The Secret to Success of Professional Traders
Every year, tens of thousands of people try their hand at stock trading, fortunately, it's now incredibly easy.
But experience shows that only a few of this vast number become true professionals.
Most who try to make money on Forex or the stock market give up after just a few months, having lost considerable money.
Only a tiny percentage make trading a full-time occupation and begin to earn a stable profit.
What's the secret of true professionals?
Perhaps it's a special personality trait or a knowledge of secret trading strategies ? One news agency attempted to answer these questions by conducting a survey of professional traders.
1. You can't become a professional overnight – it takes years to understand how the exchange works, and it's foolish to expect to earn money in a couple of months.
For some reason, no one expects to be able to perform complex operations after three months of medical training, but here any newbie thinks that he can earn millions by completing a course of study in brokerage company.
2. Self-control – trading occurs when there is an opportunity to do so, and not when you feel like trading.
Most professionals analyze the market daily, but open trades only when they see real prospects for making money.
Therefore, the first priority for a beginner is to avoid unjustified transactions and short-term strategies.
3. Admitting your mistakes – even the best-laid deal can turn out to be wrong and you should always be prepared to admit you are wrong.
Only this will allow you to avoid unnecessary losses and make a timely decision to close an unprofitable position.
4. Find your market – stock trading isn't limited to Forex; there are also futures and stock markets.
Many of the now-famous financial magnates tried their hand at various assets until they found their niche.
Some trade currencies better, while others thrive on oil or wheat. Many factors come into play, and no one can tell you which asset is best for you.
5. Take losses without limiting profits – this rule is essential. When trading on the stock exchange, you should always set a stop-loss order , but don't limit the profitability of a trade to a take-profit. Instead
, you should strive to maximize profits from a single open position using various methods for locking in profits.
6. Systematic trading – when starting trading, you should already know the conditions under which a trade will be opened, what signals will trigger it, and what
will serve as the basis for closing a position or, conversely, increasing the volume of an existing trade.
The system doesn't necessarily have to be overly complex and cumbersome, but it should always be in place.
7. Proper self-assessment – don't focus solely on those earning 300% per month.
Perhaps this isn't your thing, and conservative trading, where earnings will only amount to a few tens of percent per year, is more suited to you. Each trader has their own personality and abilities.
Correctly assessing your strengths and capabilities will be the key to your success in stock trading.
The stock market is a vast field of activity, offering a wealth of opportunities for anyone who wants them, yet no one has abolished the fundamental laws without which it's impossible to achieve your goals.
PERSEVERANCE, PATIENCE AND HARD WORK
