Tag: newbie trading tips

How to Go from Losing to Winning Trades

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How to Go from Losing to Winning Trades

I had just started my life as a trader, and of course my first and primary goal was to start winning trades. When I first started trading, I was still looking for a job, but I just wasn’t having any luck. For this reason, I decided to start becoming a professional trader, with the main goal of course being winning trades. However, things didn’t quite go to plan, and I started losing trades.

Now, as a professional trader who has been in the business for a long time, I can look back at all of the mistakes I made and provide you with the information you need to start winning trades. The fact of the matter is that I lost about 50% of my trading capital when I first started trading.

Sure, I was winning trades, but not nearly enough of them to make up for the losers. I invested about $5000, and I lost well over $2500. However, as the years went on, I learned from my mistakes, and now I want to provide you with all the information that you need to start winning trades. Let’s go over the biggest tips that you need to follow to go from losing to winning trades.

The Right Environment Matters

One of the most important things that you need to do to start winning trades is to put yourself in the right environment. The fact of the matter is that if you feel pressure to make a specific amount of money, that pressure is going to make you a bad trader and it’s going to force you to make bad decisions. There are plenty of external forces that can affect your decisions in a negative way. Sure, you might want to be a full time trader, but you don’t want to use all of your money.

The fact of the matter is that using all of your money for trading when you need that money for food, rent, and everything in between is not the greatest thing period if you feel pressured to make money, you are going to make emotional decisions because you absolutely need to make that money. However, when it comes to winning trades, having the right environment and mindset is very important.

winning trades

Have a Real Source of Income

One of the ways to prevent yourself from feeling pressured so you can start winning trades is to actually have a job on the side. Sure, you might want to leave your full time job because you absolutely hate it or you hate your boss, but the fact of the matter is that trading is a business not a job.

It takes many months or even years to learn all of the skills and tools that you need to start winning trades. In other words, you can’t just quit your day job and start trading instantly. This transition is a process that takes many years to complete successfully. You absolutely need to have a stable source of income so you don’t feel pressured to make money through trading.

This will allow you to learn all the skills that you need to know to start winning trades without being pressured. If you look at trading this way it means that you will be much less emotionally affected by your losses, you will look for improvement rather than instant results, and you will be very critical with the tools and strategies that you use.

Don’t Risk More than 50% of Your Net Worth

Many newbie traders who want to start winning trades think that they should invest all of their money into trading. Some people may invest 80%, 90%, or even 100% of their savings into trading in the hopes that they will be able to turn a quick profit.

However, this is of course not a good thing, especially if you hit a losing streak. What you want to do when you first start trading is to start with a very small portion of your net worth.

You can then keep adding funds to your trading account every few months as your skills improve. This way, in case you do lose some trades, at least you don’t lose all of your money. Simply put, never put all of your eggs in the same basket.

Be Smart With Your Money

Keep in mind that how you manage your money will affect how you trade, and it will definitely affect whether or not you start winning trades. If you’re already having a really hard time managing your money, then things aren’t going to go easier when it comes to managing your trading portfolio.

Therefore, if you are having trouble managing your money, this is what you need to master first before you open a trading portfolio. You need to have good money management and risk management skills in order to be winning trades.

You Need a Good Trading Plan

In order to start winning trades, you also need to have a good trading plan, which means that you need to know when to buy and when to sell, but it also means that you need to know which markets you want to trade in, why you want to trade in those specific markets, and how to use risk management.

You want to develop a solid business plan which is your trading plan, and it is a system that you must have in place to make sure that your actions are consistent as possible. The more focused you are on the plan and method that you use the fewer trading errors that you will make.

Build a Watchlist

When it comes to going from losing to winning trades, but you also want to build a watch list. Don’t depend on other peoples opinions or rumors to build this watch list, but that said, you still want to analyze the market to see which securities or currencies that you want to trade with on any given day. You can always use filters that rank stocks or currencies based on their performance, and then go from there.

Analyze Your Results

So you can start winning trades on a more consistent basis, another thing that you need to do is to analyze your overall results. If you never analyze your results, then you just aren’t going to find the mistakes that you are making which are causing you to lose trades.

You want to analyze your results and you want to compare all of the losers to see if you can find any common mistakes that you are making across the board. This way, you can make the appropriate adjustments and start winning trades.

Winning Trades – The Bottom Line

So, if you have a stable source of income, you put less than 50% of your net worth into trading, you have a well written budget and plan, and a well defined trading plan and strategy, then your chances of winning trades increased drastically. Make sure that you have a trading process that doesn’t interfere with the rest of your life, and you should be well on your way to winning trades.

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My Journey to Being a Winning Trader

Fabian FabianLatest News / Latest News / NewsLeave a comment

My Journey to Being a Winning Trader

Hey all, my name’s Scott Daniels, and I am now a fulltime professional trader, a winning trader who makes enough money in about 30 hours of trading per week to support myself, my family of four, and a few dogs too.

However, I wasn’t always a winning trader, and in fact, I’ve only been seeing such a great degree of success for the past few months. The fact of the matter is that once I had some solid training and trading education under my belt, I was well on my way to a happy and well balance life. When it comes down to it, I’ve got the Income Mentor Box Day Trading Academy to thank for this.

However, before I start talking about what Income Mentor Box was able to do for me, let me start at the beginning. This is the story of how I went from being an unhappy chef, working long hours for little pay, to being a winning trader that can easily support a whole family and who has plenty of free time to spend with that family.

Hey All, I’m Scott Daniels 

Life Before Being a Winning Trader

If there is one thing that is for certain, it’s that I was not at all happy with where I was at in life before becoming a winning trader. It’s pretty funny to say that, seeing as I was actually an executive chef at a five star restaurant. By all means, when compared to most other working folk out there, I had it alright.

I was earning a decent paycheck no doubt, but that said, I was working over 80 hours per week, sometimes over 90 hours per week, slaving away in a boiling hot kitchen, and cooking food for ungrateful people. It certainly was not ideal, especially seeing as I never got to see my family or spend time with my family.

For all of these reasons, I decided that I wanted something bigger and better. I had seen many people on YouTube and online, so called professional traders who were making thousands of dollars with ease, doing nothing but sitting in front of their computer and trading currencies. This definitely sounded like a fantastic way of life to me.

So, I figured, what the heck, and I started trading. Well, I invested $3,000 initially, and who would have guessed, I lost it all, every last penny.

As it seems, starting trading isn’t something you just do with no prior experience or training. Apparently, trying to trade without knowing how to do so is nothing more than a recipe for failure. For this reason, I decided to take an online trading course, which mind you, wasn’t particularly cheap.

Winning Trader

 

My First Attempt at Learning to Trade

So, I decided to take some random online trading course that promised that I would become a winning trader in just a couple of weeks. This course cost me upwards of $1,000, and as I quickly figured out, it was not a good course. It consisted of just 20 lessons, and they honestly were not very detailed or helpful.

The teacher sounded like a monotonous robot reading a script. He didn’t give a darn if we actually learned anything. This trading course wasn’t about helping us, the students, make money, but rather about sucking us dry of our money. It was really just a scam designed to take my money. The lessons were more or less incomplete, the teacher was terrible, and there was no way to communicate with him or to ask questions.

As I quickly figured out, both from this and from asking around, many online trading courses are like this. I even tried using the “skills” (skills being a word I use very loosely here), to place some trades. Yeah, so, I won 2 out of 30 trades I placed. As you could Imagine, I was not happy. I used every tool and skill this course provided me with, which is obviously not much at all, and it just made me lose more money.

Well, at this point I was totally disillusioned with the whole trading thing, and just wanted to call it quits. However, I still wanted to make a better living, and I still wanted to spend more time with my family, so I searched around one last time to see if I could find a decent trading course that could indeed turn me into a winning trader, and this is when I came across Income Mentor Box.

 

Becoming a Winning Trader with Income Mentor Box

When I first saw Income Mentor Box, I figured that it was just another money grab like the other courses I had seen. However, from the hundreds of positive reviews and testimonials I read, it definitely seemed like the real deal. So, I figured what the heck, let’s give it one last shot, and boy am I ever happy that I did.

Folks, it’s no joke when I say that this trading course, Income Mentor Box, is legit, the real deal no doubt. I was pleasantly surprised by the fact that the curriculum consisted of well over 50 full length, comprehensive, and easy to follow training tutorials. These lessons were very well organized and structured.

Winning Trader

They actually started off with the simple basics, and then slowly moved along to the more complex stuff. Not only were the lessons designed in such an order to allow me to build upon each one in a consecutive manner, but the lessons themselves were also very easy to follow along with. Andrew has this way of explaining everything with his words, and then using live trading examples, to make all of these super difficult trading concepts easy to understand.

Now, I was never one to say that learning can be fun, but in this case, I got as close to having fun learning as I ever have. The most fun part of all was being able to put these skills to use. What I also have to say about Andrew is that he is very approachable, by which I mean that I was always able to contact him to ask questions when I didn’t understand something, and he always gave me detailed and helpful responses.

Now, while $299 seemed like a lot of money to spend at the time, it was still a fraction of the cost as other trading classes, and it provided me with way more value.  For under $300, I was provided with all of the tools and skills I needed to become a winning trader, and it was all taught to me by a friendly, approachable, and ready to help teacher.

Winning Trader

 

My Life Today

Now it’s been just about a full year since I completed the IMB trading course, which mind you, took me a couple of months, and I am now indeed a winning trader. Keep in mind that when you join Income Mentor Box, you can take as long as you like to work your way through the course. I did have some trouble points, and some of the lessons were more difficult than others. I actually watched some of the lessons up to three or four times.

The fact that IMB provides full and unlimited access to all course content for the rest of your life is a big deal no doubt. Sure, I was told that some people take a couple of weeks, but I took a couple of months, and that’s just fine.

Anyway, now that I’m done the course, I’m winning anywhere from 70% to 90% of the trades that I place, which is of course great. Thanks to Income Mentor Box, I was able to quit my job as a chef. I can now spend as much time with my family as I want, while also making a lot more money than before.

I make more money now trading 30 hours per week than I did cooking 90 hours per week, way, way more money. I don’t regret joining Income Mentor Box for a single second, as it provided me with the tools and skills I need to be a winning trader, to be happy and successful, and to spend more time with my loving family.

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Things that Professional Traders Do Well

Fabian FabianLatest News / Latest News / NewsLeave a comment

Things that Professional Traders Do Well

If you are just getting into trading, whether it be Forex trading, crypto, currency trading, the stock market or anything in between, the fact of the matter is that if you are a beginner, you probably don’t know how to trade. Of course, getting a good trading education is going to help a whole lot, but with that being said, no matter what kind of education you have, there are always things that professional traders do that newbies don’t.

In other words, what we are here to talk about today are the things that professional traders do very well. The things that professional traders do in order to profit. Of course, making profits is a big part of the equation, but minimizing risk is another part. As somebody who is just getting into the world of trading, there are many different tips and rules that you need to follow in order to be profitable and successful. Today, we’re here to talk about some of the things that professional traders do to make money, things that losers often forget to do.

professional traders

Things That Make Money for Professional Traders

Right now, we want to talk about some of the most crucial things that you as a trader need to do in order to be profitable. These are all things that professional traders do on a daily basis.

professional traders

Be Independent

One of the absolute worst things that you could possibly do in trading is to not be independent. There are all too many newbies out there who will go to various social media platforms, forums, and other unreliable sources of information. For tips and advice on trading. Most people will ask simple questions that can be answered through nothing more than a bit of research and testing. A lot of people will ask what is the best of this for that and so on and so forth.

You should not be asking what or when, but you should be asking why the fact of the matter is that there is no best trading strategy for any given situation, but a certain strategy may be best for a given situation based on a variety of factors. Therefore, you always need to be asking yourself why a specific trading strategy works or why a specific event occurred. You need to be able to think independently to create your own hypothesis and to test them by yourself as well.

You Need to be Willing to Put in the Work

One thing that professional traders do very well is to put in the required work, especially when it comes to testing out various trading strategies. For instance, one thing that you might ask yourself is whether a 10 week breakout or a 50 week breakout is better in terms of your returns relative to the risk. A lot of newbie traders might be tempted to just go online and type this question into Google.

However, the answers you get are going to be extremely varied depending on who wrote them and what situation they are talking about. Therefore what you need to be able to do is to go do some back testing. You need to be able to analyze both of those time periods for a variety of stocks and then come to your own conclusion. You have to get your hands dirty and be willing to do the work on your own, always relying on others for answers and information just isn’t going to work over the long run.

Managing Expectations

Yet another thing that professional traders do very well is to manage their expectations. Many newbie traders expect that they will be able to make a huge profit every single day and to be able to grow their trading account to 7 or even eight figures within just a couple of months. However, the unfortunate reality is that this just is not how life works.

When it comes to trading, sure you might get lucky, but the simple reality is that 99.9% of traders will completely bottom up and blow out their accounts by attempting to do this. Remember, trading is a marathon, not a sprint, and this means that you need to be calculated and you need to take your time. The simple fact of the matter is that you’re just not going to make profits every single day.

Managing Risk

The next thing that professional traders do extremely well is to manage risk. What you need to know here is that no range sustains all of the time that no market trends all of the time, and that no strategy works all of the time, and therefore you need to be able to manage your risk appropriately.

This means that you need to know how to size your positions, how to use reduced leverage, and how to use stop loss.

Moreover, you also need to consider how much of your total trading capital that you want to invest for trade. Most professional traders will never invest more than two percent of their trading capital into a single trade. Therefore, if you lose a trade, at least you don’t lose all that much money.

Keeping Emotions in Check

The other thing that you need to be able to do, something that all professional traders do very well, is to keep your emotions in check. Folks, emotions have no place in trading, none whatsoever. Trading is all about logical thought and reasonable deduction. Nothing more, and nothing less.

If you are on a winning streak, don’t get too overzealous, happy, and start placing huge trades, because losses are always around the corner.

On the other hand, don’t be too discouraged if you lose a few trades, because there are always greener pastures ahead. Stay calm, cool, and collected, and if you are using a proven trading strategy, stick to it. Remember folks, consistency is key.

Trading as Professional Traders Do – Final Thoughts

The bottom line is that if you want to emulate the results that real professional traders can achieve on a daily basis, starting with the above rules and tips is definitely a good way to go.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.  

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