19
Oct
2020

Four Practices to change your trading career

A new day allows us to hope for a new life. When you make resolutions for the New Year, you need to forget your past. You need to set a fresh goal for your trading. Change your view on trading. Try to think in a new way. The knowledge that you have gained for the last year, try to apply it to your new trade. You have to remove your bad habits and try to absorb some ideal habits for trading.   You can think that your past trading strategy is good for you. One thing you need to remember that if your one trading strategy can provide you profitable trade, this is not right that it will happen in every trade.

Your trading plan is required to change with your experience.  This is not a big matter are you a newcomer or you are experienced. You need to open your trade with new enthusiasm. Reform your trading plan every year, this will be beneficial to you. Some resolutions are discussed here which will help you to dominate the trading.

Concentrate on Single Trading Plan

Firstly, you need to observe the market properly and find out your requirements from the market. Then make a trading strategy. Try to stick to your strategy. You need to do trading in one price action pattern. Sometimes, traders see that their plan is not working properly. So, they make changes instantly. Remember that market is not static. This will be changed. So, do not make a decision quickly. You need to maintain discipline. You have to be mastered in your own trading system. When you will be able to do this, then try to focus on other price action patterns. If you take trades in the commodity market, make sure you have strong knowledge. Visit https://www.home.saxo/en-sg/products/commodities to know more about commodity trading business. Without precise skill, you won’t be able to become a successful trader in Singapore.



Give Time for learning more than Trading

As a newcomer, you will give more time to trade. You are always thinking about your entry and exit points, opening trade, and so on. Most of the time you are spending by looking at the computer screen. To do trade effectively, you have to learn about it. You need to read books, journals, and news article. Try to analyze the chart to make a wise decision in the upcoming trade. Do not be obsessed with trading. Before trading, make a chart of rules. Fix how much trade you will do in a day. Try to be stick with your decision. Always up to date with the latest information about the market. Control yourself, then you can dominate your trading.

 Avoid Classic Human Behavior

Sometimes, traders think that if they make profits for two or three days, it will be continued to the future trade. So, they become overconfident. This is called the classic behavior of humans. This can be known to you as Recency bias.  As a trader, you may see some continuous winning streak, but this cannot be ensured your future trading success.  Because of overconfidence they cannot able to stick to their plan, which creates a great loss. These destructive situations can be happened for your greediness. So, do not behave like this.

Hold Your Trades

For getting a great opportunity, you need to hold your trade for a long time. Sometimes, this happens that many traders close their trades, when they see downtrends. You need to remember that ups and downs are common in the Forex market. Do not stop your cultivating process because of adverse weather. Give your trade time to mature. The opportunity will come, and you will get success. Professional traders do not trade more. They trade which is beneficial to them. When you see you have able to decreases your cost, you need to understand that you are behaving like a professional trader.

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