1. Start thinking of your trading like a business.
Even though trading is not a typical business, it is important to remember that it still is one – so if you want to become a successful professional trader, your first step should be to treat your trading like a business. If you neglect to develop a structured business plan that accounts for your costs, it will be hard to develop a strategy for a long-lasting career in trading.
Running your trading business properly can help to simplify key business decisions. If your revenue is higher than your costs, your business will be profitable – and if you lose more money than you make, you will be running at a loss and risk going out of business unless you correct the situation. So it’s important to plan ahead by assessing your costs, managing your risks, and developing a trading strategy that enables you to consistently run a profitable trading business.
2. Take stock of your business costs.
This week we're trading:
We're still managing our Long Gold, Silver and Platinum positions alongside our NZDCAD, NZDUSD, NZDJPY Short positions and our Alibaba, Facebook and Blackrock World Mining ETF Long positions.
The chart with annotations of this week's watchlist is below:
MEMBERS: Watch out for the premium mid-week video update and entry, stop loss, target levels we're using to manage the positions
If you’re struggling to continue growing as a trader or simply don’t feel like you’re achieving everything you’re capable of, understanding some lessons from psychology could help you to make a change. Making use of a simple psychological technique can lead you to take advantage of your full potential. With the right mindset, you can transform the anxiety that’s been holding you back into a key source of growth, in everything from your trading career to your personal life.
The first step is to figure out exactly what it is that makes you nervous, uneasy, or uncomfortable. A good way to do this is to identify the situations that you tend to avoid. Because anxiety causes psychological pain, your mind will naturally try to keep you from experiencing it. Think about it – the easiest route for you to take is usually one that doesn’t make you feel nervous, stressed, or uneasy at all.
Now let’s consider this in terms of trading psychology....
The number one question traders have when they’re starting out is “how long will it take for me to become a profitable trader?” It’s not at all surprising that this is the first thing novice traders want to know about; after all, trading has the potential to be an incredibly lucrative career, and that was probably a factor in choosing this path. The problem with this way of thinking, though, is that it doesn’t really address how to achieve the goal of becoming profitable.
When starting out, the number one question should be more along the lines of how to amass the knowledge and training needed to be successful in this field. Instead of focusing solely on the goal, it should be the journey that they are thinking about.
Here are the questions that should be asked by new traders:
“What can I do as a trader to become profitable?”
Before jumping straight into how long it will take to make profit, it’s much more sensible to think...
How to build a small trading account
With over fifty million people around the world turning to the financial markets to build their capital and to create an income there are many who struggle to build a small trading account. After all, whether you are a great trader or a very a new trader most people will be starting off with a small trading account that they want to grow into a bigger one.
However, straight away the pressure of building a small trading account into a larger trading account can be too much as it seems like a huge jump. Of course, everyone wants to get there overnight too! In reality, it can definitely be done but there are some key principles in growing a small trading account which have been laid out for your below.
1. Stop 'trying' so hard
It sounds counter intuitive to stop trying so hard to build a small trading account. After all to get ahead in life you need to try hard right? Well, in most cases that is right but when you have the ability to trade a five...
Trading the financial markets is fast becoming the most popular method for those wanting to grow their capital or create an extra income source. However, for the beginner trader there is a wealth information available that can seem daunting as you just don't know where to start. That's why in today's article we go through the fundamentals for a beginner trader so you can tune out to all the noise that is out there and focus on what will help you achieve your goals.
The 6 Fundamentals For A Beginner Trader
Below are six fundamentals for a beginner trader that you must answer and be focused to following every single day, even when the going gets tough. After all, it is about having a laser like focus to achieve your specific goals. Think about the markets carefully and use these six fundamentals as your business plan for the next six to twelve months as a beginner trader to ensure yourself the best possible chance of lasting success.
1. Choose a market
The great thing about the...
Hey it's Natascha, co-founder of Trader Prophets.
Today, I want to share with you some of the struggles our traders face and how we have worked with them to overcome these.
I'll also share with you some tips, tricks, tools and insights that have helped our traders enhance their trading performance to go on and then achieve consistent results.
Having worked with some of the world's best traders and investors for many years now my team and I have had the privilege of working closely with over 10,000 traders across the globe, with traders at various levels and from all different walks of life.
This has given me great insight into what a traders journey entails and the problems all traders encounter when trying to reach their financial goals.
Two key questions I get asked the most are:
To help us answer these we first have to look at the...
So you want to be a big hot shot trader? Moving in and out of markets like a seasoned professional, grabbing pips and points in the world's biggest financial markets, as and when you please? Then you better read on as every successful trader in the world lives and swears by the following top ten trading terms. Of course the first step is knowing about it and then implementing it. So, eyes down folks, here we go...
1. The Forex Market
Every trader must know about the forex market as it is the largest market in the world with an average trading volume of $5 trillion per day. It is the go to market for professional and newbie traders alike as it's open twenty four hours a day, five days a week and is highly liquid making it very cheap to trade. This market has made many fortunes and is a must in any traders portfolio.
2. The Commodity Market
The oldest of all the markets is the commodity market and this is the go to market for many professional trading firms and corporations. It is the...
If you started trading just 15 years ago, the chances are you could only trade the stock market or commodity market (products like gold, oil and silver). However, only 10 years ago the foreign exchange market blew up onto the scene and became the go to market for many traders. Heck, only a year ago did cryptocurrencies blow up on the scene and change the game. Variety is great but can be overwhelming.
Cut the crap, which market is better to trade?
Is it the stock market, foreign exchange, commodities or cryptocurrencies? Each market has pros and cons which we detail below. The worst thing to do is to be stuck in your ways and not adapt, or explore, new opportunities or to find the 'holy grail'. Here at Trader Prophets we advocate trading on all markets but on higher timeframes as detailed in this article here. However, intra-day trading on all these markets will definitely not work. It's just too much to focus on.
Can you trade all of these markets?
Trading is popular now that all...
This seventy six page guide covers everything you need to know to make this year a success using the financial markets. And, it's completely FREE saving you £97!