Despite what you see in the movies and flashy ads online, only about 10% of traders are successful. The good news is the other 90% tend to make a lot of the same mistakes—and you can avoid many of their pitfalls if you take some straightforward, concrete steps. Here are three ways to improve your trading success.
Never Stop Learning
Many traders spend some months—or even years—learning how to trade. Then they stop. It doesn’t matter how much you know; you can always learn more.…
Trading isn’t just a daily activity to generate income. It is truly a lifestyle that will teach you good habits for your life regarding managing negative emotions and lifelong learning.
Practice
Look for an online stock broker program that offers trading simulators. Use these simulators to become familiar with the program and its tools. They will also allow you to trade using fake money which will help you get a handle on the tools. You can usually set a starting cash value similar to what you plan to save up for to begin trading.…
Spread betting offers access to thousands of markets from all around the world, and is often seen as a sound introduction to trading because of its relatively low risk and ease of trading. However, to be successful, even the novice spread bettor will still need to develop and adopt a strategy of their own; something that helps minimise losses, because they will occur, and maximise profits, because they will also occur.
Limit Your Markets
There are thousands of spread betting markets available, and when cutting your teeth it can be tempting to try your hand at dozens of these markets.…
