That’s why the thought of being your own boss appeals to so many people. It sounds like a promise that you will have a lot of freedom and time to yourself but the reality is a little different. Once it comes to the practicalities of putting in the time and effort that is required, that’s when the challenges start.
Being a successful trader is a lot like being self-employed. You have to work for yourself, take responsibility, and create a profitable and sustainable business. The pro traders have managed to do this, and continue enjoying success in the long term because of this. If you also want to become a real trader, here are 3 winning practices that you should start adopting today:
Unfortunately, many traders are always looking for a shortcut. They focus on the easy tasks – which are often unnecessary – while neglecting the harder but more important ones. Each day gives you a new chance to choose the option that will contribute to your long-term success.
Wasting screen time, stalking forums, flipping through timeframes, or even debating with random traders is not a very good use of the time. This is just busy work that will not enrich your practice in any way.
Instead, your focus should be on the “hard” tasks. This could include things like creating a trading plan, making a watch list, tracking your past trades and performance data, as well as keeping detailed records of all your activities. These are the things that will affect your trading positively, but very few traders do them on a consistent basis.’
The pros know that forex trading does not guarantee a paycheck at the end of the month. But instead of letting this bog them down, they use this uncertainty as motivation to work harder.
Some people can’t deal with this, and that’s why copy trading has become so popular. After all, it’s much easier to just do what an expert tells you to. And there’s nothing wrong with that! This method helps to reduce risk, uncertainty, and the fear of failure.
But successful traders go a step further and embrace this uncertain reality. The balance in your trading account rewards you for good performance. But you should also keep in mind that you might still lose money even after taking great trades and putting in some of your best work. The forex market – as with any other financial instrument – sometimes spares no one.
So it’s fair to say that not everyone will be able to handle that kind of uncertainty or pressure. It’s up to you to know yourself well enough to make the right decisions for your trading career.
There are many traders who have been on a perpetual losing streak for many years. They have lost money so consistently on the market that they aren’t able to make realistic decisions anymore. This is just an example of what you shouldn’t do because a successful pro knows when to walk away.
Sometimes, it won’t be just a matter of time before you find the right entry trick or indicator. You have to be able to look at your trading performance and development objectively.
If you are still losing money after a set amount of time (only you can define this), then it might be time to make some changes. This could involve dropping your signal provider and moving on to a new one, or changing your trading plan. But the latter should only be used as a last resort.
It takes a lot of time, effort, and dedication to become a pro trader. You are the only one who can decide if you’re up for it. But just in case you are, these three tips will help put you on the right path.
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