Trading CFDs and shares are not only concerning charts and money. You need the total mindset of the whole person to CFDs trade and share trading. Professional CFD and share traders agree that the kind of orientation or a mindset of a person is important before one goes into the market to engage in the business of trading.
For instance, the sought-after mentor Justine Pollard who wrote the best-selling finance book called Smart Trading cites important steps to become a profitable trader the way she is today. Let us take a closer look:
1. Getting to know yourself better: What are your motivations for trading?
When you are in the business of trading, the totality of your person hood is involved. Getting to know yourself including your strengths and weaknesses is very crucial. When you engage in CFD trade and share trading, you do not only use your head. You are also using your emotions. Where risks, losses and triumphs are involved in the market, you need your physical strength to think and react in the most profitable manner.
Justine Pollard writes:
"You are the most important factor in your trading. You are the one who makes the decisions and you are the one who decides what happens once you open a trade. It is what goes on inside your head that will make or break you as a trader." (Smart Trading Plans, 8)
2. Believing in yourself: You are the key factor in your trade
You need to believe in yourself in the business of trading. You may have a support group of like-minded people, however, in the end believing in yourself is what sees you through a profitable trading despite the inevitable losses you encounter.
3. Evaluate yourself on a regular basis
Measuring your accomplishments and progress is a vital practice in trading. This discipline allows room for improvement. This is one of the ways to evaluate how far you have gone in your trading. This also gives you the chance to modify or amend strategies you believe you can use in a particular situation you have encountered throughout your business in trading.
Trading CFDs and shares are avenues where you get to know yourself better, not just as a trader, but also as a person.
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