One of many mistakes that amateurs make is to cling to a trade that has been profitable for some time. The amateur doesn’t realize that he typically has been lucky and not good because he had traded long enough. Traders don’t have splendid memories, and they forget bad trades. They only remember the one-off winners, huge or a series of wins that happened out of order. It’s all because of human nature.
The easy way amateurs choose
It’s also easier to find something on your computer if you know where it is – so once traders have found their profitable strategy, they would instead save the file than go through the pain of looking for another successful system. It’s easier to hold on to something profitable rather than search again.
Amateurs make money, they lose money, and if they are good enough over time, they might make more money than the losers cost them.
How the Pros Operate
Pro-traders in Dubai don’t look at price charts every day and hardly ever hold positions overnight. Thus, the risk/reward ratio is incredibly high: every time they go into a trade, it’s because there are particular reasons they think prices will move several hundred pips within days or even hours – max!
This leads to another important lesson for all traders out there: be patient! If you are screaming for money after half an hour of trading, you probably do something wrong.
Luck won’t last forever, but if you make sure that it pays off in the long run, you are already on the right track.
I’m not afraid of taking losses. It is easier said than done, but the important thing is that once prices move into my target zone after a decent retirement – I get out! You don’t have to be in pain for days waiting for “just one more” candle to close before cutting your losses… My ‘time horizon’ has nothing to do with how big or small the time frame is. If you want an edge, it’s more important to make sure you control your emotions rather than figuring out what time frame works best for you.
The reality of trading isn’t about winning all the time – it’s about making money. Get more info on how the pros win at Saxo Dubai. If I trade for a few years and make money 95% of the time, I’m happy.
I don’t think traders should be always online looking at their charts – you need to find your way of trading what suits you best. Don’t aim too high or fall into the traps mentioned above! You are most likely not as good as you think you are, so set small goals. For me, they are usually around 3-5 pips per trade—sometimes more if conditions are favorable. Once I reach my goal, I get out and wait for another opportunity on another setup.
Experience comes first, and that’s why it takes longer for some than others: we can’t all become successful traders overnight. It takes months, years even to build on your experience until you are confident enough in your abilities. That’s why I stress the importance of consistency – no matter how good or bad habits are, they will eventually come back to haunt you.
The Path to Success
One thing is for sure: there are no simple paths to success. But once you realise that it’s about being organised rather than some secret magic formula, trading becomes a lot less mysterious.
It just takes lots of hard work and dedication – which means if you want to take control over your future, it’s time for action! Don’t just keep reading articles, thinking that one day this might be the one that changes your life forever. It probably won’t happen, so go out there and start doing something!
The only way to make it better is by working on yourself. All you need to do is dig a little deeper and ask yourself this question: “what am I doing to make it work?”