Letter to Traders: New and Existing
Dear Traders,
How are you doing today and how is trading going? I believe you are beginning to understand for yourself what Trading really is. I will like to share some truth with you.
Like every other Life endeavors, trading also needs diligence and consistency to gain expertise. Do not be deceived, if you have not learnt well, mastered your emotions and develop a good trading psychology, you can LOSE ALL YOUR MONEY; most especially when you are not following the simple money management rules.
So What are the Secrets of Successful trading? You may want to ask, I will give a few of them below based on my experience of winning and losing over time.
1. Choose the right Broker: Your successful trading journey- in Futures, Options, Forex or Commodities trading start with the right Broker. A broker that will not manipulate the Charts. A broker that will help you and update you with information about the market, a broker that is fully certified and can easily follow rules, a broker that will allow you to easily withdraw your money when you have to, a broker that has good customer satisfaction policies and so on. You need to choose the right broker my friend. One of such brokers that I have known to be consistent overtime is IQ Option. You can check them out for their wonderful reviews. Remember, that is just one factor out of many but it is very important. Now read further for other factors.
2. Learn the skill: You have to really be patient to Learn and Master the Trading Skills. What you have not mastered, they say will master you. Learning is key to be successful in Life. Do not be part of the generation that is looking for easy money without learning. If you try that in Trading, you will end up losing all your Money. But if you give time to learn and Learn Well, you can be sure that you are on your way to succeeding. for example, IQ Options give $10000 for DEMO Practice and you can try your skills on that very well and be sure you are good to go Live. Please, don't just jump to Live account. A word they say is enough for the ...
3. Learn the Psychology: In Life, We don't always win, sometimes we Learn(some people tag this as losing but I tag it as learning). You have to know that you cannot definitely win all trades. In fact you can lose three or four trades in a row. Learn to leave and come back later. Don't ever practice REVENGE TRADING. It is very dangerous. When you win, be Happy, When you Lose, learn. Don't over indulge so you wont lose what you have won. Don't overstay so you won't lose more when you are losing. You can never be right, It is only the Market that can be right when it comes to trading. You just have to learn to follow the Market. Observe, Analyse and Trade. If you are Correct, great. If you are wrong, it means you can win later. I cannot over emphasize this because I have fallen a victim of this before. NEVER EVER TRADE WITH THE MINDSET OF REVENGING THE MARKET. It will go bad.
Thanks for reading. I will continue from here in the future posts.
Your Friend
Kolawole
Dear Traders,
How are you doing today and how is trading going? I believe you are beginning to understand for yourself what Trading really is. I will like to share some truth with you.
Like every other Life endeavors, trading also needs diligence and consistency to gain expertise. Do not be deceived, if you have not learnt well, mastered your emotions and develop a good trading psychology, you can LOSE ALL YOUR MONEY; most especially when you are not following the simple money management rules.
So What are the Secrets of Successful trading? You may want to ask, I will give a few of them below based on my experience of winning and losing over time.
1. Choose the right Broker: Your successful trading journey- in Futures, Options, Forex or Commodities trading start with the right Broker. A broker that will not manipulate the Charts. A broker that will help you and update you with information about the market, a broker that is fully certified and can easily follow rules, a broker that will allow you to easily withdraw your money when you have to, a broker that has good customer satisfaction policies and so on. You need to choose the right broker my friend. One of such brokers that I have known to be consistent overtime is IQ Option. You can check them out for their wonderful reviews. Remember, that is just one factor out of many but it is very important. Now read further for other factors.
2. Learn the skill: You have to really be patient to Learn and Master the Trading Skills. What you have not mastered, they say will master you. Learning is key to be successful in Life. Do not be part of the generation that is looking for easy money without learning. If you try that in Trading, you will end up losing all your Money. But if you give time to learn and Learn Well, you can be sure that you are on your way to succeeding. for example, IQ Options give $10000 for DEMO Practice and you can try your skills on that very well and be sure you are good to go Live. Please, don't just jump to Live account. A word they say is enough for the ...
3. Learn the Psychology: In Life, We don't always win, sometimes we Learn(some people tag this as losing but I tag it as learning). You have to know that you cannot definitely win all trades. In fact you can lose three or four trades in a row. Learn to leave and come back later. Don't ever practice REVENGE TRADING. It is very dangerous. When you win, be Happy, When you Lose, learn. Don't over indulge so you wont lose what you have won. Don't overstay so you won't lose more when you are losing. You can never be right, It is only the Market that can be right when it comes to trading. You just have to learn to follow the Market. Observe, Analyse and Trade. If you are Correct, great. If you are wrong, it means you can win later. I cannot over emphasize this because I have fallen a victim of this before. NEVER EVER TRADE WITH THE MINDSET OF REVENGING THE MARKET. It will go bad.
Thanks for reading. I will continue from here in the future posts.
Your Friend
Kolawole
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