The perfect platform for rookie CFD traders
23 October, 2020
As a fresher, you need to fix your goal. Without a goal you cannot decide what to do in the trading market. Your goal will help you to determine what is need to do or not. So, specify your goal. You need to remember that making profits is not your goal. You need to set a goal that can help you to make money. There are some criteria for setting your goal.
Think about Process Not the Outcomes
You need to determine the process of making money. Do not give over-emphasize on the outcomes. If your goal is to make a certain amount of money, you cannot able to focus on your trade. For example, as a fresher, you want to make 20% profit, you need to apply your strategy properly to make this profit. To do this, if you take a huge risk. It can destroy your capital. One thing you need to remember that you have to secure your capital. If you want to be a profitable trader in Singapore, you need to think about the process rather than the results.
Create a Plan
A plan is very important for your trade. If you do not have a plan, you cannot do trade. Your plan will decide how to take the steps. Make a good plan. Your plan must be include, risk management issue, position size, entry and exit signals, and so on. Before opening another trade, if you think of some changes you need to do, you can. Do not make excessive changes, it will not good for you.
Do not Trade Always
As a fresher, you can think the more you trade, the more you make profits. This is your wrong idea. Try to trade when this is your time. You need to make plan how much trade you will do in a day. Do not try to cross the limit. It can vanish your capital. The professional traders do not trade always. They fix their limit. They do not show their greediness for trading a lot. If you want to do more trade, you have to give more attention. Try to use the premium tools in the CFD trading platforms online and you won't be overtrading the market. The high end tools will help you to filter the bad trades.
Make it Uncomplicated
Do not make your plan complicated. If you think that your complicated plan will make you unique, you are wrong. You will face problems because of the complicated plan. Do not put too many strategies. Make a realistic plan. If you want to do trade in the stock market, do it happily. On the other hand, if you want to do trade in Forex market, you can. Just remember that you need to focus on one market. Make your plan according to your market where you want to trade. Set some achievable goals. If you see that your plan is not working out. Make some changes in the plan after finding out the previous mistakes. Keep an error-free record so that you can easily find out the faults.
Before executing the plan in the real market, trial it virtually. Many trading platform provides this opportunity. Here, you will get every opportunity that you get in the real market. You do not need to invest money. If you see that your plan is not going well, you can change it. This is the place of your experiment. People trade virtually through the demo account. They are also able to know the use of tools and indicators. Capital is very crucial for trading. So, keep your capital safe, you can try this.
As a newcomer, you need to know about the trading market properly. Your goal will determine your future. Do not be frustrated. Go with your plan. Try to stick to your plan. Work hard, success will come.
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