Whether you are focused on stocks, bonds, forex, options or commodities, it’s not easy to make consistent profit in the world of trading. It requires research, work, perseverance and perhaps most importantly, a positive attitude.
With that said, helpful guidance points can make the road to trading success easier and perhaps slightly less bumpy.
Looking to become a more successful trader?
Consider some of these points of advice:
- Resolve to learn. Action follows intention, so take your first step toward trading by making a resolution to learn how to trade. Take the time to consider what you want to learn about the market you’re trading in and what you hope to gain from it.
- Do your research. No matter which market you’ve chosen to trade in, you have a lot to learn. It makes no sense to jump right in and start trading with no knowledge and no preparation. Do some practice trading and read up on successful traders. If you start trading right away with real money, you risk losing it and getting discouraged before you’ve even had a chance to be successful.
- Go back to school. When learning a new market, put in at least several hours a day in learning the market and testing strategies. When first trading in a new market, you need to practice. In addition to practicing trades, it’s important to study relevant charts, tendencies, strategies, and, perhaps most importantly, prepare yourself mentally for making real trades.
- Set specific goals. What do you hope to attain as a trader? Do you want a big oceanfront property or extra cash to travel the world? The more specific the goal, the better, as it will help keep you motivated.
- Consider an online educational course. “I don’t hold anything back with my students and my clients, as the journey is just as important as getting there,” says Matt Choi of trading education company, Certus Trading. Before joining my courses, I make sure that my students are responsible, accountable, disciplined and willing to take action, he adds.
- Be patient. Expect to put in half a year or even a year before you develop enough consistency to see a profit. Certus Trading’s Matt Choi adds another level of insight: “Patience is key in successful trading. But, so is having a positive mindset. A positive mindset means that you have confidence in your trading strategies – enough confidence to see them through and not fall back on emotion.” Matt Choi adds, “If your trading strategies fail to deliver a profit, then review or revise them in a rational, disciplined way.”
Of course, there are no guarantees of success in trading. But by following the above steps, you’ll be closer to reaching your financial goals, whatever they might be.