Everyone thinks that to succeed in any profession, a minimum of 10,000 hours of practice is a need. This might be true for learning music but this rule is not applicable in the investment industry. Though experience will give you added advantage in analyzing the stock it’s not a must to succeed at trading. Those who are skilled and have strong analytical knowledge can trade the market like the pro traders in Hong Kong. You don’t have to spend 10,000 hours practicing before expecting a decent return from this market.
After reading this article, you will say that you won’t need 10,000 hours of practice to become skilled at trading. Pay attention to the steps mentioned in this article and you will become a successful trader in less than a year.
Step 1, practice in the demo account
The first step is to practice in the demo account. The demo account should be used by the rookies as it doesn’t need any real money. But rookies often take things lightly when dealing with the demo account because they don’t have to lose any real money. This is one of the key reasons for which people need 10,000 hours or even more to earn money at trading. Explore the different types of tools and trading instruments available in the demo platform and test different techniques for the first month. The first month should be spent on exploring the features of the trading platform. Once you become good at exploring details, it’s time to move to the next step.
Step 2, create a trading strategy
After getting used to the demo trading environment, it’s time to develop your trading skills. The top traders in the Forex trading online industry always encourage rookies to trade with their trading method because if you follow a purchased trading strategy, in less than a month, you will realize things are not working. Each trader has a different perspective to look at the market. In order to adjust to the market condition, you have to assess your mental stability. Based on your mental condition, you can develop a trading method that can help you to deal with any kind of market.
Step 3, controlling greed and fear
The rookies always start trading with fear. They are afraid to place a trade and they think a thousand times about the losses. Soon the fear turns in greed and traders start losing a big sum of money. This is nothing but an emotional attachment to the market. You should have zero emotional attachment to this market to become a top trader in the Forex market. Those who are good at trading are always placing quality trades by focusing on the risk factors. They don’t take too much risk in any trade because they know the risk exposure is the key factor to controlling greed.
You have to trade within your limit. Only then can you become a top trader in the Forex market. Never cross the line to become a rich trader overnight.
Step 4, start working smart
The 10,000 hours rule can be avoided only if you learn to work smart. Those who don’t have smart analytical skills are always losing money. By taking smart steps in the market, you can expect to make a big profit in less than a year. Though it will be a super complicated task for new trader’s things can be done in less than 3 months. Create a unique routine so that you can stick to your trading method and places the trades with discipline.
Those who break rules can never shine in life. If you wish to beat the market, stick to the rules. Explore the professional trader’s strategy and portfolio. Soon you will realize why skilled traders are able to make a big profit without losing too much money in trading. Work smart and take the trades with low risk.