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...
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...
Are you scared to trade the higher timeframes because you think there will be a lack of opportunity?
Perhaps, you're trading for the fun and excitement of it and you think the higher timeframes are just plain boring?
Well, good luck to you. My advice, save your money in your bank account and do not trade the market! If you're starting to hate me now (you won't be the only one) then given me a chance and keep on reading:
7 Reasons Why You Should Trade More Markets On Higher Timeframes:
1. You can avoid the algos hunting your trades
Did you know that trading algorithms now account for up to 70% of all intra-day moves in the financial markets? How the heck can you make money as a trader fighting robots who can take trades in nano-seconds? Well, there is a way if you know how.
Firstly, it's important to remember that these algorithms aren't just left in the market 24/5. They are turned on and off at the will of the trader managing them. That's right, there is still a human element...
As multi-asset class traders there's a heck of a lot going on right now. We're seeing huge moves in cryptos, stocks and currencies - making sure our attention is picking on the high quality and high reward opportunities.
Here's a sneak peak on why we've been trading EURUSD to the long side for several weeks and why we're looking to add to our positions this week:
From a technical standpoint EURUSD double bottomed at the beginning of the year. We've also recently bounced off major support level and it seems like nothing will stop its rise until overhead resistance.
We're trailing our stop losses on our long positions and will continue to add this week.
With over 14 different markets on our watchlist this week spanning US stocks, global currencies and commodities this is just a snippet of one we're focusing on right now:
MEMBERS: Watch out for the premium mid-week video update and research
NEW MEMBERS: Check out the Golden Playbook for exclusive...
With over 14 different markets on our watchlist this week spanning US stocks, global currencies and commodities here's a snippet of just 1 stock we're focusing on right now:
MEMBERS: Watch out for the premium mid-week video update and research
NEW MEMBERS: Check out the Golden Playbook for exclusive access to advanced educational material and trade research
Happy trading folks! Keep it nice and simple, have a focus and always be the hardest worker in the room.
Are you struggling to pick the right trades? Can't seem to get any consistency in results? Then the 4Point Trading System™ can help!
Discover how you can approach the markets in a consistent way every day and on every trade. Not only will this help you to think 'top down' but you'll absorb more information from the market to build your intuition - something the greats like George Soros and Warrren Buffett rely on.
Why is the 4Point Trading Sytem™ important?
In trading having a PLAN/SYSTEM/METHODOLOGY is hugely important. Without it, forget about achieving consistent results - you just won't. That's because you need consistency when you trade to allow probabilities to work in your favour. Think about it. The market can be quite random. The only part of trading you have control over is what you trade, how you trade and why you trade.
Turning up everyday and trading the same way not only helps build consistency in results and good habits. It also helps to...
Most developed countries around the world have experienced an increase in house prices, none more so than the UK and Germany. Average homes in London are now £458,000 compared to £301,000 only 5 years ago. As interest rates can only go higher, there is the over looming threat of bankrupting the poor souls who are now over stretching themselves to get on the ladder, as well as sending us back down the vicious cycle into recession.
However, with supply a worrying issue and the ‘fear of missing out’, mentality prices are likely to continue going higher although at more of a gradual rise. We've already seen house price rises slowdown in the past quarter - not that it makes a difference to the average worker in London who needs to find at least £70,000 to have the privilege of getting into debt with a bank for 25 years to finance the rest of their mortgage.
The key question is how should we profit from this and how can we profit from this?
There are many...
It’s a well-known fact that before a physician can begin to treat an illness or ailment, a diagnosis must occur. It’s the same process with engineers dealing with machinery, or mechanics working with cars: if you don’t know what the problem is then you can’t begin to fix it.
The same analogy can be applied to traders, and therefore trading problems. Time and time again traders facing problems will try various solutions without really stopping to assess what problem they’re trying to solve. Even worse, unlike doctors, engineers or mechanics, trading mentors will jump straight to the treatment without pausing for diagnosis.
This post will help anyone facing trading problems to identify what is going wrong, by asking a series of diagnostic questions.
QUESTION #1 Do I actually have a problem?
You probably think that’s a weird question to be asking when you’re experiencing a drawdown and you’re becoming frustrated. But, even if this...
So you want to be a hot shot trader and be amongst the 50 million other traders in the world who consistently make money from the markets? The first thing you need to know if you want trade the forex market, stock market or commodity market successfully is the three types of market analysis that every trader, investor and financier looks at every single day which you should be doing too.
After all, if those guys are using it then every wannabe profitable trader needs to be too. Remember that the people who really know how play this game use a variety of ways to analyse and develop ideas that they then go on to trade. The three most important types of market analysis are:
1. Fundamental Analysis
2. Sentiment Analysis
3. Technical Analysis
Some traders will use all three and some will only use just one or two. It really depends on your experience and what resonates with you as...
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!