Successful traders are made. They are not born. You do not need to be academically gifted to make a success of trading. You do not need to be good at maths, physics or have a doctorate in finance. In fact you do not need any of that. If I can do it without any of this, you certainly can.
Successful traders are made. They are not born. You do not need to be academically gifted to make a success of trading. You do not need to be good at maths, physics or have a doctorate in finance. In fact you do not need any of that. If I can do it without any of this, you certainly can.
eToro.com is a reputable trading platform, famous in the social trading industry. In 2018, the brand decided to conquer the US market and launched the local brand there. First, the company functioned solely as a crypto trading broker. Yet, later it added other items to its list of tradeable assets. Therefore, now it offers stocks and ETF trading as well. With a history dating back to 2007, eToro has amassed a large user base across more than 140 countries. When cryptocurrency emerged, the brand used a unique chance to enter the American market. One of its key features is CopyTrader, the social trading tool and a proprietary product of the project. It allows novices to repeat trades from top traders with just a few clicks. Thus, the tool offers a fresh approach to this asset class. This guide aims to provide a comprehensive eToro review to help traders make informed decisions. eToro offers trading services across many regions worldwide including the USA OANDA (www.oanda.com) boasts of a high level of trust and reliability, as evidenced by its impressive Trust Score of 93 out of 99. While OANDA is not a publicly traded company nor does it operate as a bank, it is subject to regulation by seven Tier-1 regulators, signifying a highly trusted status. Additionally, it is supervised by one Tier-4 regulator, which means that users should utilize a cautious approach to risk management. A standalone copy-trading ecosystem, providing equities, foreign exchange, commodities and cryptocurrencies markets. Provides a global selection of brokerages.
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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
But I shall tell you this much: an essential component of successful trading is simply having "right attitude". It sounds almost too easy doesn't it? But this is something that many amateur traders who decided to learn "the hard way," have done. Unfortunately not before nursing our battle wounds from the market! This is something I do not want you to have to go through as it is painful and costly.
For successful traders, having a profitable trading strategy is one thing. But contrary to what you may expect, having the mindset of a successful trader and their attitude towards the market is everything. For experienced and successful traders, the latter is far more important for your success.
If you are prepared to be patient and disciplined, you will be head and shoulders above many. This means you will only trade opportunities when they meet your rules for entry. Few follows these rules to their detriment.
Patience and discipline are two core attributes embraced by experienced, successful traders. They certainly made me as a trader. I had to go through a lot of pain to realise this. After all, they do not come naturally to my personality as I've always been fairly rebellious. Naturally this had an adverse affect on my trading. I jumped into trades which simply were not there and went from strategy to strategy. I cursed the market and everyone else in it...and all of this was on a good day!
From simply staying true to sticking to several higher timeframe strategies has transformed my trading for good. I only trade when the rules tell me to and nothing else.
Even if by nature you do not consider yourself a patient or disciplined person, this is all the more important. This applies if you are the more compulsive and excitable type who likes always being in the action.. All is not lost. You can definitely still make a success of trading.
From simply having an awareness of this will help to transform your prospects. Appreciate that you need to impose a patience and disciplined state of mind for long-term success in the markets. Otherwise, the market has a funny habit of punishing people who do differently.
Consider this; are you trying to give something up but just can't? Perhaps you're a smoker who is struggling to kick the habit despite your best intentions.
If that sounds about right then I have news for you. Ever heard the old adage: How you do something is how you do everything? If you are unable to demonstrate discipline in kicking the habit then that personality trait could rear its ugly head in your trading in the form of rule breaking. I'm not saying that if you are trying to give something up and can't that you are doomed to failure as a trader - but as long as you have an awareness of it and are able to pre-empt this then you will certainly be one step ahead in the game! The third trait is simply having a respect for the market. It can do anything at anytime! It doesn't owe you or me a living, care about whether you're from, what you do or what strategy you follow...it will do its thing regardless, leaving us to play with the probabilities.
So, there you have it: patience, discipline and a respect for the market. Those three alone will set you apart from the crowd and transform your trading.
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