Success doesn’t happen overnight. It’s a long,often arduous, usually painful road full of sacrifices and upsets. At least,that’s how it usually is. But if you want to be a successful trader, don’t worry; your success can come much more quickly than that.
Ready? Good, Because This Won’t Take Long…
To be a successful trader you need to know a few things first. And you need to do a few things. However, once those things are known and done, you’re good to go and you can trade away to your heart’s content. Within reason. There are rules you need to follow – that’s what separates the successful from the not so successful – of course.
The First Step Towards Success
Stop trading. It’s that simple. Stop everything you’re doing, step away from the trades. It may sound counter-intuitive, but if you really want to be a successful trader you need to not trade for a week or so. That’s because you need to look at what you’ve been doing in the past and work out what it hasn’t been working for you. You can’t do that if you’re caught up in the middle of a trade. You need to be objective,distant from the action, and really interested in finding out what went wrong.
Now that you’re not trading, you’ve got a week to get ready to go again. The first things to do is look at your trading plan.If you’ve not been successful so far, your plan is not doing its job. You need to update it, or completely start again. Or create one if you don’t have one.There are a number of online courses that will show you exactly what to do, and it’s vital that you have a workable plan that will lead you where you want togo every time; that’s how to be a successful trader. Or at least, that’s one of the ways.
You also need to organise yourself and becomes more disciplined. That includes seemingly small things like printing out a nice, neat chart and posting it up on a board. Learn patience. You’re going to need a lot of it. Trading is not about rushing in, guns blazing, shooting at every trade you see in the hopes that you’ll hit something worth hitting. It’s about taking the time to plan, aim, and only firing when you are absolutely sure.
The Next Step: What Is Success?
Until you know what your definition of success is (note: your definition, not the definition) you won’t know how to reach it, or even if you already have. To be a successful trader you must have a clear goal in mind. The definition of success might be lots of money, a sports car, a huge house with a swimming pool, but your definition will have to be different if you want to succeed from the beginning. Shift your thinking.Success is about making the right trades at the right time. That will lead to the money and the material thing. But if you can’t take the time to learn to trade and how to be a successful trader, you’ll never get there.
Finally, This Is Not A Game
Dead right. Trading is not – or shouldn’t be –considered a game. This is real money, real trades, and if you get it right it can go very right indeed. Unfortunately, if you get it wrong… well, exactly.Let’s not think about that. You’re going to be a successful trader, so it shouldn’t be much of a problem. The key is not to gamble. Once you become a gambler, you lose that plan you so meticulously worked on and it becomes all about trading more and more – and that’s not sustainable. Trading can become addictive, and that’s when things get dangerous. If you feel that you’re straying from your plan and you’re making mistakes, step away. Take some time to think and refocus. You’ll be glad you did when you come back to be a successful trader again.
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Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.
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