Trading Blog | 5 min read
How to start trading online - The ultimate traders mindset
This guide provides a detailed overview of how to start trading online and unlock the correct trading mindset to be a successful trader
Many people have dreams and desires when you ask them. For the most — nothing will ever come true. An extreme example of how few people realize their goals is the famous „New Year resolutions“. They usually look like this: more sports, more money, no more smoking, eating healthier.
After just two weeks, 50% of the goals have been forgotten and by mid-February at the latest, it’s as if they never happened. Other people refrain from setting goals because they already know they’ll fail to fulfill them. Why should they torture themselves at all? These people will live the same lives in the next 30-50 years. Day in and day out looks the same for them unless they are disturbed by external circumstances.
And then there is a small percentage of people who set goals and reach them. Then they set goals again and reach them again. Each goal is part of their larger dream or vision. Every day they come closer to this vision. They focus on getting on in their lives, while the rest of the world jealously calls these people “the lucky ones of society.” What are these people doing differently?
They set goals!
See the explanation about SMART GOALS and how you can use them in one of the next articles!
Why some people achieve their goals and others do not?
Proper formulation of goals is the crucial basis for achieving your goals. After that the process of goal achievement takes place. Again successful people differ from unsuccessful people.
Read both examples and find out what the difference is: A young man is set to run a marathon in 10 months. But he intends to train three times a week, while sticking to special nutrition plan. In the first week, his mother celebrates a huge birthday party with a food so delicious that he makes an exception. In the next week, he has a lot of professional appointments that he can not postpone so he does not make it to training. In the third week, he sprains his ankle unhappily and can not train for the next two weeks.
Understanding the mindset
1. “Bad luck,” he thinks. Finally, he had reached out and wanted to implement the goal that had been around him for so long in his head. But now fate was working against him. Now that he missed the first phase he certainly would not come in anymore. Maybe he should rather postpone the goal by a year. Next time the conditions are certainly better.
2. Right after healing his ankle, he put his plan into action. He had already thought of the phases where his plan might not have gone as well as he’d expected. Of course, having such a bad start is unfortunate. But he would not be deterred by small dropouts. His motivation had even increased. Too much time has been spent already. As planned, he ends up taking part in the marathon and being proud of himself to have achieved this goal in his life. Next thing he does is think over the challenges he could face next.
Both instances show obstacles handled differently. It is utopian to think that you will reach your destination without any obstacles. Your motivation will also varies. These are factors to which every person is exposed. The key is to handle obstacles the right way and be perseverant in pursuing your goals.
What you can control as a trader?
1. Your Risk (per Trade & per open positions)✅
Don’t risk more then you can afford to lose and most importantly don’t overtrade.
2. Your Entry ✅
Get the perfect trading entry (or close enough), and be confident in your trade. Even without the best entry, if you believe in your analysis, it will go your way.
3. Your Exit ✅
Plan your take-profits accordingly. Don’t be greedy and not close your trade. Move stop loss to break even if necessary
4.Position Size ✅
5. What you trade ✅
Only trade when your mind is clear, you have the time and have applied to the market.
6. How often you trade ✅
Don’t overtrade and get overexposed on our trading account
7. Your Reaction Towards the outcome ✅
Have control of your mindset. Be content with your profits and move on. If you take a loss, treat this in the same way.
8. Your Process ✅
1. Price Movement ❌
2. Market News ❌
Use fundamental analysis to set up your trades and apply towards your technical analysis. Anything can happen with market news so you should always be ready.
3. Outcome of a trade ❌
You can’t control the outcome of your trade but you do have the ability to take confident and smart actions.
Start trading the right way
At starttrading.com, our goal is to empower you to become a more successful trader and unlock financial freedom. We provide you with the information and educational content needed to learn how to trade.