As a trader, whether you are a beginner or just starting out, it is possible that you have been inspired by the figure of a professional trader you are proud of. Subconsciously, you start to follow your idol figure both from how to play and the strategy used. However, not all novice traders are able to do that because it is clear that their capacities are different. It’s not as easy as you think, when you are already a trader and intend to follow the steps or strategies of your favorite trader. Still, more mature skills and experience are needed before you can match your position with idol traders. Well, on this wonderful occasion we do not discuss a lot of information related to idol traders but rather changes to your trading strategy that many successful traders apply. The information that we will share is based on a summary from various sources so it is mandatory for you to try. Even so, it still takes determination and a willingness to keep learning, because not everyone is able to become a successful trader. There are many things that cause many people to fail in trading strategies and eventually have to slowly retreat. Let’s look back first, what affected you a lot of losses before we move on to the next step.
What Causes You to Always Lose in Trading
Many cover that they have actually experienced a lot of losses from forex trading, because the strategies used are not mature or can be said to be unprepared. Until in the end, have to spend a lot of money to cover the losses that have occurred. The following are some of the reasons that make you always fail and experience losses in the trading world. We hope you will admit it as a material for your future self-evaluation.
- We believe that your trading strategy so far is still ineffective and does not produce significant results at all. This is what we sometimes think of as a money peddler but slowly stabs. Trading strategies without proper analysis and only based on “he said” friends and others, now you have to think carefully. The term in this trading world is like “shooting birds in the dark” which means it’s just useless.
- The use of risk management is so important in securing your profile that some of us really don’t want to do it. Are you confident enough? If so, then you don’t need to read this article.
- Funds are an important source in the trading market, without funds you cannot trade optimally. The reason why we ask this is whether you use funds for daily needs? If yes, then your financial management is not working at all or “Failed”.
- Have you implemented more effective and effective strategies so far? If so, we believe you don’t want to be appropriate and disciplined with existing and quite effective strategies. This is what is often overlooked by many traders, they always want “more”, so they forget that they already have the right weapon.
If we look at the 4 points that we have stated above, those are some of the reasons that underlie many traders fail until now. Losses reaching hundreds of millions is not an important problem for those of you who have more funds, but will you continue like that? So, when can you feel the real profit? For that, we hope that with this information, you can evaluate yourself and develop a trading plan carefully.
Here’s the Right Way to Change Trading Strategies from Professional Traders
- Hold an agenda for strategy improvement
Every trader already has their own schedule both when to buy and when to sell. This is what many professional traders out there often do, they always diagnose failures and losses that have occurred and always take the time to fix these shortcomings to the fullest. For example, when you get the right strategy, don’t ever look for another strategy even though the scope of profit is 2 times bigger. Sometimes, amateur traders are always so tempted by strategies like this that they forget that a mature and effective strategy can prevent losses. Try to do self-improvement, know for sure where your mistakes are, from here you can bounce back to become a more productive and disciplined trader in following existing strategies. Also plan to limit the number of trades both per day and per week. You could say, you can enter a maximum of 3-4 in a week.
Professional traders also do not forget to continue to apply risk management properly to avoid high risk of loss with large trading lot sizes. For that reason, also plan well when to trade about 2-3 percent of the total balance you have in your trading account. Furthermore, the daily use of funds should never be done, the term for trading must have its own funds and not for the needs of your life, simply use funds that are not used.
- Start implementing the results of your strategy and changes
If you have succeeded in making changes to the first point, then soon you will be ready to become a professional trader, because we believe you have succeeded in making improvements in all sectors. Both from risk management, financial management, discipline with a more effective trading strategy and many things that can change yourself for the better. That was the beginning of many successful traders changing gradually from being “amateurs” to being “professionals”. You can do it easily if there is intention and perseverance in yourself. Don’t easily believe the words he says, follow your own path and adjust it according to your needs, because not everyone can be you and vice versa.
Many traders out there are always eager to get 50% profit from their total balance without using the right trading strategy. They forget that the forex market often experiences an up and down trend that is quite volatile, it is impossible to predict when the right position is to buy and sell. So, avoid this excessive because it can lead you into a deep hole. Success in the world of trading is not impossible if you can do it properly. So much information from us, hopefully useful. Thank you.