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17 Steps Towards Trading Success ala Van K. Tharp: Practical Guide for Great Traders

In the dynamic world of trading, becoming a successful trader is no easy feat. However, by following the smart steps recommended by renowned trading expert Van K. Tharp, you can enhance your chances of success. Here are 17 steps you can take to become a great trader:

  1. 1. Evaluate Your Beliefs About Trading and Yourself

  2. Recognize that in trading, you're not just trading the market, but also your beliefs about the market. Conduct an honest self-assessment to understand how your beliefs influence your trading behavior.

  3. 2. Set Your Goals in Trading

  4. Establish clear and specific goals for your trading. This will help you stay focused and organized in your efforts to achieve success.

  5. 3. Understand the Big Picture

  6. Thoroughly study how the market operates overall and how you can measure its performance. Understand trends and factors influencing market movements.

  7. 4. Incorporate Three Strategies into Your Plan

  8. Choose three different trading strategies and understand how each strategy works and its advantages. Tailor these strategies to your trading style and goals.

  9. 5. Recognize Your Strengths

  10. Identify your strengths as a trader, whether it's in fundamental analysis, technical analysis, or risk management. Leverage these strengths to improve your trading performance.

  11. 6. Discover and Understand the Keys to All Types of Businesses

  12. Learn basic business principles such as marketing, risk management, and customer relations. Apply these principles to your trading activities.

  13. 7. Always Be Prepared for the Worst

  14. Anticipate various worst-case scenarios that may occur in trading and prepare contingency plans to deal with them. This will help you stay calm and in control in difficult situations.

  15. 8. Choose Only One Type of Market as Your Primary Focus

  16. Select the market you know best and concentrate your energy and resources on understanding that market well.

  17. 9. Prepare Yourself to Develop Strategies

  18. Conduct thorough research on the market you're trading and develop trading strategies that align with your goals.

  19. 10. Master the Steps in Strategy Development

  20. Understand the process of testing exit signals, determining initial risk, and selecting profit-taking. This will help you develop effective trading strategies.

  21. 11. Evaluate Systems Thoroughly

  22. Test your trading system thoroughly and consider various factors such as win rate, expectancy, and system quality.

  23. 12. Know Your System Well

  24. Conduct meticulous system testing and don't rush into making trading decisions based on untested systems.

  25. 13. Find Appropriate Position Sizing

  26. Determine position sizes that align with your risk tolerance and apply them consistently in every trade.

  27. 14. Conduct Comprehensive Self-Assessment

  28. Evaluate your personality type and how it affects your trading behavior. Recognize your weaknesses and strengths as a trader.

  29. 15. Train Discipline by Doing Something Routinely

  30. Build positive habits and discipline in consistently engaging in trading activities.

  31. 16. Ensure Your Body Stays in Prime Condition

  32. Pay attention to your physical health because a healthy body will help you stay focused and productive in trading.

  33. 17. Develop a Disciplined Approach from Top to Bottom

  34. Establish dreams, goals, and trading plans in a structured manner. Understand the reasons behind your dreams and remain consistent in pursuing your goals.

By following these steps, you can strengthen your trading foundation and increase your chances of success in the competitive world of trading. May these steps lead you to greater success in your trading journey!

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