All beginners dream to become Master Yoda in trading almost from first day of trading. But that is impossible. However, there is one thing, that can make you better trader almost immediately. All you have to do is to change your mindset. As soon as you do it, you will see results.
So, 5 tips to become a better trader in a few days:
1. Don’t over-trade
Really, almost all beginners do this mistake. They think if they stick to screen and trade all night and day long, they will make more money or trade better. In fact, they will get lost and they will lose. Trying to catch all these ups and downs can only blow your mind. Not each trade is worth the risk!
2. Know your dose of risk
Seriously, almost all know their alcohol dose and have a clear vision of what will happen if they exceed it. The same in trading, you have to identify your lots and risk dose. If the price goes against your trade few pips and you get a heart attack, wake up at night, sleep with a laptop – you trade too big lots. That’s destructive behavior.
3. Find a hobby
Many traders (even good traders) are getting so bored while waiting for a good move. As result, they trade more and use fewer filters. Better find a hobby, relax, get new emotions – it will cost you less than your “extra trades” and you will recharge your “metal batteries”
4. Intraday trading
All talks about it, all want to trade this way, but to be honest, I don’t know traders, who make good and consistent returns day trading. Do you? It’s the most difficult and the riskiest kind of trading. I do it sometimes. But, only if I see good risk/reward. Therefore, day trading makes me a small % of my annual ROI.
5. Use wider stop losses
Market makers adore day traders, their high leverage, and tight stops. So, be sure they will find a way to wash out most retailers. It’s easy money.
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee
5 Tips To Become Better Trader In a Few Days by Inna Rosputnia
Wishing you a great week!
Want To Make Your Trading More Profitable?
Subscribe to get free research, trading lessons, and more insights.
(We do not share your data with anybody, and only use it for its intended purpose)