Anyone who has tried it will know that getting yourself a reliable profit from the financial market is very difficult. It is said that more than 80% of those who attempt trading either fail, wash out or move onto something a little more safer rather than sticking with trading.
This isn’t published of course, as it would no doubt put a big dent in the number of people who turn to trading. Successful traders are out there of course, and sometimes they won’t stick to just trading, using their skills elsewhere on other industries such as the sports betting industry. Here they can use betting apps to place wagers, so they don’t even need to be at home and on a computer.
So, if you are thinking about being a trader and you want to get on the right track early, what do you need to do?
There are some basics to follow, and to get you going in the right direction, here are five rules you should follow from the start if you want to become a professional trader.
#5 Avoid the Obvious
If you are looking at something which is big, and many others are talking about it and trading on it, then it may be best to stay away. If you see something that appears to be the perfect trade opportunity then the chances are that everyone else does, just like people follow each other in business.
This is only going to set you up for failure, so stay away.
#4 Don’t Cut Corners
There is a saying in life, you get out what you put in, and that couldn’t be more right when it comes to trading. If your competition are spending hundreds of pounds and many hours getting the right trade in place, going in blind and hoping to get a quick win just isn’t going to cut it.
Long term success comes from hard work and commitment, get off to the right start by following these rules and not hoping for the best.
#3 Develop Your Trading Plan
You will have, or you should have, a solid trading plan but simply creating one is not enough. First, you need to stick to it, and then you need to constantly look at it and update in anyway you can. A weekly or monthly look at your trading plan will allow you to change things, put new ideas in and eliminate ones that haven’t been successful.
This plan should be your bible, and will help you in every possible situation.
#2 Move Away from the Crowd
There are three possible places you can be when compared to the crowd. You can be behind the crowd, which is the worst position, in the crowd which isn’t a good idea as we have already mentioned, or you can be ahead of the crowd, sweeping up the good deals before others get there.
If you are going to make it, being ahead of your competition is vital.
#1 Keep Your Discipline
There are many aspects of trading that point to being a disciplined person, you need to get this right. Make sure you have self-control, confidence in your abilities and the discipline to keep fighting towards your long-term goal and you have a chance.
Without discipline though, you are going to seriously struggle.