In this post, we’re going to share 4 simple avoidable mistakes, to boost the quality of your trades, and give them a stronger chance of being successful.
“My strategy can predict anything”. When Traders start thinking they are too good, they risk the same fate as the Icarus: they fly too high and get burnt by the sun. Self-confidence is an attribute not every human being possesses. However, in trading, self-confidence is considered a double-edged sword. When a trader believes that his strategies don’t possess weaknesses, that is when he will meet his downfall.
“If you undergo a loss, then trading is not for you”. A professional trader knows instinctively that losing, while undesirable, is a component of trading. When a person first starts to learn how to trade, it is likely that he will undergo a period of losses. How he recovers from these losses depends on his reaction and the acceptance of losing as a learning lesson in order to be more successful in future trades. Professional traders are not made by successful positive trades but by hundreds of negative ones; trading is a tricky profession and if you are thinking of entering this industry, you need to bring your A game.
“I need to trade everyday”. You will never hear from a sailor that he goes out to sea every day regardless of the weather conditions; a wise sailor knows that a storm can take his property or his life. A professional trader knows that a political or economic crisis is considered as a storm at sea, meaning that trading 365 days of the year is useless if you are trading in rough conditions. You need to search for calm seas if you want to succeed in trading.
“I don’t trust rookie companies”. Most traders like to trust their money with well-known companies. However the professionals traders are looking for that little company based in a garage in California, where they are willing to go the extra mile on a trade. A company is never to qualified or too new to do business with.
If you want to test your strategies as a trader and work towards becoming a professional trader, Tradeview’s innovative trading platforms can help you target both your skills and weaknesses as a trader. By trading with us, the experience gained can prove to be invaluable to your longevity as a trader.
Business Development Manager