Things required to make consistent and decent money for living through "DPTrading"

What all things required to make consistent and decent money for living through #DPTrading

• Capital from which you can make 5% per month which is enough to cater daily needs, investments etc.  Ideally speaking, 5L is decent enough for a debt free person.

• Trading strategy derived out of your OWN experiences,, being a discretionary method, there are no fixed rules.

• Over the months/years of real time trade logs generated,, identify or filter the setups you confidently executing and preconditions you look for.

• More than setups, price read is important. Develop a trade strategy which lets you start with identification of trend,,, till exit the trade.

• Make a flow chart kind of visual tool initially, which helps you to channel your thoughts into actions.

• Money management rules.. it could be 0.5% or 1% or 2%,, depend on your capital size, your experience, quality of setup etc.

• Analyze yourself and stick to what your mind says

• Strong desire to make money,, but at same time not running behind. Patience to wait till price comes to you is the key skill to acquire.

• Never do the mistake of learning from EOD charts or analysis.. IMO DPTrading can't be learnt by back testing or EOD analysis.. as this game is completely depend on      people's emotions.. which we calling as patterns and trading them. After market hours, everything will be perfect!

• Managing focus and stick to your views or trade setups is more important. If you run behind other people views in social media (who following different system or see chart in different way),, it will lead to disaster soon.

• Ask your trade journal every week,, why you making loosing trades continuously  or missing good trades very often.. ultimate truth is your own ledger and trade journal. Do RCA (root cause analysis) and find out mitigation plan. 

• Keep improving your skills by analyzing how you can maximize your gains or cutting down losses quickly.

• Depend on individual personality,, few comfortable in letting profits run with out partial booking. Few having quick thinking and quick hands prefer to make partial exits and re entries. Find out what kind of person you are & stick to what works for you.

• You need to cut down position sizing when your threshold limit for loosing streak reached instead of revenge trading.   Ex : Cutting down position size to half of usual,, after 3-4 loss trades in a row. All these should part of TRADING PLAN

• Last but not least,, DPTrading can be learnt by doing for longer time only. No amount of reading or back testing or paper trading will help

• Because this method can be visualized, analyzed, traded differently by different person. You need to find out which ways works better for you by doing it consistently over the period of time. 

PS: these are personal views,, derived out of my experience of trading this method.