How to be successful in trading?

Trading and finances

If you expect to find shortcuts or any magic solution or solution in this article to be able to operate with guarantees of success, do not read further. But if you want to know what will lead you to have an option to be successful in this trading business, read on.


We will try to explain, after almost 20 years in this of trading, our version of the topic without being very extensive, but we will explain the basics and necessary to be successful in this of trading.
First, we have to define private trading as a business, not as a job. If you are looking for a fixed salary, look for a fixed paid job, which will be quoted for a pension and, when applicable, you will be given a pension at least low, if applicable. Therefore, as a business that is, sometimes you will lose, sometimes you will win and sometimes you will not be able to do anything or you will win nothing. Also, as a business that is one of the keys for this to work is that you will have to create and implement your own business plan and that we will call a trading plan, but we will return to this topic later. But remember that not all of us serve everything, nor that by not being able to take this issue forward, the world ends. If you have had a business before, you will know that not all of them go on and on. Many people open similar businesses and most end up closing them in a short space of time and few are those who live from it and much less those who end up being millionaires. Trading is one more business.


Let’s not forget common characteristics in people who have achieved success in what they do. Here we put some of them. Tenacity, enthusiasm, discipline, courtesy, desire to learn, morality, generosity, closeness, healthy habits, diligence, attitude and much more.
Focusing on the issue of our trading, there are three pillars on which our trading should be based. One without the other is nothing, but if we are able to assume and assimilate them, we can be successful.
The first is our system, not that of others, our own, how we will operate, how and how we will manage it. Let’s call it our operative. It must be based on three basic characteristics. These are objectivity, simplicity and that works most of the time. Objectivity, because it is necessary that all who apply our system always see the same and do not leave room for opinions or options. Simplicity, because if we make our system complicated it will cease to be effective and in turn objective. And that it works most of the time, because we will ask our operation that the mathematical hope is on our side and for this, everything we apply must work three out of four times, but we will not use it.


The second is the practice, which will last as long as we need and until we are able to apply our system correctly. Obviously we will do this in simulated taking advantage of free platforms that allow us to do it. But it should not be lengthened in time either, since, if so, one of two or not serve for this or the applied system does not work.
The third feature of our system and while we are in the second practice will be the creation and implementation of our trading plan. This is the most important of all and we must base all our operations on it. It is the stage of defining everything we will do and what we will not do, in which we will learn to lead or correct ourselves if necessary. And when I say everything is everything, ways of entering, leaving, managing an operation, types of operations, temporalities, markets and a very long etcetera. Let’s not leave anything to chance, since if we do we run the risk of not having an established norm, once we do one thing and again another.

The issue of capital and its monetary management is basic here, but this would only give for an entire article. In addition, everything must be accompanied by the help of some control sheets, which reflect what we do and we can see at a glance our evolution and also be able to screen which entrances, markets, temporalities etc., are the most appropriate for us. This trading plan will begin in simulated, but as the sessions go by and we polish it, it will help us when we start in real life. Moreover, it will be our trading plan who defines when we are ready for that step. This option will also help us to define which markets, which temporalities and which way of operating we will be more beneficial for us.
As you see the first option is to learn a system, our operation is relatively easy (if it is difficult the system will not work as we have said). It is from the second, the practice, that we can already intuit whether we serve or not. But it will be in the third, our trading plan, which definitely says whether we serve or not.
Forget about coaching, psychotrading and other uses and words. The key is in the emotions. There is a lot of literature about it and about emotional intelligence. It’s not about being more or less intelligent. Emotional intelligence is based on the control of our emotions, not having them, if not controlling them, that they do not dominate our trading. As Daniel Goleman said one of the specialists in the subject, it is about controlling stressful and disabling emotions. Without being all the most important are patience, ego control, revenge, fear, euphoria, etc.
Finally, we will define with the help of Wikipedia that it is the nature of emotional intelligence that we believe are fully accurate. The qualities of the so-called emotional intelligence are: the ability to motivate ourselves, to be persistent in the effort despite possible frustrations, to control impulses, to defer gratifications, to regulate our own moods, to avoid that distress interferes with our rational faculties and the ability to empathize and trust others.
Tips:
Training and / or continued self-training. Never stop learning and improving your trading. And here we will include the topic of emotional intelligence, that is, the management of our emotions and there is a lot of bibliography about it.
All of the above we will develop deeply in two webinars of more than one hour each during April-May with the sponsorship of Trading And Coins, just contact us and we will be offering you immediate information.

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Disclaimer: Financescity only offer legal, financial or investment advice, but it is not a substitute for the due diligence of each interested party. Financescity does not endorse any of the initial coin offerings (ICOs) promoted here. The content and links provided in each article are for informational purposes only.

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