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Honestly, trading didn’t become very lucrative by being an easy practice. Although it is easy to understand the concept of trading, the intricacies involved in becoming a successful and consistent forex trader aren’t elements that can be picked casually.
Trading isn’t formulaic nor a one-way-traffic. Basically, whether you are a newcomer or experienced forex trader, the best way to approach the science of trading and investing in the forex market is by honing your skills, including absorbing research and listening to experts’ opinions as a part of that research.
Are you still unsure of a starting point? Below, we, as a licensed investment consultancy specialized in alternative investment and official online trading academy have detailly curated a list of three central concepts for trading education. Truth be told, these concepts are what consistently successful traders follow, enabling them to stay afloat of the market fluctuations.
1. Have a trading mentor
The best weapon to add to your trading arsenal is a knowledgeable and skillful mentor. Undoubtedly, books and trading courses cover several contingencies; however, when you’re faced with a unique scenario, having your money on the line, your best run-to savior is a trader with more skill and knowledge, whom you can ask for help.
With a trading mentor, you can be sure of starting your trading practices on the right foot. And remember, bad habits or emotional triggers developed at the early stages of your trading career may be challenging to shake off. And, of course, your trading mentor must have experienced the same apprehensions, fears, and even mistakes. Learning from their mistakes one of such best trading habits to inculcate. With time, you may find yourself surpassing your teacher.
2. Have a full understanding and be aware of what you are doing
Everyone is guilty of allowing inertia to take its full cause while aiming to get a result. However, trading forex for instance, of course, is more than high school literature tests. Instead, it is a blend of essential rules structure, probabilities, and information with the possibilities of making a handful of money. There’s more to know than knowing that Cause A affects entity B. Instead, to be a knowledgeable trader, you must know the reason such changes affect things.
Indeed, sometimes, trading blogs and magazines, research efforts by corporate bodies, etc. may not suffice for usage. Nonetheless, it doesn’t mean they aren’t an essential part of your holistic forex trading strategy. Although they may be expensive, registering for online trading courses offers priceless structures and supports for you as a trader. Asides the course materials, you are allowed to express access to a community of fellow traders. This way, through discussions with other like-minded traders on the same level as yours, you can clear your doubts, discuss strategies, etc.
Also, following a specific pre-made trading blueprints system will help you keep you abreast of concepts, hence, promoting understanding.
3. Forge your trading path
Finally, design your path of trading. In the past, we’ve seen newbie traders hit a gold mine of sources that claim to have cracked the code to be a hundred percent successful trader. Apart from this being statistically improbable, it’s a beautiful approach at appealing lazy traders who won’t want to take intentional efforts to succeed. Regardless of how infallible a trading approach may seem, ensure you filter the information via your trading research and mentor’s help. This way, you can be sure if such a trading system is worth the pursuit or not.
According to an old phrase: allow your chickens to hatch before counting them. Of course, it is essential to get comfortable with risk as a trader; however, don’t go all-out while still learning. It is natural for success to follow you when you practice your trades diligently & better your confidence.
Have you ever asked yourself why do universities not teach trading?
We recently returned from a talk with some probable future leaders at a prestigious university in Dubai. While there, some traders in an internal investment club, whom we presume to be serious but overly frustrated, reached out to our online trading academy. We were more than happy to join a fruitful discussion about professional trading.
A recent local article highlighted the increase in trading labs in some of the universities. However, judging from the emails that we get, it’s safe to say that most of these trading labs aren’t what they call themselves. Instead, they’re investment labs. Note, investing and trading aren’t the same! To mention but a few, particularly emails we receive from college traders and sharing how frustrated we are about the frustration of college traders with no trading mentor or professional training from real consistently profitable traders. Come to think of it, how do you prepare for a trading career without being trained properly?
Trading is a skill; every college trader must develop such a skill. At the moment, we are finding a learning curve nearer to eighteen months before noticing the most significant progressive leaps. The thing is, four years of trading in college is a sure way by which a trader can gain the necessary skill and experience to commence trading. Unlike college athletes, Trading stars do not arrive on day one because they have little or no skill.
The world is gradually becoming more niche-oriented: we now watch the net right from TVs controlled by our iPads. Consequently, university education will be forced to take responsibility for what the students want. To this end, we see college students/traders clamoring for an actual college trading curriculum conducted by real traders with real experience and skill in the financial market and not being lectured theory models by economists that are not applicable in the trading arena.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
By Bernd Skorupinski
who teaches the undiluted truth about trading at the best online trading academy and takes you through what it takes to be a consistently successful forex trader. His favorite moment as an expert in the Online Trading Campus who teaches trading is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures you do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through.