Trading is a tough path to navigate. There are hundreds of sources to refer to, and not one of them has all the information you need. It is also important to note that some information might even be untrue. This post aims to share the top 10 secrets that will ensure a long future in the trading industry.
Looking at the lifestyle of traders, it is easy to assume that you can trade your way into a lot of money quickly. The truth is far from it. Professional traders know that trading for five minutes successfully is a result of years of experience. This means putting in the hours, effort, taking responsibility for mistakes, and making tough decisions.
You do not need to take trades throughout the day. It is important to take some time off of charts. Traders can and should take breaks, follow their hobbies and come back with a fresh mind in order to be the best version of themselves.
A common mistake most new traders make is to take a trade every few minutes. This increases your risk significantly and can eat away your capital. The best traders wait for the most part of the day and bag only the best probability trades. Patience is key.
You do not get to keep a hundred percent of your profits. A significant chunk of your trading profits goes into commissions, swaps, and spreads. This is why in trading, less is more.
While the fast-paced trading style might seem exciting to many, the truth is far from it. The best traders are those who have a fixed strategy and rigorously stick to it. They may make small changes to their strategy over time, but they definitely do not take trades that fall outside this method.
Many traders hold on to losing trades in the hopes that it will eventually go their way. Pro traders know that it is best to cut your losses early on. The reverse applies to your winning trades. It is always better to ride out your winning trades. This gives you small losses, but big wins.
Trading is all about probability, once you take a trade, it can go one of two ways. The trick here is knowing and accepting that it is impossible to be right all the time. Even the best traders have losing trades, the key is to know when to cut them. So the next time you see a strategy with a 100 percent success rate, know that it is highly improbable.
While it sounds empowering to say that you can learn trading all on your own, it would make the process a whole lot simpler if you find the right mentor. This can even be a great YouTube tutor, but learning from someone else’s mistakes avoids you having to put your capital at risk.
Most pro traders trade with the assumption that markets discount everything. This means that every news reveal and financial report is already accounted for in the market’s movement or price.
The last, but most important secret is that there is no secret strategy to successful trading. All pro traders have spent ages developing their strategy, and they know the ins and outs because they have developed it themselves. You need to figure out a strategy that works for you, test it, modify it and stick to it.
These are pretty much the golden rules of trading that no one talks about. If you understand these, they can help you on your way to be a successful trader.
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