3 Tips to Successful Trading
You thought about it but it was already too late - the position you opened is losing and you’re scratching your head and thinking “why the hell did I make this mistake?” Your analysis was correct and there were no news releases at that time so your trade was fully justified but you still managed to open a losing position.
We will try to provide you with tips so you can stay focused while you are trading, understand what you could have missed or done differently so history doesn’t repeat itself.
1. Stay Focused
If you’re not actually trading forget about trading and relax – visit a friend, take your dog for a walk or do some exercise. It’s important to switch off, remain peaceful and recharge when you are not actively trading. Then, when you do trade you will then be fresh and recharged to mentally dedicate yourself when the time is right.
Also, don’t trade unless you spot opportunity. Quite often there is no strong opportunity in the market and there is no pressure to open trades every day, week, month or at any time. It is a shame to lose your hard earned money simply because you feel the need to place a trade. There must be strong rationale behind it so just wait until all the signals tell you to pull the trigger.
2. Be different
Never follow a specific trading strategy simply because it’s used by George Soros or any other successful trader. Do you think these people will reveal their trading secrets so easily?
Some people follow successful and documented trading strategies of others. We recommend against this because it is a third person that came up with the strategy and the creator knows it better than anybody else, when it will work and when it will fail.
Each trader is unique in many ways. We are human beings with emotions, different tastes and with a different DNA. This is what makes us so unique. So don’t use a standard trading strategy either. Your strategy represents who you are and I am confident that you don’t want to be just another trader – after all the majority of traders will fail initially. You want to stand out from the crowd and be in that top percentage of successful traders that do things differently.
3. You should always be motivated
What if you had a successful day trading? The next day should be a fresh start and you should have a new perspective from the beginning. Looking back at your history you need to be proud of your winning trades but do not let them make you overconfident, and always analyse and remember the mistakes when you had losing trades.
Use targets from your side and you will only feel satisfied once they are reached. If your target is 40 pips a day then go for 50 pips for the next day. You will be amazed at what you can achieve.
Be aware that trading presents you the opportunity to profit and you simply need to capitalise on the opportunity that exists. The potential is there you just have to grab it!