Apart from the technical aspect, the winning trader above all has a certain state of mind. Here we tell you about my life, but my performance changed drastically the day we started having a healthier relationship with money and when we stopped compulsive trading. From there to live from trading, there is still a way! It must be said that experience also has a very important role to play, the first year of trading was rather chaotic, the second much less, and everything is getting better!
Here’s a non-exhaustive list of those little things that can make a big difference:
- Get out of compulsive trading, step back
- Have an emergency fund that is not used to trade but to pay the bills in the event of a hardship
- Trade every day of course, but above all analyse each trade whether it is a winner or a loser
- Control your risk: place stops and make sure you only take trades where the probability of gain is greater than the risk of loss
- Track his “performances”; establish simple statistics like his average monthly gain, the maximum drawdown, the percentage of winning trades, and the average gain per trade. Then to be able to assess if it is possible to live on trading only. From the Xtrade review you can find the best solutions there now.
Living off trading: what is your project?
Finally, understand that living from trading does not only have advantages. More freedom also means becoming a real entrepreneur and working every day, accepting risk on a daily basis and learning to manage your time. Becoming an independent trader is, in my opinion, within the reach of any motivated person, but that does not mean that it is easy. A simple training will not teach you everything and the experience is irreplaceable. Take your time before you start; this is the key to success.