What does “be a successful trader” or “be a profitable trader” mean? They are those traders who have reached the maximum development of their profession and have been able to find a way to take advantage of it to be able to make a living from it.
And how did they get to that point? With dedication, hard work, and determination to keep going even when things go wrong. There is no more secret.
If your goal is to reach that level as a trader, we suggest you follow that path and also carry out these 7 key movements to increase your profitability in trading.
1. Understand why you trade
No one becomes a doctor just for the money they earn. Behind there is a vocation, there are attitudes that help you prepare 100% and there are other objectives and goals that you want to achieve and that satisfy needs that have nothing to do with income. In trading you must raise this in the same way. You should never trade just for money.
Ask yourself these questions:
- Why is trading so important to me? What characteristics do I want to have as a trader?
- How can I differentiate myself from other traders and have my own “personal brand” within the profession?
The clearer you have this, the more your motivation will increase and the more committed you will be to the goals that you have set out to achieve.
2. Visualize the actions to follow and carry them out
This may seem like an easy thing to do, but when it’s time to stay at home studying technical analysis or practicing in demo instead of going to do something fun with friends, things get more difficult. That’s where your consistency and willpower come into play.
In this sense, we recommend you make a list of your daily progress, because every time you see how your evolution is going, you will give a little emotional and mental boost to your motivation.
3. Be clear about your level of control over operations
Don’t be obsessed with control. You will never really know if an operation will go well or badly for you. You cannot control market movements but you can control your reactions to them.
Before becoming a consistent trader, you have to know how you react to different situations, and once you know this, then take charge of learning to manage the control of the emotions that you know will arise within you.
4. The important thing is not the results but the trading process
The most important thing when you are in front of a graph is not the result you will get. At that moment, what matters are the steps you are taking: selecting operations, establishing risk, entering, managing and exiting operations at the right time, etc.
Again, it’s about focusing on the things you can control. And the results depend on those things.
5. Learn the essential mental skills for a trader
We summarize them:
● Concentration: learn to put aside in your mind momentarily the losses and mistakes that you have made in your operation, and continue.
● Focus on letting the winning trades run.
● Quickly cut the losers.
You will advance a lot as a profitable trader if you master these three qualities.
Just like a soccer player doesn’t shoot a perfect penalty like this, for good measure, you won’t be able to refine your trading technique or strategy without practicing over and over again. It’s your turn to work! In simulated, of course. But always keep in mind that little voice that yells at you: PRACTICE, PRACTICE, PRACTICE!
7. There should only be one operation in your mind at a time
While you are in front of an operation you should focus only on it. Forget the one that came out beautifully yesterday and the blunder you made a week ago. These operations have nothing to do with the one in front of you and will only distract you from your goal: stay focused on your trading, here and now.
So far the 7 key movements that you must always keep in mind if you want to become an expert professional trader, and of course, achieve the profitability that you want so much.