Deliberate Moves to Improve Trading Results
Improving trading results might sound super easy, but appearances are often deceiving. If you are a newbie trading looking to improve trading results, you have come to the right place. Right now, we’re going to provide you with the most important moves you need to make to improve trading results.
How to Improve Trading Results as a Newbie
The fact of the matter is that the tips we are about to discuss aren’t really anything too new or revolutionary. That said, all too many newbie traders neglect to do these things. If you want to improve trading results, the deliberate moves or actions we are about to discuss are essential to follow.
Free Practice Makes Perfect
People often say that the most important part of trading is to have a good trading strategy that can produce consistent profits. Now, this is of course true. Having a solid trading strategy in your arsenal that you have refined to match your needs and skills is a big deal. However, the reality is that you do first need to practice and test out various strategies. There are so many different trading strategies out there.
To improve trading results, you need to find the ones that work best for you, and then hone and adjust them as needed. Well, this is not something that you want to do on the live market with real money. If you practice your skills and strategies on the live market with real money before you have mastered them and feel confident, it’s a surefire way to lose money. It’s the same with any profession. You first start out in a spaceship simulator before you blast off into outer space. With cooking, you start by learning how to boil an egg before you try to make a soufflé.
It’s the same with improving trading results. You don’t start out with the highest stakes when you are just in the practice stage. In other words, you need to use demo trading accounts. Demo trading accounts allow you to trade with real market conditions, without having to risk real money. This way, you can test out, practice, and hone your skills and strategies without the risk of losing money.
Get Some Outside Help
Trading is of course not easy. However, this really is not a solo act and nobody is saying that you have to go at it alone. Sure, using Google and YouTube to help provide you with trading tips, rules, strategies, and more, is useful, but it’s not the be all and end all of education. The reality is that you do need to learn the proper skills and tricks to become a profitable trader and to improve trading results.
One thing you should try doing to improve trading results is to go find yourself some sort of coach or mentor. You want to find somebody who you can feel accountable to. Now, this person does not necessarily have to be a trader, just someone that you can talk to and show your trading results to.
The key here is that you want to be accountable to somebody. If you are accountable to somebody, you’ll want to show them positive trading results. This in turn will force you to be more consistent, to think harder, and to trade better. When you are accountable to someone, it forces you to be the best you can be.
Moreover, although this kind of accountability will certainly help improve trading results, it will help if the person or people you talk to actually know what they are doing. In other words, if you can get assistance from true trading professionals, it will certainly help. The best approach here, in our opinion, is to start with a ground up approach.
In other words, you need to have a good foundation of trading knowledge that you can build upon. Once you learn all of the fundamentals, then improving trading results becomes much easier.
For the record, one of the absolute best places to learn quite literally everything there is about trading, is at the Income Mentor Box Day Trading Academy. This is at this time one of the most trusted, reputable, comprehensive, beginner friendly, and affordable trading schools in the world, and it’s all 100% online too.
Relying on Other’s Opinions is Bad News
To improve trading results, while getting an education from a reputable source is key, and while having someone to be accountable to helps as well, you don’t want to fully rely on the opinions of others for your trading. Sure, you can discuss your performance, trading strategies, and overall results with anyone willing to listen, but this doesn’t mean that you should rely on their opinions for individual trades.
The reality is that people are all different, and one person trades differently from another. Moreover, what works for one person does not necessarily work for another. So, if you want to place a buy trade, but someone else tells you to place a sell trade on that same asset, then you need to follow your gut and place the buy trade. If nothing else, you need to figure out what works best for you.
If you are using a trading strategy that has been proven to work, then don’t let others tell you any differently. To improve trading results, you want to use strategies that work, and you want to refine or adjust them to match your own trading style, skills, and strengths.
Relying on others for advice or information about individual trades will just confuse you, it will cause doubt, and it will make you second guess yourself. At the end of the day, to improve trading results, the only person that you can really rely on is yourself. Learn everything there is to know, develop and refine trading strategies that work for you, and go from there. That said, never let anyone else tell you exactly which trades to place. It just doesn’t work that way.
Having the Right Mindset
To improve trading results, having the right mindset is absolutely vital too. If you are angry, upset, confused, or anything in between, your life as a trader just is not going to go well. The fact of the matter is that you need to be 100% laser focused on your trading. You also need to be concentrated, have a very clear mind, and not let your emotions get in the way.
Remember, emotions have no place in trading. Moreover, don’t get distracted either. You can’t trade properly if you are answering emails and texts, playing with your pets, and roaming around on social media. You want to have your trading plan set to go, and you want to visualize it in your head. 100% of your attention needs to be dedicated to it.
Moreover, to have the right mindset, it also helps to be prepared. You don’t want any surprises coming your way, which is why checking the economic calendar before you start trading every day is important too. The bottom line is that you need to be relaxed yet focused. Everybody is different, but that said, you need to find your own way to get in the right mindset.
Regularly Analyze Your Trading Results
The fifth and final tip to improve trading results that we want to leave you with is that you always want to analyze your trading results. You can’t expect to make improvements in the future if you don’t know what went wrong in the past.
For this reason, you should take screenshots of all of your closed trades. You want to know what the entry and exit was, what your profit target and stop loss was, and of course, what the final result was too.
This way, you can analyze all of your trades side by side. You really want to analyze your trades to see what your common mistakes are. Those little common mistakes you make can cost you a fortune. Therefore, analyzing your results and making the necessary adjustments is critical to improving trading results.
Improving Trading Results on a Consistent Basis
The bottom line here is that when it comes to improving trading results, although the above tips might seem like common sense, all too many newbies throw reason and common sense out the window as soon as they start trading. Don’t be one of these people. Perhaps the best tip that we can leave you with for the day is to get educated. Improving trading results all starts with a solid foundation of knowledge.