Now you will probably start to realise we do things a bit different here at Trading Top Ten. No bullshit just straight up solid advice and tips (no trading advice). Now Mindset and trading emotions are by far the hardest part of trading. And yes guess what the gurus and signal providers will still tell you its easy! Well of course they will they want you to keep filling up their pockets.
Controlling your mind set is the hardest thing! So here are our Top Ten Tips for helping well actually there is only 8!
DEMO, DEMO and DEMO
Now if you are active member of our community you will see we mention demoing pretty much in everything. And there's a very good reason for it. YOU CAN'T LOSE MONEY DEMOING!!!
Now we know demoing accounts and live accounts are not 100% the same but they are very close. And you can still get a good representation of how well your strategy is going.
This will help you prepare mentally, you will be able to see drawdown and what happens if trades go wrong! Which be very prepared for. 78% of CFD traders lose money! Once again with a DEMO account you cant lose money. Only go live when you are 100% happy and confident with your strategy.
STOP CUTTING CORNERS
Stop getting brainwashed into thinking you will be buying a rolex and lambo in your first year of trading. Stop believing the utter bullshit these instagram flexers show. You will never be a trader if you cut corners and use signals. Following these accounts will just brainwash you into thinking trading is easy and you will always make money! unfollow these stupid instagram accounts and start studying. It will help your mindset a lot better.
Don't sweat the losses
If a loss is going to upset you the two things:
ONE if you are using money you can't afford to lose STOP! Only trade with funds you can afford to lose.
TWO losing in forex happens to EVERYONE! And we mean EVERYONE! Get use to it! But if you learn from it then are you really losing?
TAKE A BREAK
Have a kit...
Seriously though you will not learn trading in one go! Study for a couple of months and take a few days off to re cap and just chill and relax. Otherwise you will over complicate it. Learning to trade WILL take between 6 months-3 years depending on how well you learn and how much effort you put in.
YES you can learn simple strategies a lot quicker than that but you won't know the full ins and outs.
Create a community
sharing is caring, if you have like minded friends learning trading as well, this is perfect to bounce ideas off each other and help. A simple group chat where you can show analysis and ideas.
This will help your mindset as you can grow together but more importantly when shit hits the fan you can all be there together to help each other. Isn't that nice.
One pair at a time
Why over complicate it? Pick one pair and study it throughout and then when 100% confident move on to another pair. This will help your mindset grow as you will build with confidence that you understand a tradable pair. After all all great buildings start with a solid foundation.
Percentage not pounds
Stop looking at larger accounts and expecting to have the same returns. Concentrate on percentage rather than pounds. Like we always say if you can hit 10% a month for the rest of your life you will be financially free! May take a few years but it will happen. It's a marathon not a sprint.
So don't look at guys hitting £1000s a day, probably fake anyway! And no we are not jealous! Concentrate on what their percentage growth is. Concentrating on percentage with help you control your emotions and not expecting to get roch overnight.
Drawdown happens get over it. You only lose a trade when you close it or it hits stop loss. Drawdown is not lost money. If you trust your analysis and strategy then have faith. Or cut the losses. But watching drawdown and getting upset is never going to help you trade. After All if you are using money you can afford to lose it wont make a difference. So don't watch drawdown!
So there you have it a few tips on helping your mindset. The main thing is demo anything first!
*** None of the above is trading advice. Please do your own research. and remember there is no guarantee in trading.