If you are looking to be a Successful Trader, then calm down and relax for next few minutes, because this is the article you’ve been looking for.
In this article, we’re going to look at three tips to help you to be a `Successful Trader` quickly and easily. First we’re going to be talking about Trader’s Habits. Next we’re going to be talking about Trader’s Mistakes. Finally, we’re going to finish up by talking about Trader’s Knowledge. After reading this article, you’ll be able to put your-self in the right track to be a `Successful Trader` and achieve your goal faster than you ever thought possible.
First, let’s talk about Trader’s Habits, if you want to be a trader, then act like a trader this is the point. The most important habit is to always keep an eye on Risk, considering right risk factor for each trade you make. A common factor used by most successful traders is 1 – 2% of your capital. This habit should be happen first not last. Remember this, manage your risk or risk will manage you!.
Patience, trader’s day shouldn’t be funny or exciting. So, never be boring of hunting the profitable trade. Understand this, quite trades are more predictable and lower your risk. Do not panic trading.
Be a Brave, brave trader will let go of the running profits and fast closing losses ones. Do not give the losses a chance to bounce back ever. This is the big difference between `Successful trader` and just been a trader.
Above we’ve pointed to the most important habits to learn and by time you won’t need to think about it because it will be your habits too.
Second, as you now know the right habits to carry, it is time to know Trader’s Mistakes. The best way to survive trading mistakes is to trade with a clear plan. A clear exit strategy for your planned trades. Always be aware of you right amount of profits to close trade with comparing to the maximum losses ones. Try to make the profits bigger than losses in 2 or 3 times. Sure, this will done in conjunction with your trading strategy. So, avoid strategies that work with profit/loss ratio less than 2:1.
Another crises mistake is to trade without a Stop Loss, Having planned and risk-aware stop loss is probably the golden key of a `Successful trader`.
Do not Over-trade, another face of ignoring stop loss. Remember, hope may eat your money. Every time you over trade in same direction of looses trade you expose your capital to market risk. Consider each trade you make as unique, do not make trade to help another looses one but always trade on good opportunities of market.
Finall, Let’s talking about what Trader’s Knowledge you should have to be a `Successful Trader`. In fact, internet has a ton of resources and tools for traders, but from my opinion, most of successful traders concentrated on Economic Reports, as you may already know, these reports may make big shift in market and sometimes change major direction of currencies. So, you have to keep an eye on on it.
And the greatest tool of traders is Technical Analysis, either you learn it or just get it from experts. 30% of decision making factor to trade comes from Technical Analysis. So, it is big issue to be considered.
Strategy, you can not trade without strategy and there are a lot of strategies in market, but be selective on this matter. Try to find successful strategy and stick to it. Do not jump between strategies this may make of you a victim of each strategy weakness. Strategy I’ve tested and found it reasonable srstrendride.com.
So there you have the three most important tips to be a `Successful Trader`. First, you’ve got to follow Trader’s Habits. Second, you’ve got to avoid Trader’s Mistakes. Finally, you’ve got to have Trader’s Knowledge from the available resources. . If you ignore these three important tips, you are dooming yourself to failure trader, so put these tips into practice and watch your ripped improvement!