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                              Home Business

                              Slowly But Surely: Trading Tips

                              Leslie Alexander by Leslie Alexander
                              March 20, 2023
                              in Business
                              Reading Time: 5 mins read
                              0
                              Trading Tips
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                              Everyone thinks about how to make more money. It is foolish to deny that this is not true, because we live in a capitalist world, where the ability to earn money means being part of society. Traders are no exception. And while some are losing millions, as others are earning them, it is important to remember “stable trading is the key to success”. This phrase should be taken literally, because it does not carry any hidden meaning. If you trade consistently, then profits will come.

                              This in no way means that you have to sit in front of the monitor all day and night, look at charts and read thousands of news articles  – no, it means doing this consistently even for an hour a day. The same goes for sports – nothing happens instantly and only thousands of hours of training bear fruit.

                              So, how can you make your trading more stable?

                              Everything is tied to a trading strategy. Strategy is the foundation of all trading, it’s what it rests on and everything moves around, it’s how you trade and make decisions, what distinguishes a successful trader from an unsuccessful one who bought stocks because their friends at work do it.

                              No matter how complex the strategy is, what factors and indicators it uses and what it relies on – levels, waves, oscillators, fundamentals – there is absolutely no difference. Even the simplest strategy on moving averages brings profits if you trade steadily and adhere to the rules that it implies in itself.

                              It’s even more important to follow the strategy you’ve chosen. There is no need for each failure to throw it into the corner and have you grab the next one. Some may work in the short term, but some can show really impressive results over a longer distance. It is especially pleasant to understand when a series of small, unsuccessful (for various reasons) transactions is covered by profit from one accurate and verified one.

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                              It is at such moments that the realization comes – it is like striking a spark from a stone – only by continuing to beat will fire come.

                              This also includes an understanding of the global situation. The easiest way to do this is to read the news and learn about upcoming events that in one way or another may affect strategy and decision-making. Traders often share technical and fundamental analysis, but from the standpoint of trading stability, the news should by no means be ignored. It may turn out that all the indicators and other conditions add up in such a way that you need to buy.

                              But then news comes out that the unemployment rate in the US has increased by several tens of percent, and you see with tears in your eyes how your trade is closed by a stop loss. But the worst thing here is that you do not understand why this happened and what you should do next time.

                              It was enough to skim through the upcoming news in the economic calendar and make certain conclusions. For example, wait a little or act more aggressively and hedge your position in order to level the risks. Or do not touch the computer at all and just observe.

                              Of course, not all strategies imply an analysis of the news background, and for inexperienced traders, extra information can be completely destructive. But even beginners need to get used to keeping this in mind and not stepping on the same rake over and over again.

                              Risk control is what separates a professional trader from an amateur one, who likes to brag in a bar about how he managed to make $100 in one trade. But at what cost…?

                              The ability to control risks within a strategy helps to correctly distribute your positions, monitor the deposit and stop losses, and, perhaps most importantly, at this point, feel comfortable in the market.

                              You would never buy a ton of sand with all your savings, hoping to find one gold nugget that will pay for all the investment. The same is true in trading.

                              Stable trading becomes stable only when there are funds to trade for. Several small trades and less risk will bring much more profit than one. With large ones, it is always necessary to remember that the probability of losing could be much higher than earning.

                              There is only one thing that can be said about stop losses – it is better to set a stop incorrectly and close on it, than not to add it and see a message about a margin call.

                              Accordingly, when you have risks under control and potential losses are not terrible for the strategy, you begin to feel more confident and comfortable. Make smarter decisions and earn more consistently.

                              This transitions well to the topic of mental and physical health. Many people, not only traders, neglect both one and the other because of things going wrong.

                              It is closely related to trading. Even when we have a cold, we begin to make decisions differently to how we would in a normal situation. Actions can be erratic, or an extra minute to think will lead to lost profits.

                              It is always important to keep the mind clean – and most importantly sober. Third-party thoughts and experiences, fatigue, intoxication. All this makes it difficult to adequately assess the situation and make decisions. It all comes down to one thing – if something is distracting, it is better to solve it and then get back to business.

                              And sometimes it’s even better to lie down for a day or two, give the body and mind a rest and get back in shape so that those clear and measured actions that reflect stability in themselves do not become like the actions of a child lost in a supermarket trying to find their mother.

                              By combining all these principles and through embodying stability, you will significantly improve your trading and bring the results. Isn’t it nice to finally reach the top after so many hours of climbing? And all you had to do was take it steadily step by step.

                              Also read: Options Trading: A Beginner’s Guide To Trading Options

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