advice

 

Trading is a process that takes a lot of dedication and time in order for you to start doing it right. And I have to admit – a lot of traders quit before they can even get near this professional level. And that is a real shame. Trading is a very interesting and profitable thing. And yes, sometimes we all think about quitting. But after all it is human nature – to search for something better.

But in case you did decide to quit [which you shouldn’t] you need to ask yourself these 5 questions.

 

1. Do you think of trading as get-rich-quick scheme?

2. Do you think that trading is going to be exciting all the time?

3. Do you plan your trades beforehand?

4. Do you change your trading strategy all the time?

5. Do you lose money despite a large portfolio?

 

 

1. Do you think of trading as get-rich-quick scheme?

If you think that trading is going to make you rich within the first 2 weeks, it is likely that you are going to drop your trading profile sooner than that. Why? Well, traders who think that they can get rich with no additional attention poured into it tend to get disappointed when they realize that it takes much more time and effort than the one that they were going to offer.

My point here is – those who prefer the get-rich-quick schemes are not going to stick around for long. That is just statistics talking.

 

2. Do you think that trading is going to be exciting all the time?

I mean, if you really enjoy trading it is going to always be exciting for you. But if you are looking for that extra dosage of adrenaline to come every day it might disappoint you that sometimes it can be boring. If you prefer long trading it might not even require your daily attention. But for some of traders it is even an advantage – you do nothing and in the meantime you can earn a lot of money. Isn’t that the dream for each and every one of us.

Those seeking additional doze of thrill and adrenaline are better off looking for it while jumping with a parachute.

 

3. Do you plan your trades beforehand?

In case you want to be spontaneous and not plan your trades up ahead I have bad news for you. Even though trading signals have made it possible for you to come and put down a trade you know nothing about and even profit off of it – after all it is what they are there for – it is better to know what you are getting into. Just like with anything else in life.

You are not going to check into a hotel without having checked the info about it on the internet, right? Well, trading is even more important, so why wouldn’t you check it out? Going into trading without research is going to lead you to losses and constant losses are going to lead you out of trading altogether.

 

4. Do you change your trading strategy all the time?

As I have already said for hundreds of times – losing is a very important part of trading process. There has never been a trader who hasn’t experienced losses. And in case after you have experienced losses you decide to change up your strategy it is fine. But if you are doing that after every loss there is not going to be any consistency with your trading. And that of course is not going to allow you to have full trading experience.

Professional traders have their own strategy that they stick by no matter what. And if you are in it for good that is exactly what you should do.

 

5. Do you lose money despite a large portfolio?

If you are losing money despite having traded for a long time you might just be out of your league. No one likes to be failing. And if you are failing that might mean several things:

  • trading is just not for you;
  • your strategy is not for you;
  • your broker is not for you.

And while the latter can be settled with opening accounts with more than one broker and the strategy can be a little bit altered, the first point is the hardest to admit – trading might just not be for you.

And of course constant fails are going to drive you out of the field sooner or later.

 

Thank God for trading signals! With them a lot of these points become irrelevant and you can enjoy trading for what it is!