It’s not all about placing trades. In fact, the mechanics of when to enter and exit the markets is only a tiny piece of the trading jigsaw.
#1: Choose a decent broker
Do you find yourself blaming your broker for your poor results? It’s really not worth going down that rabbit hole, it’ll never lead to profitability, only bitterness and despair. Just choose a decent, reputable and regulated broker and get on with trading your plan.
#2: Keep it simple
The more complicated your trading plan, the more likely you are to second-guess your decisions. If your charts are jam-packed with indicators, try getting rid of some to simplify your strategy.
#3: Look after yourself
Just like a car that is neglected will not run efficiently, no trader can be expected to trade with clarity and purpose if they are fed on junk and don’t get enough sleep.
#4: Get rid of the unnecessary
Getting rid of the things you don’t need not only clears the decks for increased clarity but also reduces your expenditure, helping to build up your trading funds.
#5: Work on your mindset
From daily mantras to meditation to yoga, developing a positive mindset will work wonders on your bottom line.
#6: Keep a journal
Keeping an honest record of your trades (and the emotions behind those trades) will give you a valuable resource to hone your trading prowess.
#7: Live life now
Do you find yourself putting life on hold until you make it as a trader? Start doing more of the stuff you love now; it’ll make you happier, and happier people make better traders.
