Become a Profitable Trader
It’s very rare that traders start their career as traders. Usually people become interested in trading when they are stuck in a regular 9 to 5 job and start looking for ways to live independently and financially free.
But becoming a professional trader when you spend 40 hours at your job every week, taking care of a family, paying off a mortgage and enjoying your hobbies is often an impossible task.
It is only when you can use the time you can sacrifice for your trading most effectively that you stand a chance to make it in this business. The Bureau of Labour statistics reports that in 2013, the average employed adult spent 2.8 hours every day watching TV. If you invest this time to work on your trading skills, you can significantly improve your trading over time. Ask yourself what will have a bigger impact on the future of your life: watching that football game or the cooking reality show or work for 2 hours on your trading skills. In this article we’ll share with you a few tips and concepts about how to become a profitable trader while you work 9 to 5.
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Every newbie trader wants to “arrive,” to be successful, to “make it,” to get to that point where they can make money consistently enough that they don’t have to rely on other sources of income. The ultimate goal of a profitable trader is to be consistent in making money. That you’ll know how to get results over and over again.
It is important for you to develop a good trading style. Get a proper education. Look around on other blogs or on this website where we teach a new style of trading. If you already trade for some time and didn’t make (much) money than it is time to change your trading style. Develop an attitude of an successful trader. They know how to make money and they have a trading plan. What is their mindset? How are they trading and why.
Although I do not believe that a psychologist can help make a trader profitable, trading psychology is important. Traders must constantly work to prevent their emotions from influencing their decisions.
One good way is to trade the “I don’t care” size. Trade small enough so that you will not worry about losing. This allows traders to do what is right more often. The most important aspect of trading psychology is that traders should always strive to stay in their comfort zone. They need to be happy.
If a trader finds himself feeling too anxious, he needs to find out why. Is he trading too big of a position and is constantly worried about losing too much money? Is he buying in a bear trend, hoping that the current reversal attempt will be the one that finally works? It is much less stressful to trade volatility. With selling option premium you will know that you can sell options and earn on it time after time.
Every trader has the goal of making money for themselves and their families, but it is important to not lose sight of the bigger goal of living a happy life. Learning how to trade can help traders achieve both goals!
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