Published On: Wed, Oct 26th, 2016

Confessions Of A Constant Trader From XTrade Europe

As an experienced trader, I have spent years perfecting my trading style. If you look around the World Wide Web, you will come across thousands of advisories, how-to’s, and tutorials. Some offer salient advice, while others seem to swear success by contradicting methods. Maybe the truth is there is no one method to succeed in online trading. But there are mistakes and mismanagements that can be made when you begin online trading on your own accord, ones that would benefit you to be weary of. I confess that I am guilty of almost all of the mistakes listed below. 

Make things simple for yourself

Don’t drown yourself in “over-information”. The absolute worst thing that I decided to do was overcrowd my mind with excess information. Professional advice such as XTrade Europe’s Trade Academy helps you keep on track – offering you nothing but expert advice to help you succeed. What you should avoid is drowning yourself in more data and charts than you would need. Stick to the basic charts that you will be using – following more creates chaos in your mind, which disorientates you and sets you down a frenzied spiral of obsessive chart analysis. It’s easy to overwhelm yourself when you first start out. I get it, I’ve been there – You’ve done your necessary homework and you have set aside the amount that you want to trade with. Then you go overboard in what you believe is a fool-proof plan, that will surely ensure your success. Keep a cool head, clear the excess clutter and stick to the very basics. Don’t get me wrong, keeping informed of the condition of the market is important, but only if you are constantly trading within those markets. Bottom line is: Information overload will hinder your understanding of a market and salient trade making decisions.  

photo/ screenshot YouTube

photo/ screenshot YouTube

Start with the basics

Learn and master one market at a time. I started out in Forex, trading currencies – learning to trade in the major FX pairs like EUR/USD, USD/JPY and GBP/USD. Trading forex on professional platforms such as XTrade Europe can give you the right start in your trading career. 

Stepping up a notch

CFD’s are really the next level of trading when it comes to online platforms. At XTrade Europe, as well as many other trading platforms, traders start out in currency (Forex trade) and as they find their feet, move on to CFD’s as they become more confident in their trading. Trading platforms should offer an extensive CFDs list, from international markets.

Hot tips

You don’t need a half dozen monitors to keep track of your markets. In-fact, using my cell phone to trade has been the best thing that’s ever happened to me. All professional online trading platforms offer you the choice to download their app directly to your Android or iPhone. On my cell phone I can get access to real-time market quotes including popular stocks, indexes, forex pairs, and commodities such as gold and oil.

Set alerts charts. Alerts can be set to inform you when to buy above, sell below or close the trade that you have your eye on. And I place the trades directly from my smart phone through my XTrade Europe app.

If you feel overwhelmed at any point – put your phone down, take a walk outside, or go make yourself some coffee. When you feel clear minded enough to continue, go back and make sure you always stick to your investment strategy. 

Author: Daniel Quinn

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