One of the most important aspect you must master in order to succeed in online trading is self-discipline. You must learn to stick to a regular trading routine and learn how to eliminate emotions from your trading. Here are some tips to help you in mastering self-discipline.
Most of the time you end end up getting nervous whenever you trade on the real account as opposed to trading on the demo account. I bet you probably do better in your demo account than in the real one, but why so?
This is because you are calm and you manage to keep your composure because you don’t have anything to lose. If you manage to keep the same level of calmness in your real account as you do on your practice, you’ll start getting better results.
Have a set of well defined rules
Making for yourself a set of rules is a great way to achieve self-discipline. Ask yourself how long everyday are you willing to study the markets, how many trades are you willing to make per week/day, what’s the most amount of money you should stake on every trade, how much money are you willing to lose, should you continue trading even more if you are on a win streak or is there a certain amount of profit where you should be contented.
It is important to trade with a set of rules, don’t just get up in the morning and start trading until you are tired or lose all your capital.
It is also important to note that it is wise to only trade what you are comfortable losing. Many people trade with 1/13th of their capital, and so should you, don’t trade with capital you may regret losing, always acknowledge that there is a possibility of lose in every trade.
Stick to Assets you are familiar with
In the world of Online Trading, there are hundreds of assets to choose from. Be it Forex market, cryptocurrency, commodities, stocks or binary options, there are a wide variety of assets to select. But it is unwise to start trading on assets you are unfamiliar with. Take time studying a small number of assets and perfect in them as opposed to applying trial and error method on every single asset available on the platform. Mastering a few is always better than trying to study every single asset.