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When you get used to trading, you realize that there are good and bad days. But what if bad start to happen more often? You think it’s a bad luck. Well, we believe that there is a problem you might not notice.
CapitalXp offers you five questions to uncover the problem and the educational tools on their website are likely to help you get rid of it.
Honest answers are essential here. No one else will find them out. So, be true to yourself. A trading plan should not be questioned every time you lose because there may be other reasons. In addition, it’s a way to keep track of your business and avoid the substantial decreases in profit.
First of all, answer yourself if the product you are trading is moving in a way that allows you making the profit with the current method.
The nest question you need to think about is whether you are moving with the trend or against it. It’s essential to stay up-to-date and keep your hand on the pulse. The market is influenced by the news and trends. If you are not aware of either, change it.
One more question concerns the trading plan. Think if you have the rules of entry and exit. Do you follow them? If you create a trading plan, the point will be to stick to it. Otherwise, you’ll simply waste the time creating it.
Question number four makes you focus on your signals. Do you think you are trading all of them or just a few?
The last thing on the list is to ask yourself if you manage the money properly. This is often the mistake of the beginners but the management rules allow you to minimize the risk and save the capital increasing it gradually.
It’s much better to move slower but confidently than win a lot and then immediately lose even more.
Accept that losses happen to everyone. It’s inevitable in this business. Sometimes it’s caused by the changes in the market. In some cases, it’s due to the inefficient trading plan or trader himself. When you analyze the system you are using objectively, you are able to uncover some major problems you haven’t noticed before. Moreover, some methods can turn out to be outdated because the world changed rapidly. Examine your rules, keep your hand on the pulse of the news and leave your emotions out of this business. Then you are sure to become a successful trader.