There are no hard rules to success but here are a few guidelines:
- Ideally, you should attempt to have a hit rate of at least 30% and make sure that you earn more in the profitable trades than the amount you lose on the loss-making trades. This will eventually work in your favour and help you sail through over a period of time even if you've had a bad streak.
- Another approach is to have a 50%+ hit rate. With this strategy, the profits and losses will be around the same on each trade but on average, you will aim to have a high success ratio per trade. Many experienced traders that I have worked with, believe that this approach is easier said than done.
To get more insights, I recommend you to watch these interviews with some of our top performing 30 Day challenge winners33.