Becoming a proficient trader can be quite a challenge. And it becomes even harder when you have other things going on in your life, like raising a family or working a full-time job. Taking on such a prospect in your spare time can seem like an unrealistic task to some people, but it is certainly possible.
But to do this, there are certain steps that you can take that can help you become a better trader while setting aside time to do everything else. Here are 5 tips that can help you do just that:
1. Discover a Trading Style that Suits You
To achieve this lofty goal, it is very important for you to find a trading style that suits both your schedule and personality. To this end, there are two broad categories of trading styles that you can choose from. These include day trading or swing trading.
In most cases, swing trading is a great choice if you have very limited time or access to charts during the day. You can take time to analyze your charts before or after work, or on the weekends. Swing trading also removes the need for you to observe the markets continuously throughout the day. This can help you free up even more time.
However, the best option for forex traders is day trading. That’s because you will be able to find a currency market that is active at any time. Most people who choose this option trade during the evenings. If you also want to do this, make sure that your mind can stay sharp after a bust day.
2. Be Consistent
One of the most fundamental mistake most inexperienced traders make is “system hopping”. This refers to traders that keep changing their trading method every few weeks or months. These of traders usually never see any positive changes in their trading.
The one thing that you should always keep in mind is that you will never be a profitable trader if you can’t commit to making one thing work.
Remember, no system or method will work perfectly at the beginning. You must be prepared for the inevitable ups and downs that characterize the forex market. The worst thing you can do is constantly replace your trading plan in an effort to avoid these fluctuations. You will never become a profitable trader that way.
3. Make the Most of Your Time
A recent study broke down how most working adults structure their days. At least eight hours are spent at work, with a further two hours spent on watching TV. Furthermore, the average person spent a little more than eight hours sleeping. Surprisingly, only 35 minutes of each day is spent on education.
Now, why is this information important? That’s because your success in forex trading lies in your ability to make the most of the time you have available each day. Start off by having a clear understanding of what your priorities are, then make sure that what you’re doing contributes to you achieving your goals.
For instance, are you willing to wake up one or two hours early every day? What about cutting down your time in front of the TV or skipping a night out with your friends? These are important sacrifices because the time you save can be re-invested into trading. Of course, you still need to live a little. But putting in some extra work could go a long way in making you a profitable trader.
4. Join the Right Trading Platform
Social trading platforms have become quite popular in the last few years. After all, who doesn’t want to learn all the tricks of the trade from a proven expert? These platforms let you copy the trades that more experienced traders make. It gives you a great way to sharpen your skills and study trading strategies that work.
But an often overlooked benefit of these platforms is the community. You can join some of the best ones like realtradercommunity.com to access a network of like-minded individuals who will help you become a more profitable trader in 2018.
The Final Word
Everyone wants to become a profitable trader, but very few people are willing to put in the time and effort to get there. It might seem like a huge challenge when you have so much else going on, but the payoff is certainly worth it.Updated Date: 11 June 2020, 06:36