10 TIPS FOR TRADING SUCCESS. 10 tips for trading success. by Paddy Osborn

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Samson Russell
5 years ago
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1 10 tips for trading success by Paddy Osborn 1

2 Welcome to our 10 tips for trading success. One of the tempting things about opening an online trading account is that it is so quick and easy to do, and in just a few days you could double or even triple your money! The key word in that last sentence is COULD the truth is that most people DON T instead they simply blow their entire trading account in their first few trades. This can be due to a number of reasons; lack of understanding, lack of emotional control (greed, fear, panic and revenge and four very popular trading emotions), lack of confidence, lack of a structured trading plan the list goes on. Now it s all very well us telling you what you should be doing to become a better trader, but actually taking the time and effort to achieve these goals is much more challenging. Have a read through our list of tips for trading success, and let us know if you have any questions. We teach hundreds of people every year how to improve their trading techniques. We explain about fundamental analysis and how to understanding political news and macroeconomic data, but also look at charts and technical analysis as well as examining trading psychology and risk management. We see fundamental and technical analysis, psychology and risk as the four pillars on which to build a robust and successful trading strategy, but these take determination and commitment to master. As golfer Gary Player once said, The harder I practise, the luckier I get. 2

3 10 tips for trading success 1 WORK HARD All the best things in life are worth fighting for. As with any skill, the harder you work, the better you get at it. Don t try to convince yourself that there s a short-cut route to becoming a profitable trader. You need to learn the skills, then practise applying them (ideally with guidance), and only start trading with real money once you re ready. 2 HAVE SELF-CONFIDENCE Believe in yourself and your ability. If you have taken time to learn about trading, then you should not be afraid of taking (controlled) risk or trying new approaches. Use your successful trades to reinforce your self-belief. 3 KEEP EDUCATING YOURSELF It s possible to get lucky and make money from trading without really knowing what you re doing, so many people are tempted to take short cuts instead of dedicating time and effort to get a proper education. Nobody even really clever people - can learn to become successful traders over a weekend! You need to commit time and effort to learn the required skills and to recognise the importance of learning how to do things right. 3

4 4 DON'T COPY OTHER TRADERS This is the lazy way. This gives you no control over your trading decisions. If you want to be a trader, learn how to be a trader 5 GET A MENTOR It s vital to get feedback on your trading as you start to apply your new-found knowledge and skills. You should find a role model or a mentor whose advice you trust. Ask them about their own trading process and how they got to where they are now. Don t resent people for being successful, try to learn from them. 4

5 6 BE HONEST AND RESPONSIBLE Some traders are quick to brag about good trades, while blaming their losses on bad luck or difficult markets, often seeing themselves as victims. All traders lose money from time to time it doesn t make you a bad trader. You need to be honest with yourself about your trading decisions. If you fail to accept responsibility for a mistake, then you ll keep making that same mistake time after time. 7 8 LEARN FROM YOUR MISTAKES Everyone makes mistakes, but successful traders learn from their mistakes and rarely repeat them. Losing money on a trade can be painful, so it s human nature to try to minimise this pain by brushing these bad trades under the carpet. This is the worst thing you can do! You ve paid out money (by losing on the trade), so make sure to get some value from it. Go back and review each trade. Did you follow your normal process? Could you have avoided or reduced this loss? Would you do things differently next time? BE ORGANIZED AND DISCIPLINED Work out a set of trading rules that suits your character and enables you to fit your trading activities around your other life commitments and stick to them! 5

6 9 SET 'PROCESS' GOALS, NOT MONETARY GOALS You should set short, medium and long term goals, and make sure to track your progress against your specific targets. However, monetary goals are not always the best approach. If you start each trading day saying I need to make xxx today, but then your first two trades are losers, then the pressure to reach that goal starts to build, leading to emotional stress and erratic trading. Set yourself process goals 10 LASTLY, HAVE PATIENCE By deciding not to take a trade, you are still making a decision. Don t just enter trades because you feel you should be trading. Be patient and wait for the right opportunity. Successful traders have patience and they understand that true success takes time to achieve. 6

7 About London Academy of Trading The London Academy of Trading is a privately-owned educator based in the City of London providing accredited, vocational programmes in financial markets trading. We pride ourselves on being the most trusted providers of trading skills education, putting your needs first in everything we do. We offer courses for individuals looking to develop their understanding and experience of financial markets trading with a view to earning additional income through trading, or enhancing their career opportunities. Our courses combine theoretical teaching with practical trading experience under the watchful eyes of our team of professional traders and mentors. Our courses can be studied in-house, online, or via a blended combination of each. Working in partnership with a number of financial partners enables us to provide cutting-edge technology and up-to-the-minute news and data to support the learning process. To find out more on how to progress your trading education, click here or call us on +44 (0)

8 ADDRESS Sceptre Court 5 th floor 40 Tower Hill London EC3N 4DX United Kingdom TELEPHONE +44 (0) info@lat.london 8

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