Any recommendations regarding a profitable trading?

<p>Being a successful trader is VERY difficult. Keep in mind you are competing against professionals who have tons of resources at their fingertips (data feeds, research teams, insider contacts, large amounts of money). If you are to be successful you must:</p><ul><li>Treat it like a business - write a business plan, keep meticulous records of every trade, $ amount, amount trades, rationale for trades, etc.&nbsp;</li><li>Practice being emotionless. This is very difficult because it is not human nature. You must have a rigid clearly defined system and stick to it 100%. If it doesn’t work analyze what didn’t work and modify you system, but don’t do that every day or every trade. Set yourself a profit target at say one month or 3 months and ONLY reassess then. Otherwise your system will never be around long enough to really see if it works.&nbsp;</li><li>Aim for singles not home runs. Slow and steady isn’t as exciting but much less likely to mess with your emotions&nbsp;</li><li>Cut your losses - losses are psychologically damaging so you must keep them to a predefined amount. If you lose say 8% you are out, no questions, no going back and saying “i should have stayed with that trade”. Once a trade is done forget it, at least until you analyze your success, say monthly or quarterly.&nbsp;</li><li>Stay away from exciting or “story” stocks - stocks that sound like they are going to make a bazillion dollars as soon as x, y, or z happens. Stay with profitable, stable companies. They are boring which means they are reasonably priced because not everybody wants them.&nbsp;</li><li>The main advantage you have against professional traders working for big investment banks and hedge funds is that they have to report profit and loss to shareholders quarterly and also show that they are in the hot stocks. That makes them very short-term oriented.</li></ul>