These 6 Habits Will Help You Become A Better Trader

-

“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.

Comments

Post a Comment

Popular posts from this blog

Sunan and Manners of Applying Kohl

-
Image
Applying Surma (kohl) is a blessed Sunnah of the Noble Messenger  صَلَّی اللہُ تَعَالٰی عَلَیْہِ وَاٰلِہٖ وَسَلَّمَ . The Holy Prophet  صَلَّی اللہُ تَعَالٰی عَلَیْہِ وَاٰلِہٖ وَسَلَّمَ  used to apply kohl in his sacred eyes before going to bed. Therefore, with the intention of following the Sunnah, we should also apply kohl in our eyes when we are about to go to sleep. By doing so, we will not only earn the reward of acting upon a Sunnah but we will also reap its medical and health benefits in the world. It is a Sunnah to Apply Kohl before Going to Bed The Prophet of Rahmah, the Intercessor of Ummah, the Owner of Jannah  صَلَّی اللہُ تَعَالٰی عَلَیْہِ وَاٰلِہٖ وَسَلَّمَ used to apply kohl at the time of going to bed. Hence, Sayyiduna Abdullah Ibn Abbas  رَضِیَ اللہُ تَعَالٰی عَنْہُ  states: عَنِ ابْنِ عَبَّاسٍ   أَنَّ النَّبِيَّ صلى الله عليه وسلم كَانَتْ لَهُ مُكْحُلَةٌ يَكْتَحِلُ بِهَا كُلَّ لَيْلَةٍ ثَلاَثَةً فِي هَذِهِ وَثَلاَثَةً فِي هَذِهِ “Ibn Abbas  رَضِیَ ال
Read more

Sneezing in the light of Islam in this Corona Panedemic

-
Image
13 Sunan and Manners of Sneezing Sneezing is an important part of our lives and its Sunan and manners have also been explained. However, majority of the Muslims these days, unfortunately, are unaware of this due to not being religiously educated. When they feel the need to sneeze, they just do it making loud noises and clean their nose afterwards. There is more to it than that. We should try to learn its Sunan and manners as well. Let’s learn a few of them today: 1. When you are about to sneeze, put your head down, cover your face and try to do it as quietly as possible. Sneezing loudly is a foolish act. Sayyiduna Ubada bin Samit, Shaddad bin Aus and Sayyiduna Wasila  رَضِیَ اللہُ تَعَالٰی عَنْہُم  report that the Holy Prophet  صَلَّی اللہُ تَعَالٰی عَلَیْہِ وَاٰلِہٖ وَسَلَّمَ  said: If one burps or sneezes, he should not do it loudly as Satan enjoys it when these are done loudly. (Shu’ab -ul- Iman) 2. When you sneeze and say “ الحمد للہ ”, the angels will say “
Read more

The Historic Event of Aamul Feel

-
Image
Abraha was the king of Yemen and Ethiopia.  He built  up a church in the Sanaa city. It was his wish that people come to Sanaa in his church for Hajj and do not go to Makkah to visit Kaaba. He also wished that people do tawaf (circumambulate) of the church in spite of Kaaba. Arabs especially Quraish were shocked on this and they got angry. A person from Quraish traveled to Sanaa in uncontrollable condition and did urine and spread dirt in the church of Abraha. This act turned Abraha into anger and he plight to destroy Kaaba. He went out along with his army with this  aim. There were many elephants in that group and there was a big elephant which was leader of elephants named as Mahmud.  Abraha attacked Makkah  with his army and captivated all the animals of people of Makkah. Among these animals were the camels of Abdul Muttalib. Abdul Muttalib was the grandfather of beloved Rasool  صَلَّی اللہُ تَعَالٰی عَلَیْہِ وَاٰلِہٖ وَسَلَّمَ , the custodian of Kaaba and leader of people of
Read more