There’s plenty of verified profitable traders who make millions and willingly give pieces of advice to other traders. We gathered some of the useful tips here for you to read:
#1
Know your risks before entering a trade. When you know the risks, you can size appropriately based off of your risk point so that losses won’t be too high if the trade goes wrong.
#2
Never think that it’s “Up too much” or “Can’t go lower” because it can. It is okay if the market makes a move that doesn’t make any sense. Don’t hold on to losers.
#3
Don’t be afraid to lose. It’s a part of trading, there’s no avoiding it. As long as you control your losses by sticking to your plan, you have nothing to be afraid of.
#4
Not all losses are a result of doing something wrong. No setup is going to work 100% of the time. Just stick to your plan and your stop losses and control the loss.
#5
Find your area. When you’re starting, don’t try to trade everything that moves, focus on one area, master it, then slowly branch out from there.
#6
Track your trades. By tracking your trades, you can get an idea of where you succeed and where you fail. Once you identify your successful areas, focus there!
#7
Early on your way you probably will have to experiment a bit with different strategies, and most won’t work. You will take some losses, but you will learn a lot and this will help find the direction of your success.
#8
Mistakes are the best learning tool. Don’t ignore them, don’t run from them, embrace them. They will help guide you to improvement.
#9
Plan your trades around key chart points, not your profit/loss, don’t let it influence your decisions. Trading should be made according to chart and a plan.
#10
Never stop learning.
We hope you enjoyed reading these useful tips by the millionaire traders.
