Full-time traders are always one step ahead in their actions. They have strong critical thinking ability and they can take the trades with strong confidence. They never rely on emotions as they know it can cause them big trouble. But we all know, becoming a full-time trader is a tough task. In fact, more than 95% of the traders are struggling to survive in this trading profession. So, the question is, can we really become full-time traders? Well, the answer greatly depends on your skills and actions.
Today, we will give you some advanced tips which will allow you to become a full-time trader within a short time. Follow the tips mentioned in this article as they will change your life.
Demo trade the market
No one can learn the basic art of trading without learning the basics of trading. You may think trading the futures market is an easy task but it’s actually not. To become good at trading, you should learn to evaluate the risk profile in a very strategic way. Get a professional demo account from Saxo and try to build your confidence. Learn to take the trades at the important support and resistance level so that you can execute high-quality trades without risking any real money. Stick to the demo trading account as long as you need and never lose confidence in your actions.
Trade with long term goals
Professional traders always trade with long-term goals. They never rely on short-term profit-taking opportunities as they know it will cause them big trouble. You should develop critical ability like the elite traders at Saxo capital markets. They never rely on short-term profit-taking opportunities as the risk factor is very high. So, try to learn the art of position trading strategy as it will allow you to trade the market in a conservative way. Never become biased with the big profit factors associated with the scalping trading method. Curate a conservative trading method and it will definitely allow you to make the right decision at trading.
Trade with confidence
You must learn to take the trades with confidence. If you fail to deal with the critical market dynamics in a confident way, you will become biased. Slowly you will fail to take the wise decision and thus you will lose confidence in your actions. As a novice trader, you should always take steps in a very strategic way. Follow a safe protocol and try not to take more than 2% risk. Even if you lose few trades in a row, never lose confidence in your system. Have faith in your trading method and try to curate a professional strategy.
Be prepared to lose trades
Smart traders are always prepared to lose trades. They never rely on aggressive actions since they know it will never help them to achieve their goals. It might take a while to get used to the overall concept of trading but once you do, you will realize losing is just a part and parcel of a trader’s life. But this doesn’t mean you will be losing most of the trades. A good trading strategy should have an edge that can secure more than 70% winning trades. Revise your trading strategy once in a while so that you can fix the problems in your system.
Trade with the trend
As a full-time trader, you should always take the trades with the major trend. Without taking the trades with the trend, it will be a very big challenge to overcome the major obstacles. Learn to use the Fibonacci retracement tools as they will help you to find the endpoint of the retracement. Unless you learn to ride the major trend in the market, you will never become a full-time trader. But do not think that by learning to trade with the trend, you can avoid losing orders.