The secret of success of professional traders
Every year, tens of thousands of people try their hand at stock trading, fortunately, it is now not at all difficult to do so.
But as practice shows, out of this huge number, only a few become real professionals.
Most of those who tried to make money on the Forex or stock market give up this activity after a few months, having lost a lot of money.
Only a tiny percentage make trading their full-time occupation and begin to make a stable profit.
What is the secret of real professionals?
Maybe in special character traits or knowledge of secret trading strategies ? One of the news agencies tried to get answers to these questions by conducting a survey among professional traders.
1. You can’t become a professional quickly - it takes more than one year to understand how the stock exchange works; it’s stupid to count on earning money in a couple of months.
For some reason, no one expects to perform complex operations after three months of studying to become a doctor, but here any beginner believes that he can earn millions by completing a training course in brokerage company.
2. Self-control - trading takes place when there are opportunities for it, and not when you want to trade.
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 most well-thought-out deal can turn out to be wrong and you should always be ready to admit that you are wrong.
Only this will allow you to prevent unnecessary losses and make a timely decision to close a losing position.
4. Find your market - stock trading is not limited to opening Forex transactions; there are also futures and stock markets.
Many of the now well-known financial magnates tried their hand at various assets until they found their object for making money.
Some people are better at trading currencies, while others make progress by opening trades in oil or wheat, there are many factors at work here, and no one will tell you which asset is suitable exclusively for you.
5. Fix losses without limiting profits - this rule is mandatory; when trading on the stock exchange, you should always set a stop loss , while the profitability of the transaction should not be limited by take profit.
And you need to try to get as much profit as possible from one open position using various methods of fixing the profit already received.
6. Systematic trading - when starting to trade, you should already know in advance under what conditions a transaction will be opened, what signals will serve as the basis for this.
What will serve as the basis for closing a position or, conversely, adding the volume of an existing transaction.
At the same time, the system does not have to be overly complex and cumbersome, but it should always be there.
7. Correct self-esteem - you should not focus only on those who earn 300% per month.
Perhaps this is not your thing and you are more suited to conservative trading, in which earnings will be only a few tens of percent per year.
Each trader has his own character and abilities. If you correctly assess your strengths and capabilities, this will be the key to your success in stock trading.
The exchange is simply a huge field of activity in which a sea of opportunities is provided for everyone, while no one here has repealed the basic laws, without which it is impossible to achieve the intended goals.
PERSISTENCE, PATIENCE AND HARDWORK