These tips apply to online trading with any financial instrument (Forex currency market, stocks, indices, raw materials, ...) and are oriented to different aspects, not only from the point of view of the mental attitude that you must maintain when doing trading But also more practical ones focused on your daily operation. We hope you will be of help.
Tips for Successful Trading:
1. Take the trading seriously, it's not a game, it's not a casino or a type of bet, it's really a business.
2. You must leave your emotions out of this business. Greed or fear is very harmful. Much of the success in trading depends on psychological aspects. (Psychology of Trading: The 5 Keys to Success).
Do not think that you are going to get rich instantly or that it will be an easy way.
4. If your expectations are not realistic you will not get anywhere.
5. Do not think that it is impossible to succeed in trading. Practice, analyze, and learn enough before you make excuses and quit.
6. You can read and try hundreds of strategies but it is very complicated that you will find the perfect strategy. If you dedicate yourself to follow too many strategies you will be saturated with information and you will only get confused.
7. Try simple strategies and adapt to your needs. Remember: Simplicity in trading is the key.
8. Start practicing in a demo account, Broker forex teregulasi with free demo accounts.
9. Take the demo account seriously as if your money is at stake.
10. To be a profitable trader there are no shortcuts: Work, discipline and patience.
11. Launching too soon to a real account is not smart.
12. Being afraid to throw yourself into a real account when you have been practicing enough time is not smart either.
13. Understand the differences between a demo account and a real one.
14. Do not choose your broker online because it offers the most aggressive promotion. Look for a serious, reliable broker that fits your needs (How to choose the right online broker?)
15. Operate only with an amount of money that you are willing to lose. If you consider trading as a solution to your economic problems, your emotions will put you under negative pressure.
16. Relativize the result and focus on learning and optimizing your strategy.
17. Do not despair when the market moves against your positions.
18. When you open a position: define your objective of profit, always place your stop loss and remain calm, you have a plan of exit whether things go well or not.
19. Keep your position even if you get lost. It is preferable to jump your stop loss (if you have to jump) and analyze that it has failed to prematurely close your positions for fear and not being able to analyze anything.
20. Let your profits run until you reach the target you defined before opening the position. Do not close your positions on profits ahead of time for fear of losing.
21. Do not try to guess how the market will behave.
22. Look for signs of confirmation that the market is going in a certain direction and applies your strategy. Detecting the direction in which the market is is much easier than trying to predict what it will do in the future and try to anticipate something that may not happen.
23. Your job is not to guess but to detect and take advantage of strong trading opportunities that are taking place in the present.
24. Keep in mind the economic events and news that may affect your positions and your strategy. Have a good Economic Calendar handy.
25. Your focus must always remain on your strategy, it is your tool for success.
26. You can not claim to always win. The losses are part of the game and you must accept it or else you will only be frustrated and abandoned.
27. If you come from a losing streak, never try to defy the market or take the revenge.
28. If you have a bad day do not do trading, you will avoid mistakes and you will be able to take advantage of the opportunities the next day.
29. Do not spend time analyzing a possible investment opportunity. Spending too much time watching graphs will tire you or push you to see opportunities where there are none. If you do not find clear opportunities by applying your strategy, close the trading platform and try again the next day.
30. Do not push yourself to open positions or open too much (overtrading). Do not pretend to capture every opportunity.
31. Start using medium- or long-term time frames. You will avoid stress and false signals. (What is the appropriate time frame when doing trading?).
32. Understand the advantages and also the drawbacks of leverage. (How to use leverage wisely).
33. Do not risk too much by operation. (5 Basic Money Management Rules).
34. Plan to grow your trading account slowly but surely.
35. Do not be too confident. Always act with caution, prudence and controlling the risk.
36. Do not be too self-critical.
37. Do not let yourself fall into self-sabotage. Many errors that we comment are due to self-sabotage and we do not even notice.
38. If you are analyzing a possible opportunity too much, you are not sure at all, you give many laps, ... surely it is because you are pushing you to take a bad position.
39. Use logic instead of intuition or emotions.
40. Many traders lose money. Do not act like them or fall into their own mistakes.
41. You can learn from the mistakes that other traders have made without having to experiment with them in your own meat.
42. Do not try to reinvent the wheel. It will cost you time and money.
43. If you are not happy with your results try to change your strategy, your trading system, your attitude, but not your goal.
44. If you like what you do there is no reason to leave. Trading is exciting. Keep learning and improving.
Self-motivation and maintaining a positive attitude is the fastest and safest way to achieve your goals.
Surely we have left a good handful of useful tips in the foreground so we do not want this to be a closed article and we would like you to give us any advice or experience of own trading that you have learned that is not collected in The above tips. Do not hesitate to send it in the comments section that you have a little lower and sure that other traders can benefit as well.