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Traders can sometimes be a lot like casino gamblers. There are plenty who will tell you they have the secret for guaranteed success, that they have cracked the code or come up with a foolproof method for making money every single time. Some genuinely believe what they are telling you, others have their own agendas to pedal, but whether they are mistaken, deluded or motivated by more sinister motives, the truth is that there is no such thing as a foolproof method for trading, any more than there is a guaranteed way of beating the house at roulette or blackjack.
Understanding that point is the first step in becoming a more successful trader. By understanding the difference, you stop chasing shadows and start adopting strategies that will reap long-term rewards. The following tips will help you along the way. Before you even think about trading, you need to get the right infrastructure in place, and that means choosing an appropriate platform. Most online platforms offer the convenience of a mobile app that allows you to trade on the go, and if you are new to the world of trading, find one where you can open a demo account to learn the ropes and understand how everything works before you start trading for real.
You also need to be confident that the broker is reputable. Different types of trading correspond with different levels of risk and return. They also have different payback periods.
Are you looking to make the proverbial quick buck, or are you in it for the long game? We spoke about timescales above, but it is worth considering the time frame in its own right, because it can turn a sell into a buy and vice versa. Simply that on a week chart, a given stock might be showing as a buy all day on a given Tuesday.
But if you consult an intraday chart , it might be showing sell at 10AM. These conflicting signals can also help you optimise your strategy. Suppose you are predominantly being guided by the weekly chart and so you plan on buying the stock in question.
It clearly makes sense to hold fire till later in the day, when the daily chart is also sending out the same buy message. The strategies we are discussing here will help to achieve long term success, but there will always be times you come out on top and times you do not. Protect yourself from occasional catastrophic losses by never risking more than two percent of your overall trading account on a single trade. Knowing where you want to go is great, taking the right steps towards getting there is better, and consulting a map every now and then to make sure you are on track is perfect.
Review the decisions you made over the past week, and whether they worked out for good or ill, trying to draw conclusions from each one.
What did you do right, or wrong? Panic and sell when you should have held on? Just plain bad luck? Also, look at the wider trading community and learn lessons from there. What are the newspaper pundits saying and doing? If you are honest with yourself, your weekend analysis will give you some serious food for thought.
Use what you have learned and feed it into your strategy the following week — take from the positives as well as the negatives. Doing more of what works well is even more important than doing less of what is unsuccessful. There is truth in the old saying that success breeds success. Following an iterative process of continuous monitoring and improvement will reap rewards, and will also make you a more confident and happier trader. More than that, success even seems to breed luck, too.
So make the most successful, confident and lucky trading year yet! Skip to Content Toggle navigation. Choose the right platform and broker Before you even think about trading, you need to get the right infrastructure in place, and that means choosing an appropriate platform.
Monitor performance Knowing where you want to go is great, taking the right steps towards getting there is better, and consulting a map every now and then to make sure you are on track is perfect. Continuous improvement If you are honest with yourself, your weekend analysis will give you some serious food for thought.
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