9 Tips to Become a Profitable Trader
May 4, 2020
Trading is simple, but not easy. Traders have difficulty succeeding simply because they are unable to follow clear rules over extended periods of time.
That’s why, we decided to list these 8 Tips / Rules, for you to approach trading the proper way:
1- Think long term => 6 months – 1 Year and NOT weekly – monthly.
2- Always use stop-loss => Trading without a stop loss is like driving without a seat belt.
3- Enter with a fixed risk per trade. not fixed lot => Professional traders think risk, amateurs or scammers count pips. Do not trust anyone who shows his/her results in pips.
4- Think quality, not quantity => We are snipers, we just sit back patiently and wait for the perfect shot, while shotgun traders die at the front line.
5- Treat the market like a trader, not an investor => Don’t get attached to one single trade. It is just one in a lengthy series of trades.
6- If you are not feeling well, don’t trade => You don’t have to trade every week; you don’t have to catch every trade.
7- Stay humble, or you will be humbled by the market. If you know a trader whose ego is through the roof, he is not a trader. You may call him analyst, instructor, or even a scammer, but not a trader.
8- We do not predict, we simply speculate and react => Just like chess, let the market make the first move and react accordingly.
9- Find a mentor => Learn from those who are more experienced than you and surround yourself with talent; By keeping an eye on how veteran traders invest, you’ll begin to understand how they think and make crucial trading decisions.
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