How to survive and conquer as a trader

Julie Brownlee, Fsp Invest, 04 Jul. 2014

Tags: trader, successful trading, trader, trading, stop losses, strategy, how to be a successful trader

As a trader, the most important principle of trading is ensuring you survive another day. If you lose all your money in a handful of trades, you’re not going to last long as a trader. So what can you do to ensure you survive? Read on to find out…

Successful trading is all about a good strategy

When you trade, it’s all too easy to become concerned with what could happen and the effect it could have on your trade. So a trader needs to have a trading strategy that removes the worry associated with this.

You need to have a system that limits your downside, but increases your potential to the upside. So how can you achieve this?

You MUST use strict stop losses

Strict stop losses will cap your downside risk, Max Munroe in Forex Round-Up explains. This means you’re in more control of your losses and you’ve decided that’s as much as you’re prepared to lose.

As well as stop losses, you need to give your trades a fighting chance of winning and performing. So you need to employ a good risk/reward system to take profit or lock in profit at before letting yourself trade.

You need to make sure you give your trades time to perform, and the room. You don’t want to jump in and close a trade on a whim. The best way to do this is to have a system that takes profit at a key level or that locks in profits at a certain level.

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Equally so, if a trade isn’t performing, sometimes you have to bite the bullet, take the loss and close the trade.

So there you have it, how to survive and conquer as a trader.

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