Trading is a platform that can offer you adequate revenue to live a better life. However, the same trading can drive you to excessive loss and a regretful experience. You might conclude that trading is not working for you or might put the blame on the market situation. Although the truth is that everything solely depends on oneself. The market has a chance to benefit you if you play it wisely with all the procedures which you must apply for a thriving trade or else the market may deceive you. If you continue to follow the same procedures, there are chances to get deceived by the market. The following is a list of all the methods that the market uses to fool you so that you can get rid of being deceived and start to earn money.
MINDSET IS EVERYTHING
People say, to be a successful trader, first act like a successful person. One should not dwell on the attitude which makes you say, "I can become a successful person once I become a successful trader" this cannot happen because you cannot achieve in trading without transforming and depicting yourself as a successful person. Clinch to a proper mindset which includes trading beliefs, goals, trading habits, and plans. Through this, you can accomplish in the market, and this helps you to get rid of being deceived.
The market has the chance to deceive you only when you are not aware of how the market plays. You must sit back and schedule the time to learn the market first. Being in the market all the time is not going to give you successful trades, and there are chances for the market or anyone to deceive you when you are not aware of the market tricks. It is better to garner the knowledge required to make smart moves in the market. So that no one can use your unawareness to defeat you.
TRADE EXIT EITHER MAKE YOU OR BREAK YOU
Trade entry seems to be most important in trading. However, the truth is, trade exit is the one which you must concentrate more because it is the place where you lose or make money. The fact is, the trade exit is harder than the entry, so your attention must be entirely on the exit plans. Trade exit not only refers to the exit part alone but also it indicates everything which is surrounded by the exit trade. Risk reward, resistance levels, stop loss, position size, should also be considered when saying the word trade exit.
SHORTCUTS NEVER PLAY THE GAME
Another way trading can deceive you is when you use 'shortcuts' to trade for huge and fast money. One needs to follow the procedures as it is without by-passing it. By doing so, one can achieve a successful trade. Do not fall for the shortcuts, which may not serve you for a long term profit. Instead of using shortcuts, you can indulge yourself in educating and gathering knowledge to avoid the defeat.
DIRECTIONS TO MAKE MONEY AND NOT GET DECEIVED
Risk-reward and Money management must be adequately managed to become a successful trader. On the other hand, you must concentrate on how to save your money and not in just trading as much as possible. When you approach trading with a motive to preserve your trading capital, you have the opportunity to have profits in the long term inevitably.
Follow the below-mentioned points to not to get deceived
- As a beginner, opt for a demo account and practice.
- Do not focus on money; instead, focus on trading. Once you get experience in trading, start focusing on the money.
- Have an analysis of charts.
- Don't involve in trading all the time; understand the fact that trading less and concentrating on the other aspects gives more profit in trading.
- Anticipate your trade.
- Find an honest trader who has been through the stages of profit and loss. Learn from him and follow the procedures he did to become a successful trader. Follow their strategy, only if it suits you because a strategy which suits a particular trader might not suit another trader.
By following all this, it is easy for you to be confident during the trade, and you are aware of how to play the game. So the market does not have any chance to deceive you.
"It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you'll do things differently." – Warren Buffett
Work by the proverb, plan the ways you are going to achieve and strike the market by practicing all kinds of the market situation before you hit the market.