This article discusses the basics that any trader should be aware of before risking any of their money in the market. There is no secret to trading success. It is a matter of having adequate preparation, sound principles and discipline. We have broken down the most important aspects of trading preparation and execution. Click here to read the full article.
Reading charts across multiple time frames is one of the most basic trading rules yet so many traders overlook this when they sit down and start looking for trading opportunities. By looking at multiple time frames traders are able to see the bigger picture of what the market is doing and this helps to get an edge on the market. As with all trading theories, nothing is 100% however the trading game is about increasing the probability of success and looking at a chart in multiple time frames will help you to do this.
Trading is a game that takes time and dedication. The one thing you can guarantee is that you will make losses along the way. If you have what it takes to be a trader you will accept these as part of the game, the trick is to make them small enough that they don’t bother you. Let your profits run!! Everyone knows it but it’s so much easier to widen a stop-loss or not bother to use one in the hope that the market will turn. Don’t do it! The market does not give back kindly. You need t be disciplined and have the will to succeed. It’s the will that makes great traders – success takes perseverance. Never forget that!!
If you’re going trade, TRADE WITH REAL MONEY!!! Whatever your experience level you will make it as a successful paper trader. If you blow out the demo account, no problem just start out again fresh and new. The number one trait that you need to survive as a trader is discipline and money management. The feeling of anxiety, expectation and fear is something you will only really experience when you put your own hard earned money on the line. That’s not to say paper trading does not have its uses, where better place to start for someone completely new to trading. It’s a great place to learn the ropes and develop your strategies. If you want to see if you will really make it as a trader you will have to take the leap and trade for real. If you’re new to the game take lower risks and buy fewer contracts; being able to control your emotions in the real market will be your biggest test. No matter what your level of experience is ALWAYS USE A STOP-LOSS!!! Good Luck and Happy Trading.
“One never reaches financial freedom in one trade. The control of our trading plan is not unlike the combination of a safe. One turn of the knob rarely unlocks the safe. Each winning trade and each small losing trade is a step towards one’s goal. Spend time developing a trading plan, be ambitious, be realistic and stick to the plan!!”