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Top Trading Tips

Top Trading Tips

Do you think just because you have some money with the right company or invested in the right assets you will immediately get rich? It really doesn’t work that way. Here are some top trading tips from the people who know what they’re doing.

HOW TO TRADE 24/7 support center

Get Rid of the “Get Rich Quick” Mentality

Placing very large trades in proportion to your account balance in an attempt to make a huge profit may work for a while, and if you are extremely lucky. However this is not advisable. Don’t treat trading like a casino game where you leave it all to luck. You must think of trading like a science.

Don’t Make Decisions Randomly

The market is not random, it has patterns. You should know where you intend to open a position before entering any market based on a particular system you are following. Don’t second-guess; you will only be losing money that way.

Don’t Use Too Much Leverage

Leveraged marketing is when you have the opportunity to trade on margin. However, it’s important not to go for too large a trade. Trading even with a small initial deposit can still allow you to open relatively large positions.

Binary is usually traded with a high degree of leverage, this means the risk to use too much leverage is great. You should provide just a small percentage of the actual amount you are investing while sustaining profit/losses as if you had invested the whole nominal amount yourself.

Learn Everything about Your Market

Don’t make the mistake of trading without researching about the market and your chosen asset. Think of trading as a battle, and in some ways it is; there will be winners and losers, there will be losses and profits. Go into battle without any knowledge about the battlefield and you risk losing it all.

What are some of the things you should know?

What Influences Assets – Assets are influenced by many things including global events, the economy, etc. You should also learn how different financial markets impact and affect each other.

What Markets are Prevailing – Being able to identify the type of market that is prevailing allows you to be flexible with your strategy and avoid losses.

It will also help to know the behaviour of fellow investors. For example individual traders will often seek nothing but to make profit while hedgers will sell into a rising market to look for good average prices on large orders.

Know When to Move to a Different Asset

You might be tempted to stick with just one asset through thick and thin, even if you keep on trading on losing positions. You tell yourself the market will turn around for that asset, but what if it won’t? You must know when to move on, you should also not think twice about letting an asset go when its market is really going nowhere; it’s not personal, just business.

Being a good trader also involves being able to identify a good asset. You might be tempted to go for the ones everyone is buying, and sometimes this is good but not always.

Take Emotion out of Your Trading, Trade with Discipline

Although it has patterns and trends, the market is not a living, breathing creature. It isn’t malicious, it does not hate you or love you. Keep this is mind when you make your decisions and keep emotion out of your trading.

You might feel the need to “take revenge” on the market, thinking of all the times you have lost. You might feel it “owes” you something for all the sacrifices you’ve made. However, it doesn’t work out that way. The market’s actions are a result of many factors; it doesn’t have personal reasons or motives for acting the way it does.


The best way to trade is to do it with discipline; here’s how:

Plan your trades rather than randomly pick out trades on a whim. Constant second-guessing can ruin your chances for profit.

Maintain consistency with your trading system, you will more often profit over those who trade inconsistently.

If you hit a snag and lose more often than you gain then follow up with an analysis of your processes to determine where you went wrong.

Manage Your Money


If you’re just starting trading be sure not to risk all your total capital, or even most of it. This isn’t casino gambling. The “all or nothing” part refers to profits, not how much you should be willing to risk.

What sets experienced traders apart from novice traders is how much they are willing to lose. Experienced traders normally risk just a fixed percentage of their total capital and keep to that percentage, in the end this reduces damage and impact caused by repeated losses.

Monitor Your Positions


Always follow market movements and monitor how it’s doing so you won’t get caught off-guard. Keeping a close eye on the market is also a good way to learn how to understand it in the long run. In this regard it’s best to invest in reliable Internet connection for your home computer or a handheld device that lets you get connected to market information quickly.

If you happen to be trading forex it gets even tougher. Normal trading has closing hours; forex trades 24 hours a day.

Develop a Trading Strategy


Your trading strategy should take the following into account:

  • How frequently you plan to trade
  • The time of day you plan to trade
  • The technical indicators you plan to use
  • The buying or selling signals you plan to use
  • The estimated risk and reward for each trade
  • The daily stop limit to protect your total capital base

Once you have developed a trading strategy it’s important to have the discipline to stick to it, you will come out a better, and richer, trader.

Know Why You Trade

This might sound silly, but you have to ask yourself what your goal is in getting into financial trading. You might readily answer that profit is your goal, but profit is just the means to an end. You will soon realise that it’s not really profit you are after, but what you can do with that profit.

Also, if you worry too much about making profit, you risk clouding your decisions in the present. Experienced traders focus on the process of trading rather than worry about the amount they could win or lose in a trade.