These 6 Habits Will Help You Become A Better Trader

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“People do not decide their futures, they decide their habits and their habits decide their futures.”
-F. M. Alexander

Habits are very powerful. Forming good habits, things that we do over and over again unconsciously, is what helps you reach your goals. A big part of your success as a trader will be determined by the habits you make and keep. Below is a list of a few that we recommend you incorporate as you progress as a trader.

It is difficult to score without a goal

It is hard to measure achievement if you don't know what you’re aiming for. You need to have a clear understanding of what you want to accomplish by trading online. Success will mean different things to different people so make sure you have well defined goals for yourself. Do you want to double your investment in a week or have 70% winning trades? Will the profits from trading be your only source of income or will it supplement your salary?

Your goals may change with time so make sure you time so make sure to revise your them and expectations every now and then.



Think long term

You won’t get far as a trader if you worry about a few bad trading decisions. Successful traders are those who know that inevitably there will be highs and lows whether you have been trading for 5 minutes of 50 years. Keep hold of the long-term vision and ride the highs and lows equally well.

Stick to your trading plan

You absolutely must have a plan before placing any trade. It can be tempting to close your position earlier or later of add to it when the market is volatile, but it is imperative to keep a cool head and stick to your plan- it’s there for a reason. It helps to eliminate emotional trading. When you let emotions rein, you will often end up making spur of the moment, irrational decisions that will lead to unsatisfactory results.

Risk management is king

It is natural to look at the numbers in your trading account and use that as a measurement of your success and therefore, focus on making a profit above all else. However, successful traders will tell you that when you change the focus to managing your risk and on protecting your capital, you will undoubtedly end up with much better results.

Learn from your mistakes

You will miss a few opportunities, but you should make sure it’s not for nothing. One of the best ways to learn from your mistakes is to keep a trading journal. Make a habit of writing down all your trades. You can do this in whatever way makes sense to you but it should include: what you traded, how much you invested, where your take profit and stop loss orders were placed. The results of each trade should also be recorded so that you can analyze what you did well and what went wrong. This way you can avoid making the same mistakes over and over again.

Keep learning

You’re never done learning as a trader.  If you’re doing well, you could be doing even better. If you’re struggling, you have to keep learning and trying new strategies and trading set-ups.

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