Trading – It’s not always what you think
It is said that to become an expert at something you have to invest 10,000 hours of practice. If you practiced a skill 8 hours a day, it would take you 3 years to reach 10,000 hours. For some this sounds intimidating, for others, inspiring. Becoming an expert trader will be demanding, but it will be worth it. Many traders even with solid foundations will have stumbles along the way, which if you manage to overcome, it will be the most rewarding thing you do.
Enough is never enough
Trading is not a very tolerant profession, since being “average” is not enough to aspire to make a living from trading. To become an expert trader, you will need more than 10,000 hours of practice. You will achieve the theoretical and basic part of trading within the first 20 hours of work and practice, but to become an expert you will need days and nights of effort.
Easy to learn, difficult to master.
The learning curve below shows how we start out “incompetent” in a skill. Then with time and practice we improve our performance. Eventually our ability improves and we are ready for new growth.
Trading will test your emotions
Traders can be seen with a lot of frustration, as even knowing and knowing the skill , they fail to master trading. In most professions you can make enough money to live by being moderately good, but not in trading. If you are not an expert in trading, you will hardly be able to earn money to live off it.
Improve your mind and you will improve your trading
Another theory related to abilities is that of 21 days. Practicing an action for 21 days, it is integrated into our mind as a habit that we execute more easily.
Decide to work on your daily trading for 3 weeks and you will see how you start to implement trading within your natural and automatic actions. This routine will enhance your trading plans and routines.
Develop a satisfying environment
Practice this method to acquire new positive habits. Start by getting rid of negative habits and relationships that do not help you in your life.Our minds are flexible, and the better habits of life you have, your trading will be influenced for the better.
A loss is not a failure. In trading it is impossible to win 100% of the time, so you must know how to face losses.
None of us like to lose. And many of us find it difficult to accept that we have lost money. The problem is that we connect loss with failure, when in reality in the forex market losses are part of the routine.
To be successful in trading, you need to go back to the markets. If you give up, you won’t be able to learn from mistakes to become a successful trader.
Here are some tips to help you prevent more mistakes:
- You need a risk management plan.
- Always use Stoploss
- Don’t let winning trades turn into losers.
- Try not to involve your emotions in the operations, follow your plan.
If you find yourself in a series of losses, read this article or, it will help you to get out of the bad streak.
Stick to your trading plan
Your trading plan is your guide to every step you must take in your trading career. It should include notes, trading ideas, your strategy, and results.
Read up on different trading strategies and choose what best fits your trading goals
Expert traders take their work and routine very seriously.
Your trading routine includes time to actively trade but also time for preparation and research.
Other important aspects for your routine are:
- Your workspace should be comfortable for you.
- Your diet will directly impact your trading. Watch what you eat.
- Take breaks throughout your session. Refresh yourself.
- You must be able to concentrate. Avoid distractions or noise.
Once you establish a routine, everything will start to settle in and your results will improve.
Your emotions will be an integral part of your trading. With time and practice you will strengthen your trading mind.
The emotions play an important role in our decision making, we need to understand, accept and adapt our trading them.
Expert trader conclusion
Very few become expert traders. Start with the first 3 weeks and understand if this is a profession for you. If so, try to practice every day and stick to your trading routine and plan, and you will see the fruits of this profession.