Who do you think have the biggest ambitions in the financial market? Of course, the newcomers. You can find a profitability ratio of 100 or even 200 percent of the initial deposit only in their daily plan. Some of them were lucky enough to feel the taste of quick and easy profit. A particularly successful trader can really show an excellent result, guided by intuition only. Such things happen. In general, it may seem that we are talking about the ideal beginning of a career: a trader has both motivation and a sufficient amount on the trading account. But things are quite different in real life. The brighter the beginning, the more difficult it will be in the future. The beginner’s luck will decline sooner or later, and the trader is going to be left one-to-one with the feeling of injustice.
In such a situation, one has to agree that the success in trading is a result, which can’t be achieved in one day. And it doesn’t depend on luck. But it isn’t easy to accept this fact and change the way of thinking immediately. After all, you have recently made a lot of money. Therefore, you just have to trade until exhaustion, trying to return your luck… But the thing is that the result is predetermined, because the trader is captivated by the illusion of rapid success. And no matter how hard this person tried to push back this illusion, until he or she changes the attitude towards the work, it will be very difficult to get a positive result. However, we have good news. If you were drawn into this whirlpool of trying to scoop a large profit, but at the same time you understand that you are doing the wrong thing, you still have the time to fix everything. There aren’t any difficulties that can’t be solved. The only question is your desire and willingness to change.
Step 1. Farewell to the mirage of success
To say goodbye to illusions, you need to get back to the basics and feel like a beginner trader again. To do this, you can use a free trial account on Olymp Trade platform. Switch to it as a simulator and start immersing yourselves in the world of trading strategies and types of analysis step by step. You need to find a suitable tool for analyzing and forecasting the market. And you shouldn’t trade on a real account until you do it.
Stage 2. Return to real trade
Do you feel the effectiveness of your strategy? Does the amount of money on the academic account please your eye? Then it’s time to make real money. But don’t forget that the experience you gained when implementing the strategy on a demo account must be transferred to the real one. At this stage, it is important not to start relying entirely on luck. We recommend that you control yourselves by self-monitoring of real trades using the trader’s diary. It is a transaction journal, where you will need to record all transactions, results, and comments. Such records will help you develop the habit of trading only using the strategy.
Stage 3. Manage growing capital
How do traders differ from each other when it comes to managing money? Some of them are likely to null the account balance right after their first earnings in hope that they will soon be lucky again. And the other ones raise the capital. For example, if they save 50% of the profit on their account, they will be able to gradually increase the volume of trade and increase the income proportionately. You’ll agree that you can earn more from $ 5,000 than from $ 500.
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All traders want to be successful. But to make a real, long-term, not imaginary success, it is necessary to spend a lot of time on training, studying graphs and indicators, understanding how to manage capital. And an early success is a trader’s enemy, not a friend. Remember that what comes easy, always goes easy, too. If you find yourself chasing after luck, it is a signal of high trading risk that shows the need for a drastic change in your approach. One’s success ensues from one’s preparation.
Have you decided to change? You can get training materials on Olymp Trade platform. Just do it!