Kardec Trader says successful traders treat trading like a business: keep detailed records of every trade, track your metrics, and maintain profit and loss statements and balance sheets. You need to know what works, what doesn't, and why.
I asked traders questions. How long have you been trading? I've been trading for five years. I've been trading for 10 years. I've been even me, I haven't been trading for 10 years. I've taken my first trade 10 years ago, but I haven't really started trading until my second year. And what I mean by that is when I hear traders, I've been trading for six years, my question is, okay, Riz, if you traded six years ago, what trade did you take this day? What was your reason for this trade? What was your game plan? What was your analytics? So if you've been in business for six years, Right. My question for your business would be your metrics for the past six years. What was your profit loss statement? What was your balance sheet? Where was your money going? What product did you make the most money from? Yada, yada, yada. Right. And as a good business owner, you'll have that data and you'll be able to identify what works and what doesn't work for traders. For me, it was keeping track, keeping a record of all my trades, understanding what trades I was making money, what trades I wasn't making money, why I was making money, why I wasn't making money.
