Advice on trading from elite traders
To begin with trading the financial markets can be quite a challenge. We have therefore set up our important tips on how to succeed in trading.
Select your own style
How trader depends on several factors. This applies not only your skills but also the size of your trading account. Do you have little money to begin with, this must be reflected in your trading strategy. Do not risk too much on a single traded ersom you have a small trading account. If you are unable to comply with the traders no regularly, so you should not open a short position that requires adherence to often. If you know little about trading with the dollar, so you should not trade this currency until you have learned a little about it.
Learn from other traders
The best way to learn trading is to learn what other successful traders do. You can do know to follow eToro Open Book (requires registration). eToro OpenBook is their tool that allows you to see what other traders acting at all times. Choose traders have a trading style that matches your own. You can through OpenBook follow other traders and copy these and achieve the same return as the pros. By paying attention to what other traders are doing you will also be able to spot profitable trading opportunities.
Do not forget to put stop-loss on your trades
main reason why traders lose money is that they do not set stop-loss. This is an order which is placed in the system, and if the loss to a position falls below a certain amount, will automatically pull out of position, so as to not lose further. It is possible to make relatively tight stop loss, so the loss is minimized in each order.
put stop loss will prevent you from losing more money than what you can accept, and it provides protection if the market goes against you. Use stop loss in a smart way, you will immediately see that your losses will be limited.
Wait to take profit too early!
Perhaps the biggest mistake new traders make is to secure his prize prematurely. By taking out early gains can avoid the really big upturns, and you miss substantial returns. If you want to make money trading, you should be disciplined according to your strategy and do not make hasty actions which contrasts with the plan you have.
Do not lose money on profitable trades
Greed and fear are the two dominant psychological factors in all financial markets. To earn on your investment you need to follow the development of what you invest in. As soon as the market goes your way, and your location shows that you earned money, you should follow extra handy. Move your "stop loss" up to a new level, for example, input prices, so you do not risk losing your investment. Eventually, you can move the stop loss further up.
almost whatever you want to succeed with, and is planning a major factor. This is especially true in trading. You should ages trade on impulse just because the price of a currency falls or rises rapidly in value. A trade should be planned forhond. Define the target (the level where you will take profit) and define stop loss (the level at which you sell yourself out, no matter what happens).
Do not waste time on bad trades!
It is part of trading that you lose sometimes. It's probably not a single successful trader in this world who has never lost money on an investment. Losses are part of the game, but it runs fine as long as you earn more than you lose. Instead of wasting your energy on losing trades, then you should also realize the loss and continue on to the next trading opportunity. Financial markets have thousands of profitable opportunities every day, so do not waste time on trades you anyway not going to make money.
Copy the most succeessful traders
This is perhaps the smartest and easiest thing you can do to make money trading. eToro's investment network makes this easy, and you can take advantage of information from other traders, and also copy the actions of the top traders automatically. Do you eToro Copy Trader to copy a profitable trader, you can make money trading even when you do not even trader.
Find a guru who fits your trading philosophy
When we are in for it to copy the pros, it's another thing you can do with eToro also works just fine. They have a feature where you can find the "gurus" in the eToro investment network. Not enough with this feature can help you find gurus, but it can find gurus that fits under your trading philosophy. There are many parameters you can configure in the eToro OpenBook and find a guru that matches your philosophy of trading. Subscribe eToro to find gurus to follow and possibly copy.
Customize Your Copy Trader portfolio
An important tip in the end if you use eToro CopyTrader: Serlv about copying fellow traders and they almost trader on behalf of you, it does not mean that they will take over your account completely. Remember, you can always override a replicated trade if you see that this does not lead to profit. You can also immediately cancel the copying of a trader if you are not satisfied with the returns you get from this trader. While you should always keep looking for new profitable traders that might make it even better than you already copy.
above tips will hopefully begin to make even more money on social trading.
Start trading today, or you will miss out on great opportunities!
A known basketball player once said:
"You will miss 100% of the shots you do not take."
This applies in trading as well. If you do not trade at all, you will miss the wonderful opportunities that exist in the financial markets!
If you do not already have an account with eToro and want to try Open Book and Copy Trader, so you can easily and open an account with eToro.