5 Tips to Improve Your Trading Results

5 Tips to Improve Your Trading Results

As a beginner trader, you might think that simply trading on a regular basis is enough to make you a great trader. Sure, there is a lot to learn, and you can certainly put in a lot of hours. However, just spending time around the markets and putting in the hours won’t necessarily improve you trading results or make you a great trader.

The simple reality is that if you are a losing trader, putting in more hours into trading will just result in greater losses. Constantly trading without learning the right skills and following the right methods will just help engrain bad trading habits too. To help improve you trading results, you need to make some deliberate choices, the right choices.

Today, we want to talk about the five most important tips to improve your trading results. As you are about to find out, these tips aren’t anything super groundbreaking, but the simple things are often the most important ones. If you want to improve your trading results, take a closer look at the tips that we have outlined below.

Tips to Improve Trading Results

Let’s now take a look at five important tips you need to adhere to in order to improve your trading results on a day to day basis.

Focus on Being in the Right Mindset

One of the most important things that you need to do to improve you trading results is to have the right trading mindset. This means that you need to be present in the moment, focuses, and have a clear head. Also, make sure that you are focused on trading 100%. This means that you aren’t answering emails or going on social medial in the middle of trading.

You need to visualize your trading plan in your head, then execute it to the fullest of your abilities. Another good idea to make sure that you are well prepared for a day of trading is to go check the economic calendar to see if there are any big events or news releases. Big surprises and unexpected events can throw a wrench into the gears and really affect your mindset.

The bottom line is that your trading results are never going to improve if you aren’t focuses, and if you are upset, angry, or are even avoiding trading. Remember folks, it takes a single bad trade on a single bad day to wipe out your trading account. Everybody is different, but you need to find a way to relax and to achieve mental clarity before you start trading on any given day.

Get Some Assistance

If you want to improve your trading results, you should definitely try getting some help. The reality is that without someone in your corner to give you some discipline, trading becomes much harder. If you have someone that you are accountable to, then you won’t make as many lapses in judgment when trading.

You could go find yourself a trading coach or a mentor. Heck, the person you get assistance from doesn’t even have to be a trader.

Something you should try doing is to show someone your trading plan, and then your trading results. This type of accountability is often enough to keep traders in line. It helps prevent lapses in judgment, and therefore helps to improve overall trading results. To improve your trading results, you can also try going to some forums and asking professionals for feedback.

The bottom line is that if you can get help from an outside source, from people who can be objective, it’s going to help you out a lot. Of course, there are also many resources out there designed to help people learn how to trade. One of these resources is the Income Mentor Box Day Trading Academy, one of the best trading schools out there right now. If you have people to help teach you the skills you need to know to win trades, then it’s undoubtedly going to help improve your trading results.

 

Trading Results

Don’t Rely on Other’s Opinions

Ok, so we did say that getting outside help is a bonus, especially when it comes to a professional and dedicated educational source. Sure, discussing strategies and your performance with someone who knows what they are talking about is good too. However, something that you should avoid doing is asking other people’s opinions on specific trades.

You have your trading plan, and you need to trade your way. If another trader says that they will sell when you plan to buy, you need to follow your plan, not theirs. This is especially the case if you are employing a time tested and proving trading strategy that is shown to produce great trading results. Moreover, everyone trades differently, and you need to find out what works best for you.

You can’t keep changing your mind based on what forums, television, news, and other people say. This will do nothing but cause stress, you will start to doubt and second guess yourself, and this won’t help you improve your trading results at all. Put a lot of work and time into refining your own trading strategy, and don’t let someone else ruin it for you.

You Need to Put in the Practice

Yes, developing and refining your own trading strategy is vital to your success and your trading results. However, even easy newbie friendly trading strategies can be difficult to execute under live market conditions. Trends, pullbacks, and everything in between change on a daily basis. Yes, you have your textbook examples that you follow and base your trading on.

Yet, the live market is never going to look exactly like the examples. This means that to improve your trading results, you need to become better at thinking on the go and trading on the fly. You need to be able to adapt, improvise, and overcome.

To help make you a better trader, you want to take some proven trading strategies that you have refined to suit your style and strengths, and then practice it relentlessly. The best bay to do this is to use a demo trading account. This will allow you to trade under real market conditions, all without having to risk real money.

This way, you can endlessly practice, refine, and hone a strategy to the point where it will greatly benefit your overall trading results. It’s all about building muscle memory, developing the ability to improvise, and being able to make small adjustments for the market conditions on any given day. You want to learn the hard lessons in practice sessions, not when real money is on the line.

Trading Results

Record Your Trades & Analyze the Results

In order to improve your trading results in the future, perhaps one of the most important things you need to do is to analyze your past trading results, all of them. The best traders out there will record all relevant info from all trades, and even take screenshots.

You want to analyze what your trading results were like in terms of your stop loss levels, profit targets, entries, exits, and all of your analysis notes too. You want to be able to review this information at any time to see where you went wrong, or maybe even where you went right. A so called trading journal goes a long way because it can show you exactly what you did in certain market conditions, and what those trading results were like.

You want to review those trades on a weekly basis, and really put some time into analyzing what went wrong. If you review all of your trades side by side, you should be able to find the most common mistakes that you often make. If you can identify your common trading mistakes, it should go a long way in helping you improve your trading results.

Consistently Improving Your Trading Results

Folks, if you follow the tips that we discussed above, you should be able to consistently improve your trading results.

Make sure you are accountable to somebody, get help when needed, make sure you’ve got the right mindset, record all of your trades, analyze them for common mistakes, and more.

Remember, practice makes perfect, and using a demo account to practice trading is definitely something that can help improve your trading results. To get you started on the right foot, getting a trading education is definitely recommended.

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Newbie Forex Trading Tips

Newbie Forex Trading Tips

When you are new to the world of FX trading, things can be quite exciting. However, it can also be quite the intimidating experience.

There is no doubt about the fact that the prospect of making thousands in profits is alluring to many. But, there’s also no doubt that that the prospect of losing thousands of dollars is quite scary. That is what we are here for today, to provide you with the most valuable newbie Forex trading tips around.

No, being a beginner in the world of Forex is certainly not easy, and it takes a good deal of work to get to a level where you can make consistent and healthy profits.

However, if you follow all of the newbie Forex trading tips that we have outlined below, your chances of success will increase drastically. It’s all about trading the right way and avoiding certain things too. Today we are here to discuss all of the things which you should avoid doing in your FX trading journey.

Newbie Forex Trading Tips

Newbie Forex Trading Tips

Right here, we have 6 of the most valuable newbie Forex trading tips around. These hints and tips are all things which you should avoid doing at all costs. If you manage to avoid these 6 things, your chances of being a successful and profitable FX trader will increase exponentially.

 

Don’t Use Short Timeframes

When it comes to newbie Forex trading tips, one of the big DON’TS here is to never try trading with very short timeframes. Sure, short timeframes can be extremely lucrative, but you do have to know what you are doing. The fact of the matter is that trading the shorter timeframes can be very stressful.

Due to the trades only being open for short periods of time, the level of stress is very high. You have to keep an eye on all open trades at all times to ensure that everything is going to plan. Longer timeframes can still be very profitable to trade, butt they are also more stable, safer, and much less stressful to keep track of. As a newbie, start out by trading the longer timeframes.

Don’t Overtrade

Another great newbie Forex trading tip for you to follow, another big don’t, is to not overtrade. Sure, a professional trader with lots of experience might be able to handle having 10 trades open at once, placing 25 trades per day, and trading with large lot sizes.

However, it takes a whole lot of skill, effort, and experience to be able to manage this. Trading at such high volumes with large lot sizes is very risky. The more trades you have open at the same time, the harder it is to keep track of everything. oHowH

If you are new to FX trading, like very new, you should not execute more than 5 or 6 trades per day, and you should definitely not have more than 2 or 3 active positions open at once. This way, it becomes much easier for you to keep track of everything.

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Don’t Try to Learn Everything at Once

Another big mistake which beginner traders make is to try and learn everything at once. When it comes to newbie Forex trading tips, one of the biggest ones we can give you is to take things slowly. There is just no point in trying to cram a ridiculous amount of information into your head all at once.

This is a great way to ensure that you won’t retain any valuable information. If you try to learn too much all at once, chances are that you won’t actually learn anything at all.

Start off small, learn some basic terms, facts, and theory, and slowly move on to learning about indicators and trading strategies. Master a couple of indicators and successful trading strategies first, gain some experience, make some money, and then go from there. Folks, this is a marathon, not a sprinting race.

Don’t Make Things Too Complicated

In terms of newbie Forex trading tips, something else you want to avoid doing is making things way more complicated than they have to be. Sure, there are some really awesome trading strategies out there that involve multiple indicators and analysis tools. These are designed for the pros.

When you first start off with FX trading, there is no reason why you should not keep things simple. Just learn about a strategy that uses one or two simple indicators, and then go from there. Overcomplicating things will only result in a huge headache.

Don’t Try News Trading

Something that can be quite profitable is trading the news. Great Forex traders can read news reports and make profitable trades based on them. Sure, it definitely sounds quite easy, but it is not, far from it in fact. One of the most valuable newbie Forex trading tips for you to follow is to avoid news trading until you have gained more experience using simple indicators and other strategies.

Don’t Keep Trading in the Face of Constant Losses

The last of the newbie Forex trading tips we want to give you is that if you are constantly losing trades, it’s time to take a step back, revaluate your plan, and learn some new skills. There is no point to trading if you are just hemorrhaging money.

Newbie Forex Trading Tips – Final Thoughts

The bottom line is that if you follow all 6 of the newbie Forex trading tips as outlined here today, you should be able to make it big in the world of Forex. Of course, there is whole lot to know when it comes to trading currency pairs. There is truly no better way to become a pro trader than by learning from the best.

If you truly want to become the best of the best in the world of FX, we would absolutely recommend joining the Income Mentor Box Day Trading Academy. It’s by far the best, most comprehensive, and cost effective Forex trading school around. Also, check out Andrew’s Trading Channel on YouTube for daily hints, tips, updates, new trading strategies, live FX trading, and more.

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