Three Tricks Every Trader Needs to Know

The world of trading is complex and, for a novice trader, it can seem a scary world. To succeed in the markets, you need a number of skills and character traits. But, despite this, there are 3 little tricks that you can use to help you ‘navigate the trading minefield’ and improve your chances of making a profit.

1)      Match your Personality with your Trading Style

If you’re trading, the first thing that you should do is set yourself a clear goal. Once you’ve established this goal, you can decide upon a trading style that will get you there.

When you’re deciding on your trading style, however, it is important that you make it reflect your personality. So, for example, if you like to sleep stress-free at night then day trading may be for you. Day trading is where you close your position at the end of each trading day so you know exactly what you’ve won or lost. On the other hand, if you prefer long term strategies, then you’d probably prefer being a position trader. It is all about what suits you. Never go against the grain and always use a style that reflects your personality.

2)   Choose a Broker that offers a trading platform that’s suitable for you

It is incredibly important to stress that not all brokers are the same. On paper, they may all seem to offer the same service but, if you dig a little deeper, the services they offer vary widely. When you’re choosing a forex broker, you should spend the time researching each company. You should check their reputation and their reliability as well as the services that they offer.

You should spend some time researching each broker in order to find out if the services they offer are right for you. The platform that the broker offers is also vitally important and many brokers will offer a range of platforms depending on the type of account.

In order to be a successful trader you’ll need a good broker who offers a good account. For this reason, the cheapest option isn’t always the best so shop around and see what’s on offer.

3)       Keep a Record and learn from your Mistakes

When you’re trading you’ll undoubtedly incur losses. The key to being a successful trader, however, is to learn from these losses and make sure that you don’t repeat them. For this reason, you should consider keeping a ‘little black book’ that marks out your trades. This can then be used as a constant historical reminder of your trades and the circumstances they occurred in. From here, you can then consult the book in the future. Ensure that you note down why the transaction occurred and, if possible, why you think it failed.

There you have it; three simple tricks that will help you float in the trading market. It isn’t easy and you will incur losses at some point but, by following these tricks, you give yourself the best chance to succeed.

Comments: 8

  1. Christine October 2, 2013 at 3:25 pm

    Wish to accomplish short selling and also have 5,000 in equity to take a position. Free trades could be good but searching for a long-term not daytrading platform. Etrade?

  2. Merrill October 3, 2013 at 2:12 pm

    I’m using Interbank Forex buying and selling platform and have used a demo account to try out these errors I have been getting.

    Stop-loss isn’t active. Throughout disconnects, open trades close for whatever value they’re at. If left open for any couple of hrs, loss trades auto-close for any loss. The marketplace was still being open for those these tests.

    So, anybody have ideas?

  3. Rickey October 10, 2013 at 11:33 am

    I must find 3 tales in Gen 25-45,and explain the variations between your three tales and also the meaning of each and every aspect of the tales.

    Someone help me ):

  4. Bobbie October 26, 2013 at 4:57 pm

    I have tried personally Etrade and I’ve had very misfortune together-They’ve horrible customer support, I needed to give them a call evryday to help remind these to add daytrade margin, and thier platform has fozen on me multiple occasions.

    I’m presently with Fidelity and they’re ok, but thier buying and selling platform is strange-

    And So I am just wndering if you might have some recommendations.I trade about 20x each day sometimes more-

  5. Ranae November 11, 2013 at 8:54 am

    I have had oily skin since i have began highschool. I have attempted everything (skin cleansers, creams, blotting sheets) but after with them, my face is oily again within an hour. I exfoliate a couple of occasions per week, and employ a mask once per week. i clean my face two times each day and moisturize having a matifying product before wearing my makeup. and that i avoid using foundation. Any ideas. Please, I am so tired of getting my face be so oily!

  6. Evelyne November 23, 2013 at 8:28 pm

    I would like buying and selling to become an automatic process? What are the buying and selling platforms that take orders by email?

  7. Maryalice November 30, 2013 at 5:39 pm

    i’ve oily skin, and it is like, SUPER oily. my makeup literally 35mm slides off my face soon after hrs. it’s disgusting. i personally use clinique better still, and pressed powder on the top. and that i make use of a primer for shiny skin. it does not help at alll. so what can i actually do? i would like my makeup to look great all dayy.

    also how do i unclog my pores? i curently have a pore cleansing mask which i use two times per week, tea tree acne toner, free of oil moisturizer in it, along with a clarisonic face brush which i use two times each day with deep cleansing/non drying out gel and my pores continue to be clogged.

    biore pores strips avoid anything for me personally either……

    haha even if i do not put on makeup, there’s still a coating of oil on my small face through the finish during the day. disgusting, i understand. 😛

  8. Idell December 2, 2013 at 10:31 am

    each time I placed on my liquid foundation and powder foundation it appears fine in the beginning but during the day my face begins to appear oily/dirty/shiny.

    preventing that from happening besides needing to buy new items immediately?

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