Securing a top position in the retail trading industry is a very tough job. If you do some research, you will be surprised to find that more than 95% of retail traders are struggling in the investment business. Trying to become one of the top 1% of traders is a very daunting task. Unless you have strong devotion, determination, and are skilled at deduction, you will never achieve this goal. We are not saying that you can’t become a top trader within a short time but we are highlighting the complex nature of this task.
Do you want to secure a top position in the retail trading industry? If so, this article might be the perfect solution for you. Go through this article very carefully as we will give you some powerful insight to achieve your goal.
Can you lose the trade?
Professional traders are good at losing trades. They are always prepared to deal with the worst-case scenario as they know they can’t avoid the losing trades. On the contrary, new traders always look for a way to avoid losing trades. Eventually, they make things extremely complex and lose a big portion of their trading capital. You need to train your mind to accept the losing trades. Until you feel comfortable accepting a 2% loss from your account balance from any given trade, you are not ready to become an elite trader.
Work on your psychology and try to improve your endurance. By developing your endurance, you will learn to wait on the side-line. Most importantly, you will realize the importance of using a conservative trading technique in the retail trading business.
Can ignore the best signal?
The rookies always think they have got the best trading system in the market. After analyzing the market for a few hours, they always find the best signals. To secure a top position in the retail trading business, you should have the mental courage to ignore such good trades. You might have immense experience in dealing with top-rated mutual funds, still, you should consider the risk factors. After developing the unique ability to ignore the best trade signals in the market, you can trade then market without having any emotions. Once you cut the emotional factors from your decision-making approach, you will see a significant improvement in your trading performance.
Learn to trade the reversal
We all know that trend trading is the best way to make money in the online trading industry. To make a regular profit, we should always remember that reversal trading is not that risky. If we learn some of the reversal chart pattern trading techniques, we should be able to trade the major reversal with a high level of precision. Never think that you are making a silly mistake by going against an established trend. In reality, you are not trading against the trend rather you trading in favor of the newly formed trend. So, learn to identify the major reversals in the market as they will make you a better trader within a short time.
Learn to use the candlestick patterns
To become good at trading, you must learn to use candlestick patterns. Without learning to use the candlestick patterns, you will never learn to execute the trades with a high level of precision. The majority of retail traders are losing money as they use too many indicators in their trading system. Indicators should be used as trade filter tools only. If you rely too much on the indicator readings, you are going to be in very bad shape. Learn to take the trades at the major support and resistance level by using reliable candlestick patterns. Once you become good at using the candlestick pattern, you will no longer feel that it is necessary to blindly rely on the indicators reading.
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