Successful traders are aware that success ratio is the percentage of successful trades among a number of trading attempts. Usually they have a ratio of 55%-75% winning trades. Some prefer less trades and bigger profits, other have a lot of small profits.
Becoming a successful trader doesn’t happen overnight. It could take years before you can rely on your trading. It is believed that it takes certain kind of personality to be a successful trader. No arguments there. It is required good analytical skill combine with effective implementation. Success rate could improve dramatically by improving yourself and lots hard work.
Markets swing from irrational to rational in a blink of an eye and can be irrational for longer that you can expect. While there isn’t any magic formula that will guaranteed returns. Successful traders have the virtue of been patience and the ability to keep cool waiting to place the trade at the right time. And overall, they have a strategy and an action plan to follow whether the trade goes in favour or not.
Traders should aim to constantly improve their success ratio. It should became as important as making a profit.