both mental and psychological skills.
- Never practice or try to learn to trade with real money.
- Never trade with money you cannot afford to lose.
- Never trade without a tested strategy. Every trade entry must have at minimum a target and an exit.
- Risk management is an essential component of any trading strategy.
- Never trade live with a strategy that was not extensively paper traded or practiced first.
- Never trade in a market that you do not understand.
- Never enter a live market until you are prepared.
- Start small and grow.
- If you are not making money, review the above guidelines and identify which ones you have violated.
- Before you invest your money everybody should follow Market Profile Guidelines for Success.
Trading is a serious business. It is important to be committed to the process of learning and to pursue it in an intelligent manner. As with any endeavor in life, trading can be a most pleasant and rewarding experience, or it can be a difficult and arduous journey.
Our objective in this series to learn about Market Profile Trading Guidelines for Success that is to introduce traders to powerful profile concepts and analytical techniques that will make the process of trading as enjoyable and rewarding as possible. As you learn and grow as a trader, you will find that learning to trade profitably is worth the effort and is probably one of the most valuable skills that one can acquire in life.
However, it is crucial to allow yourself adequate time to learn, practice, and master the skills that will lead to success.