David Pieper explains on February 1, 2018 at 6 p.m. in "The Trading Sessions: Success? First back on the go!" what is important in trading. Newcomers often experience painfully that trading on the financial markets often requires more knowledge and planning than they initially expected. Sustainable success can only be achieved with the right basis for trading. This includes psychology. Strategy and risk management.
Traders often only realize late that they may have taken the wrong path. Nevertheless, many continue to do so. However, GKFX expert David Pieper advises in this case to start again and set everything back to the beginning.
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Trading is a great challenge and often associated with high hurdles and initial difficulties at the beginning. But with commitment and the willingness to acquire new knowledge, traders can be successful in the long term. Above all, knowledge of markets and financial instruments is important at the beginning. In addition to specialist literature and material on the Internet, the webinars by GKFX also help here. After you have familiarized yourself with trading, you can take the first steps in practice. Ideally, the first steps are risk-free via a demo account. Only if you are thoroughly familiar with the theory should you put your knowledge into practice.
Decide early on for serious brokers
After the First glimpses of trading you can decide for a suitable and reputable broker rather quickly. This should fit the personal requirements of the trader. In order to find the broker of your choice, it is worthwhile first to make a thorough comparison of different brokers. Traders should take a closer look at the conditions of the individual brokers. The software offered and the tools, which support traders with chart analysis, among other things, are important. In addition, brokers differ among other things with regard to the offered underlyings as well as with training materials and customer service.
Ideal trading strategies can be found
Im At best, traders will find out their personal trading strategy over time. This can vary from trader to trader. Therefore, every trader has to find out which sides of the trading are best for him. This starts with the choice of markets and financial instruments. For example, some traders are less comfortable with currencies, but all the better with CFDs. The trading strategy is always related to the choice of investment horizon, which can range from short to medium-term to long-term.
Some traders combine different strategies and face each other so put your personal strategy together. Which strategy and planning is used for trading becomes important at the latest when the transition from a demo account to a live account. Here you trade with real money and therefore you have to learn to deal with losses and learn how to avoid them.
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Document successes and failures
Success in trading can also be achieved with self-reflection. Traders can learn a lot in this way and may even make better investment decisions. From a psychological point of view, it makes sense to document your own trading decisions, for example with a trading diary. In it, traders can record their trades and write down why they started a trade. His emotions and the result of the trade should also be recorded. If a trade was lossy, it makes sense to write the reasons for it. This way you can identify possible errors and learn from them.
In the best case, traders go through their records again and again. This is how they recognize what they should work on. If, for example, you notice that knowledge is still missing in a certain area, you can specifically plan your further education activities. A change in the trading strategy can also be assessed and decided on this basis.
Work concentrated and take breaks
Traders also need breaks. The longer you sit on the PC, the less concentrated you become. It is therefore important to take breaks and ideally take a fixed time in the evening after work. It can also make sense to take a longer break after several losses in a row in order to get away from it. Often you can then continue working fresh and also better recognize which errors have occurred.
Realistic, verifiable and measurable Goals play an important role in trading. Whoever starts trading should consider what goals they want to achieve. If you have not achieved your goals, you can see whether changes are necessary. A complete fresh start could also be necessary. In addition, daily and weekly targets help many traders to work in a structured and focused manner.
Set up a personal plan
In this context, traders could also use a draw up a personal plan. This can also contain a set of rules on when to enter a trade and when to exit in order to assume losses. This can be done on the basis of chart signals. In addition, a detailed plan makes it easier to be less guided by emotions. Many traders also recognize where further training needs may exist. For example, you can create your own learning plan, in which you specify when you want to deal with new topics. The participation in webinars like GKFX can also be recorded here. Continuing education can be a key to success. The markets and current news should always be followed. The GKFX webinars also help here.
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Patience in trading
Trading not only means to be broadening your knowledge, but may also be one Restart to risk. In addition, in many situations patience is the order of the day, for example if you cannot correctly assess the market. In this case you should rather wait before placing a trade. And also the search for the personal trading niche and strategy can take some time.
Courage in trading
Furthermore, something also belongs Courage to do this. Those who react too anxiously may lose good profits. On the other hand losses are part of trading, because no trader can win permanently. In addition to dealing with losses, reliable risk management is also necessary. Traders need to learn how to secure trades. To do this, it is necessary to stick to your strategy in a disciplined manner.
Attractive conditions with well-known providers
In addition to Webinars with experienced speakers, the special tailored to beginners and advanced users, GKFX offers attractive conditions. First, traders can choose between four account types. Depending on the account type and underlying, the spreads start at 0.6 pips. GKFX offers levers of up to 1: 400. Trading can start with small trade sizes. Among other things, the broker provides CFDs on stocks and indices as well as currency pairs.
Trading expert David Pieper advises traders who have taken the wrong path to a new start. Newcomers in particular often find that trading requires more knowledge and planning than initially thought. In " The Trading Sessions: Success? First back on the go!" on 1 February 2018 at 6:00 p.m. David Pieper at GKFX explains what to look out for when trading.
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