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6 Things Every Trader Should Know

6 Things Every Trader Should Know

5 min read 

Sometimes trading can be complicated and controversial, so it is all about balance. How to combine things that are essentially opposite? Here is a guide that will help you learn how you can find the happy medium and stay sane in the restless trading world.

1. You can never know for sure…

One of the golden rules of trading is that you should invest only the amount that you are comfortable with losing. Why is that? Because no one can predict the future and make a 100% profitable investment. Of course, sometimes you can go through a winning spree. However, you should never expect that all of your deals will be in the money. Sometimes you gain, sometimes you lose – that is a big part of what trading is. There is no certainty and no one can guarantee you amazing returns.

2. But you need to do your best

Who said that you can not learn to analyze the market? Yes, you absolutely can. Often the market changes happen in cycles and this is where a trading plan and good strategies come in handy. Go through materials you find online, read books and take your time with it. Do not hurry, decide on your approach, look at the economical calendars, try technical analysis – do everything that will help you make a correct prediction.

3. Talk and listen to other investors…

Market influences the traders’ mood and traders influence the market. It goes both ways and often the opinions of people matter. They can also happen to be correct, so watch what others do closely. Various group chats will help with the communication, and if you are the type that only trusts data – volume indicators are your best friends.

4. But do not let others throw you off your path

Remember, that other traders may want to see you fail. And some people out there want to profit from your mistakes. Do not let others take advantage of you. Beware of scammers and double check the information you are given. Trust your own trading techniques and do not doubt your own abilities.

5. Treat it seriously…

You need to be consistent if you want to see improvements. It is better to eliminate the word <game> from your vocabulary and start treating trading as a business. There is a lot of work to be done before you see progress.  A good trader is the one who follows the plan. Make sure you know what your goal is and stick to it, it will help you during the times when you feel like giving up.

6. And know when to stop

Do not get carried away. Know how to manage your losses, find out about risk management and protect your trading capital. Always use a Stop Loss level and try to keep your emotions at bay. You would not go to work if you are feeling tired, sick or unstable. So it is better to avoid making serious trading decisions when you know you are incapable of an objective evaluation of the situation. Patience and realistic approach are key for gradual development.

Trade now

NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.

In accordance with European Securities and Markets Authority’s (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.

GENERAL RISK WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
73% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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