How to become a successful trader

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How to become a successful trader

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To become a successful trader, you need a clear system that helps you to stay consistent and handle negative market movements. You must also guard against becoming over-emotional. There is no magic formula to becoming a successful trader, but there are a few steps you can take to make sure you’re mastering both the basics and complexities of trading:

Do your research

Create a trading plan

Practise your trades

When you’re ready to take on the markets, you can open a live trading account.

Do your research

Improving your knowledge of financial markets is the first step to becoming a successful trader. Start by researching the different markets available to trade and to build your trading skills. Remember that you can never know too much; if you want to be a successful trader, you must always aim to improve your knowledge.

Create a trading plan

A trading plan is a blueprint for how you are going to trade. It is driven by your trading strategy, helping you to quantify your goals and motivation. Your trading plan also covers your risk management strategy and preferred analysis method.

 

Learn how to create a successful trading plan

Practise your trades

If you want to put your trading plan into practice, you can start trialling your trades on demo account. With a demo account, you can develop your skills without risking your capital right away. Practising your trades will also help you to refine your trading strategy and learn from any mistakes.