What It Takes to Become an Elite Trader
Each year millions of traders across the world try their luck and skill in financial markets but only 4% of them can make money from it. Other just go back to their life by doing any 9 to 5 old job rather than trying to make a career in trading. Only this 4% of traders can make a good profit from this market and can lead a life that others can only dream about. So first, we need to know what is the reason behind their success, how they can reach that level.
You don’t need a degree from the USA or Wall Street to become an elite trader but few traders follow that path and we are not going to discourage you from that. You don’t need to have a huge amount of money to start money rather than you should believe in slow and steady progress. In this article, we are going to talk about the reason behind becoming an elite trader.
Consider trading as a business
As a beginner, you need to consider trading as a business rather than considering it as a part-time profession or hobby. Consider trading capital as a business investment and make a strategy for your business and make a realistic goal that you are going to acquire monthly and yearly.
Specialize in something
When you are starting to trade you must have some preference when you are analyzing like a tool, chart pattern, trends, etc. So we suggest you have a clear knowledge about everything but you need to be specialized in your preferred style. For example, you may like to trade in break out then you must need to specialize in finding break out points. You may like to trade based on technical analysis so you should not trade when there is any big announcement going on. So always become specialized in a few things not in everything because it is not possible.
Choose your information source wisely
There is lots of financial news that is publishing each moment and you may become overwhelmed with this much of news.so you must choose a good source where you can find out important news and announcements which will make it easy to make trading decisions. If possible open the trading account with Saxo markets so that you can enjoy premium environment like the elite Aussie traders.
Practice with the demo account
There will be a time when traders feel to change their strategy according to the change of time and market mentality. We suggest you if you want to change in your strategy at first try that in your demo trading account. Take as much time as you need to polish that strategy until it becomes a perfect strategy for your trading career. Once you double your trading capital in your demo account then you may consider that strategy to be introduced in your real trading account.
Make a journal
You have to improve yourself and should learn from your mistakes. For doing so a trader should always maintain a trading journal where he will keep a note of all his trades and will review it once a week. This will help him to understand if his strategy needs to be changed or any are lacking in his trading style.
Take care of yourself
The final and most important thing if you want to be a trader that is you need to take care of yourself. You will earn a lot of money than you can imagine from this market but if you need to maintain a healthy life. You must not change your food habit, should not start taking drugs or making insomnia by leaving sleep because of trading. No matter how much you earn you must need to maintain a healthy family life so that your mind can be in peace.
We hope our article may come handy if you want to follow your dream of becoming a trader of the elite trading club.