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
EUR/USD looks to regain the 200-day SMA
EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis
GBP/USD slips below key averages as geopolitical risks mount
GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.
USD/JPY bulls pause near multi-week top amid intervention fears
The USD/JPY consolidates around the mid-157.00s during the Asian session on Wednesday as bulls turn cautious amid intervention fears following the recent rally to a nearly six-week high, reached the previous day. Meanwhile, reduced bets for an immediate BoJ rate hike undermine the Japanese Yen, while the flight to safety benefits the US Dollar's status as a global reserve currency amid expectations for a less dovish Fed, acting as a tailwind for the currency pair.
Editors’ Picks
AUD/USD remains on the back foot after upbeat Aussie Q4 GDP
AUD/USD struggles to capitalize on the previous day's bounce from an over three-week trough and remains depressed during the Asian session on Wednesday. Spot prices reacted little to the Australian GDP print, which showed that the economy grew 0.8% in Q4 Vs. 0.6% expected. Rising geopolitical tensions continue to weigh on investors' sentiment, benefiting the US Dollar's safe-haven status. This continues to undermine the risk-sensitive Aussie despite the RBA's hawkish stance and favors bearish traders.
USD/JPY bulls pause near multi-week top amid intervention fears
The USD/JPY consolidates around the mid-157.00s during the Asian session on Wednesday as bulls turn cautious amid intervention fears following the recent rally to a nearly six-week high, reached the previous day. Meanwhile, reduced bets for an immediate BoJ rate hike undermine the Japanese Yen, while the flight to safety benefits the US Dollar's status as a global reserve currency amid expectations for a less dovish Fed, acting as a tailwind for the currency pair.
Gold moves closer to $5,150 amid sustained safe-haven flows
Gold climbs back above $5,100 during the Asian session on Wednesday, moving away from an over one-week low, touched the previous day. Sustained safe-haven flow, amid escalating geopolitical tensions in the Middle East, acts as a tailwind for the bullion. However, a bullish US Dollar and reduced bets for more aggressive easing by the US Fed might keep a lid on the non-yielding yellow metal ahead of the US ADP report and ISM Services PMI later today.
Ethereum: Whales step up buying as short positions contract
After holding firm heading into the last weekend, Ethereum whales have returned to action, pouncing on the volatility stemming from escalating military actions between the US and Iran.
Energy shock 2.0: Why rising Gas prices could hit the Euro Premium
Even without a confirmed, sustained disruption, the mere risk to a key global energy chokepoint is enough to inject a significant premium into European Gas markets. And for the Euro, that matters.
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