Challenging yourself to become a better trader

Published By Shane Wright, 26 Dec 2017

Challenging yourself to become a better trader

There are lots of things that you need to take care to become a successful trader. It’s true that retail traders now have access to the online trading world and they can easily trade with a very small trading account. But do you really think that most of the retail traders are making a good income out of trading? If you do some research then you will be surprised to hear that most of them are losing a big amount of money in trading. If you want to see yourself as a successful trader in this industry then you need to overcome lots challenges. You have to work really hard and develop a strong knowledge in this section. Without having the proper knowledge it’s almost impossible for you to synchronize with the dynamic nature of the price movement. You need to have strong devotion, dedication and determination to become a successful trader.

Learn from your mistake

Most of the retail traders never learn from their mistake. They simply execute their trade and never maintain any trading journal. But without having a paper-based trading journal it will be nearly impossible for you to understand about your trading mistakes. Some traders often say that their trading platform has all the details of their live trade execution but things don't work like this. Being a new trader you will have to work very hard or else it will be impossible for you to find your trading mistake. But if you simply follow a paper-based trading journal then you won’t have to work hard to find your faults. Just look at your past trades during the weekend and you easily understand what went wrong in your trade execution. If you don’t learn from your mistake then you will never become a better trader.

Know your trading environment

Knowing your trading environment is one of the biggest challenges for the retail traders. For instance, if you trade with a high class broker like Saxo then you need to understand their online trading platform to do the precise technical analysis. If you don’t know all the trading tools then you will never be able to utilize your time in an efficient manner. Time is money and in the Forex market, a single second delay can cost you huge amount loss. As a full-time trader, it’s your duty to find a reputed broker since they will make sure that you are trading in a premium trading environment. Some reputed broker will charge a little bit higher to their client buts completely normal. Stop wasting money on the low-end brokers and find a good one who will ensure high-quality trading environment. 

Social with the professional traders

The retail traders often think that they don’t have to socialize as a trader. But this absolutely wrong. You have a lot to learn about the financial industry, in fact, you can earn money in many different ways just by trading the live assets. Without socializing with the expert traders you will never understand the true potential of this market. At times you will have to take bigger risk and time you will have to wait on the sideline. Finding the right time is very hard. But if you seek help from the expert traders then you will be guided by a valuable piece of advice. Learning is a continuous process and being a trader you should develop a strong reading habit. The more you learn about this market the better chance you will have to make money.

Life of the trader is very difficult in the initial stage. But once the traders complete all the challenges its really easy money. You can also go for PAM account service where other people will copy your trades in exchange for money. The potential profit factor in the investment section is unlimited. But you need to find the best way to safeguard your investment in different market condition. Learn to trade with managed risk.