TRADING PITFALLS
- London Guild of Trading
- Sep 6, 2016
- 2 min read
Ask Yourself the Question?
We want to begin by asking you a question. When you thought of becoming a trader, whether that was a full time or part time, what was your motivation or reason for choosing this path to success? The answer to this question is very important, as it will ultimately define what kind of trader you are or will end up becoming.
Most amateur traders we’ve spoken to seem to have the same answer. That answer is usually - ‘I want to be rich’, or ‘I want a trader’s lifestyle’. If this is what your thinking, then i’d like to change the way you think about trading. You can then decide whether this path to success is the right one for you. So keep reading…
If you thought trading was just like all the other get rich quick schemes posted all over the internet, such as ‘affiliate marketing’, then you are wrong. Trading financial markets comes with big risk, however this also follows with extreme levels of reward. Investing in financial markets does allow you to become rich, however, it takes time, skill and mental preparation to succeed in. It’s said that almost all newbie traders ‘blow’, their accounts within the first six months of trading. - Why? Because they have not taken the time to understand the market and treat it as though their gambling in a casino.
We often get asked the question, ‘isn’t trading the same as gambling?’, my response is always the same - ‘No, trading financial markets is making an informed decision based on technical and/or fundamental analysis.’ To understand the market is like getting to know a new friend, to trade the market, is like predicting your exam score after knowing how much revision you’ve done. Only you have the answer to that. There are rules and skills you must work on to become a truly successful trader (as with anything), which in turn makes you consistent profits.
So before you continue reading, ask yourself these questions:
What is my reason for trading?
Do I have the mental preparation to trade?
Do I have an emotional attachment to money?
Do I have good money management skills?
Can I be dedicated to learning the skills I need to trade the market?
If you don't have the answer’s to these questions yet. Don’t worry, by the end of reading this e-Book, you should know exactly what you need and how you should think to become a professional trader.
Excerpt taken from 'The Trading Survival Guide' Section one.
The Trading Survival Guide e-Book will emphasise on 20 key trading tips, which if followed correctly, will turn you into a professional and competent trader. Learn how to trade professionally. This trading ebook will Provide you with the same mindset top investment bankers have.
The Trading Survival Guide available free for a limited time only.
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