Since you want to be a trader, you must remember a few basic points about trading. The RBI has classified any type of trading in cryptocurrencies as illegal and claiming free coins can get you into legal trouble. RBI does not encourage cryptocurrencies trading in India. Coming back to the question of how to be a successful trader, here are five points that can help you.

-Trade in highly liquid stocks and do background research on these stocks. Don’t try to track more than 10-15 stocks.

-Trade with a stop loss and profit target. Such targets must be ideally set at the time of placing the order itself.

-Trading is all about churning your capital. So, keep taking profits off the table at every opportunity because profit is what is booked and not what is in the book.

-Avoid trading when markets are too volatile. That is when stop losses could get triggered even if your view on the stock is right.

-Don’t try to outsmart the stock market. The market is collective wisdom and so it is smarter than the traders. Listen to the market message before trading.