The critical success factors you need to become a successful Platinum trader

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STRATEGY:

There are so many different strategies: value, growth, momentum, short selling, etc. Find one that fits your personality and do your best to master it. The fastest way to learn is to study success. In other words, find someone who is successful at the strategy you like, and then mimic them with your own style. Another key is to recognize when the market environment is not conducive to your strategy and make the proper adjustments.

CONFIDENCE:

If you don’t have confidence, you have very little chance of succeeding. This doesn’t just apply to trading; it applies to EVERYTHING in life (business, athletics, relationships etc.). With regards to trading, you have to believe in what you are doing and not be afraid to make mistakes. The key is to learn from them, make adjustments and constantly re-evaluate your progress.

PRODUCT FOCUS:

There are so many different trading vehicles, like most things in life it is better to be the master of one than a jack of all trades across several different trading vehicles. We are FOREX traders. Master your Currency and understand the full characteristics as I spoke about in one of my technical webinars.

STOP TRADING MULTIPLE TIME FRAMES:

If you are too nervous, maybe short-term trading isn’t for you. Everyone wants to make tons of money in the market really fast, but keep in mind that is not a healthy approach. Most people with this mindset tend to be “boom and bust” traders. They make a bunch of money and eventually blow up. If you are truly passionate about trading and hope to be in the game for a long time I recommend focusing on a slow and steady approach.

ABILITY TO MAKE DECISIONS:

If you go to the subway, stare at the menu for 10 minutes and still can’t decide what to order … then you have NO shot as a trader. You HAVE to be able to make decisions. You can’t hesitate all the time and trade with fear. Who cares if you make a bad decision, just MAKE ONE!!! If you are wrong, you will learn from it and make a better decision next time. As a motivational speaker would say “Good decisions come from experience, and experience comes from bad decisions.” The key is to stop trading with so many fears and MAKE a decision. Who knows? You might end up making the right choice, which will increase your confidence and enhance your ability to make sound decisions in the future.

CONVICTION:

This is very similar to confidence, but what I am referring to specifically is to have conviction in your ideas. It amazes me how many people will buy a currency just because someone on TV or Twitter mentions it. Don’t get me wrong I love to listen to ideas, but it has to fit my strategy in order for me to buy it. Same thing applies when someone says something negative about a trade you are in. Don’t be so easily swayed or talked out of your positions. Have conviction and let the MARKET prove you right or wrong! Remember you are a platinum trader who has the whole plan set out in front of you at morning bell so Just follow the rules.

ABILITY TO CUT LOSSES:

I’ve studied the best traders in history and they all have the same number one rule: CUT YOUR LOSSES! As a Trader, think of your cash as your inventory. If you can’t cut losses quickly, eventually they get bigger and bigger, and you will have no inventory left to work with. I have a strong conviction in my ideas but when the MARKET proves me wrong, I let go of my ego, cut my losses and move on.

Learn To Trade Forex

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The decision to learn to trade forex can be a rewarding and profitable one, once you’ve mastered the fundamentals. The Platinum Training Academy offers lessons that start at the beginning and can be tailored for learners to move at their own paces. At first glance, forex trading can appear quite complex, with a whole new vocabulary to learn. To formulate good trading strategies, you’ll first need to understand the meanings of leverage, pips, and currency pairs. These concepts are covered in detail in these forex tutorials in order to keep up with the latest trends in forex strategy.

All you need to get started with these forex tutorials is a desktop or laptop computer and Internet access.

Benefits of Trading Forex

Forex is short for “foreign exchange”, referring to the selling and purchasing of currencies in foreign exchange markets. Speculators and various types of financial investors make up a large percentage of experienced regular forex traders. Due to the nature of fluctuations in currency values, the first fundamental lesson of forex is to buy currencies at low prices and then sell them when those values increase during a given trading time period. The ideal market conditions occur when you’re able to buy undervalued currencies and sell them at exactly the right moment in order to turn a profit.

A major advantage of forex trading is that it teaches skills that will benefit you in many areas of the business world. The more you practice making currency trades, the better sense you’ll develop about precisely when to enter and when to pull out of the market. Winning trades can be exciting and losing trades can be disappointing, but keeping these emotions in check is important for your being able to make the right trades based on logic and strategy. Some valuable traits to cultivate as a forex trader include:

  • self control
  • objectivity
  • the ability to put setbacks in perspective
  • decisiveness
  • skills at contingency planning

Learning Forex Trading

One of the best features of these forex tutorials is a demo account for every member who wants to master the basics of forex trading. This set-up is designed to mimic a real forex trading dashboards, but it allows you to learn to trade forex without spending any of your own money. This demo trading account replicates actual market conditions on any trading day, though it does differ somewhat from the real online environment of trading foreign currencies. Your demo account won’t rely on real market conditions, specifically on currencies’ liquidity. Some online tools available on real forex trading platforms also won’t be accessible from a demo account. Depending on the trades you make while learning on your demo account, you may see results that you wouldn’t be as likely to see when working with a live forex account.

As you progress in your forex tutorials, you’ll get an improved understanding of how to analyze current market conditions and make accurate short-term predictions. The ability to examine financial markets with definitely increase your chances of making currency trades that will result in gains. With the trading demo platform, you’ll get to access at the Platinum Training Academy will give the tools to work on these analytical skills, including charts and trackers for live prices changes in different types of currency. Once you’ve understand the fundamentals, you’ll be able to make the right decision when the best trade opportunity comes along. Forex trading markets are open 24 hours a day, six days a week. While developing the objective patience to wait for the best market conditions, the forex lessons you’ll access will give you plenty of opportunities to practice with these essential forex trading tools.

If you want to learn more about the Platinum way of trading, book for a free consultation session with one of our senior traders today.