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Although the modern trader has many more tools at his disposal to design and execute the desired trading strategy than a trader, for example in the 1980s, things have not changed that much in the core of trading. Trading remains an activity that involves money and requires from the trader to analyze the available options and proceed in doing the right moves to multiply profits. Although the available trading options are increasing, the difficulties around trading remain, especially when new traders are involved. In this article you will read about some of the difficulties that traders face in their first steps.
Most new traders are getting confused about which financial instruments they should trade. The overwhelming amount of information that traders are receiving daily from their brokers or media could be a double-edged sword. Learning about the developments in global markets regarding foreign exchange (forex), indices, commodities keep traders updated, but it could also work the other way around as they may not be able to process the quantity of information, and this is leading to confusion.
Reading and learning about complicated trading techniques, chart patterns and trends may be interesting as pieces of information but could disorientate a trader and make him lose his target. The solution to this problem is to prioritise which aspects of trading a trader would like to master and find the suitable educational courses. Then, the trader will be able to expand his knowledge on specific trading sectors that could help him increase the possibilities of making the right trading moves.
One of the most common misconceptions is that traders become very rich quickly. Media have played a role in that by promoting the “rich and successful trader” concept which might not be correct. However, reality differs from the way that media depict the world of trading. A lot of people who start to trade are under the impression that every trading move may be successful and that they might increase their income very quickly.
Beginner traders will find out that reality doesn’t meet their expectations. They should know that, in the beginning, it’s quite unlikely that their first trading moves will prove fruitful and they should be prepared to take losses without being discouraged. Unfortunately, the image of the trader who becomes rich in his first days at work isn’t consistent with reality. One piece of advice that experienced traders share in their interviews is that beginners should take small steps and try at first just to apply their prepared trading strategy without setting their goals too high.
Wrong Actions In A Trade
Trading requires speed, instinct as well as relative experience when it’s available. Experience is one of those things that can’t be bought. Especially in the world of trading, gaining experience may come with a cost as every mistake could result to a loss of funds. The lack of experience leads beginners to take the wrong decisions, although they may be well prepared, from an educational perspective, to enter the trading markets.
Traders should be ready to take immediate action when an opportunity presents itself. When this happens, the stress increases as an inexperienced trader may have second thoughts delaying an action or may act faster than needed. Knowing when to close a trade, placing a stop-loss order and other similar actions can be puzzling for new traders, leading to stressful situations and influencing their behavior.
STO Trading Educational Courses
For traders who would like to avoid getting themselves in problematic situations, STO has prepared comprehensive educational courses for all levels of traders. Courses are divided into 3 major categories which are Beginner, Advanced and Masters. Thanks to STO’s educational courses, the trader is able to design the strategy which he finds suitable and overcome the various challenges he encounters while trading.
Trading Forex and CFDs (Contracts For Difference), which are leveraged products, are high risk investments and puts your capital at risk. You may sustain a loss of some or all of your invested capital. Only speculate with money you can afford to lose.
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