December 14, 2017 at 6:43 am #52764vickymackParticipantPennies: 13
Do you think that the successful traders have different techniques? Do they have different plans? Do they not make mistakes? Don’t they face losses? Likewise, there can be many questions running in a naïve traders mind. As a naïve trader, first of all, you should understand that each and every professional trader was once a naïve trader. None of the professional traders was born as a professional trader. So, you should bear in mind that even the Singaporean traders did not become professionals out of blue instead they work hard to achieve the success in trading.
In the financial market making profits can be quite difficult without the proper practice and experiences but there are naïve traders who trade the market with lack of experiences. If you want to fall into the category of the successful traders you should accept that there are is no magic to succeed. If you want to succeed you should work hard and follow a few factors. So, what are the few factors which should be followed? Once you have learned the factors you should be confident to follow them and make a change. Let us discuss the factors in detail.
Have proper progress
As naïve traders, you would have to face difficulties to succeed in the market. The major step you should take to overcome the difficulties is by following a trading plan or maintaining a trading journal. Actually, options trading cannot be considered as difficult because it is not. If you are an options trader you would understand that it is far easier than any other trading. But most of the naive traders fight hard to become successful. Why do they make it complex? Actually, they do not make it complex instead they skip a few important factors which should be followed. Due to skipping these factors they are being prone to mistakes so it makes them leave the market in the middle. It makes them wonder whether the professional traders have some kind of magic to succeed in trading. Well, to be honest, none of the professional traders have different techniques what they do is they make sure to follow the important factors such as maintaining the trading journal and a trading plan. Even if you have both of these it will not be sufficient if you don’t measure the progress. You should know whether you have progressed better or you are still in the same place as you were when you started.
Focus on the personal life
Just because you are trading doesn’t mean that you should solely be involved in trading. When you don’t focus on the personal life you tend to become frustrated with trading. Not only trading any activities you do should have a limit if you don’t set a limit it becomes a pain at the end. If you consider the Singaporean traders they never lose the focus of their own life.
Treat your account big
Even if your account is small you should treat it as a big one so then you get the interests to trade better. To be honest, nothing is small in the financial industry. Even if you trade with $100 yet you need to trade this market very seriously. If you fail to make a profit in a small trading account then you will never be able to make a profit on the bigger one. When you are dealing with very small or big trading account you need to take a risk in terms of percentage. For instance, you need to make sure that you are not risking more than 3-5% of account capital on any single trade. But this doesn’t mean that you will open 5 trades at the same time. In any single day, the highest amount which you can afford to lose should never exceed 5% of account balance. Be concern on your investment rather than profit factors of this market.
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