5 things I wish I knew before I started Trading!
As you embark on your trading journey, keep these five lessons in mind. Embrace the power of a well-designed trading plan, prioritize your well-being, let trades come to you, focus on mastering one strategy at a time, and learn from both wins and losses. With VEMA Trader as your trusted companion, you’ll be equipped to navigate the exciting world of trading with greater confidence and success.
BEFORE – I thought I had to check the charts multiple times per day for hours at a time., Being a Mum with young babies this was just too much to maintain and didn’t put me in a good head space for trading.
NOW – My trade plan fits in with the time I do have. Based on my current life demansa I’m committed to checking my charts once per day so I have a daily trade plan. Should my demands increase for a period of time I can adjust this to a weekly or monthly plan.
My trading plan should reflect how much time I have.
2. Your #1 job as a trader is to feel your best
BEFORE – I thought to be a good trader I had to spend hours watching charts and placing trades each day.
NOW – Thanks to VEMA Trader, I set my trade entry and exits and I don’t check the chart until the next day. I wait for the trades to come to me. I use my time away from the charts to work on my trader psychology, physical health, mental health, and to have fun and spend time with friends and family. This is what makes me the best trader I can be.
Looking at charts all day does not make me a better trader!
3. Set your trades to execute while you sleep, work and play
BEFORE – I was looking at the charts for a trade to enter right away. This created so many emotions and analysis paralysis, and often resulted in poor “emotion driven” decision making.
AFTER – Thanks to VEMA Trader, I now setup trade plans for anticipated moves in the future based on my technical analysis. They are set to trigger automatically when the trade plays out. Not having to make the decision to enter in the moment has removed much of the emotion from my trading.
Let the trade come to you!
4. Master one skill at a time, then repeat
BEFORE – I was trying to trade anything I saw in a chart. As a beginner trader this is like trying to learn how to be a nurse, a landscaper, and an electrician all at once.
AFTER – I am learning how to master breakout trading only. If I see a retracement or a triangle or a reversale, I manage my FOMO emotoipmns by sticking to my breakout trading plan only. I’m not only mastering breakout trading, it’s an opportunity to manage my FOMO emotion. The automatic journalling on VEMA collected by trade data. This meant that when I analysed my trade history I could clearly see that Breakout Trading has the highest win rate for me.
Don’t try to trade it all!
5. Losses are a necessary part of success
BEFORE – I did not have a maximum 1% risk rule and I was not learning lessons from my losses. My losses were driving a ‘revenge trading’ emotopn in an effort to recover them. This never ended well.
AFTER – I use VEMA Trader to automatically calculate the position size ensuring I stick to risking 1% of my capital each trade. It also forces me to journal all of my trades. I analyse each trade to learn and apply lessons to my future trades. I understand that the lessons from the losses are far more valuable than the lessons from the wins.
Win big. Lose small. The lessons from losses are the most valuable!
By Lauren Angove