Tuesday, 3 October 2017

5 Tips To Improve Your Everyday Trading

Posted by Valentine at 11:41 Labels:

From time to time we can afford looking back to understand how far we have gone and how we have done it. Feedback is one of the most important aspects when starting to trade, learning from your own mistakes is the best way to learn (and no, it doesn’t have to be expensive).

Even experienced traders are willing to get some feedback to improve their strategies and adjust their psychological configuration for success.

There are no shortcuts in this industry, we have been telling you so for quite some time now. But there are good practices that help you trade in a more effective way. Here are five of those:

  • Don’t take every chance you have

Newbies are usually tempted to take every trading opportunity that presents to themselves. Nope. It’s not a bad approach, but it expose you to an unnecessary risks. And when starting to trade, better to focus on a few operations you can follow up end to end. Don’t overload.

  • Set good Stop Loss / Take Profit orders

This one is about risk management. Because after all… nobody wants to wake up and find empty accounts. For such reason, learning how to set stop loss and take profit orders in a smart way will save you money and nerves.

  • Learn to follow the rest

We’ve told you… don’t go against the trend, follow it. But we understand you, we really do. Going against the trend is very tempting, especially for newcomers. Keep this in mind: trading is not like school. Copying others is a good thing (if what they do is right). Plus, markets do not generate trends unless there are large capitals behind them. Make your own conclusions.

  • Take a breather - Stop trading

If you are having a bad streak, close it up, take a day off and come back later. It’s that simple. Do not sit long hours trying to figure what’s wrong with the trading platform, you or the neighbour’s dog. Just take a few hours to relax and recharge yourself with fresh energy.

  • Spend less time with charts, more time with education

The chart will not speak for itself. You have to learn how to read them properly first. And that’s why we suggest investing in education than creating charts with thousand lines crossing all around the screen. If you believe that’s the right way, try enrolling in art school.

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