4 answers
Asked
720 views
How can I improve my trading skills?
I've been making many losses in my trade recently and it strating to feel like I'm not good enough or I'm not improving, and it's breaking me so I really need help
Login to comment
4 answers
Updated
Angela’s Answer
Take the time to figure out why you made a loss. This applies to improving at any skill - understanding why you made a mistake is how you can stop making it.
In this case, what were your assumptions going into the trade? Which assumption(s) turned out to be wrong? Do you have a strategy and did you stick to that strategy? Did you correctly evaluate the risks going in, or did an unforeseen risk materialize?
Don't be discouraged by losses but use them as learning opportunities. Some losses are inevitable and part of taking risk, but if you're seeing repeated losses then consider whether you need to change your overall strategy or your execution of it. And if trading is making you feel bad, consider taking a break for your mental well-being. Being emotional can also cause you to make mistakes in judging risk, which can lead to bad trades.
In this case, what were your assumptions going into the trade? Which assumption(s) turned out to be wrong? Do you have a strategy and did you stick to that strategy? Did you correctly evaluate the risks going in, or did an unforeseen risk materialize?
Don't be discouraged by losses but use them as learning opportunities. Some losses are inevitable and part of taking risk, but if you're seeing repeated losses then consider whether you need to change your overall strategy or your execution of it. And if trading is making you feel bad, consider taking a break for your mental well-being. Being emotional can also cause you to make mistakes in judging risk, which can lead to bad trades.
Yuritza G Nino de Daall
Quality Assurance / Process Improvement / Project Manager
53
Answers
Flowery Branch, Georgia
Updated
Yuritza G’s Answer
Hi there!! Improving your trading skills takes time and patience, but there are several steps you can take to get better and build your confidence. First, it's important to start with the basics. Make sure you have a solid understanding of fundamental and technical analysis. Read books, take online courses, and follow reputable financial news sources to deepen your knowledge. Practicing with a demo account can also be very helpful. It allows you to test different strategies without the risk of losing real money, giving you a safe space to learn and grow.
Another key aspect is to develop a trading plan and stick to it. Your plan should include your trading goals, risk tolerance, and specific criteria for entering and exiting trades. Keeping a trading journal can also be incredibly beneficial. By recording your trades and the reasons behind them, you can review your performance and identify patterns in your successes and mistakes. This reflective practice helps you understand what works and what doesn't, enabling you to adjust your strategies accordingly.
Lastly, don't underestimate the importance of managing your emotions. Trading can be stressful, especially when you're experiencing losses. It's crucial to stay calm and not let emotions drive your decisions. Techniques such as mindfulness, meditation, or even just taking regular breaks can help you maintain a clear mind. Remember, every trader goes through rough patches, and losses are a part of the learning process. Stay patient, keep learning, and don't be too hard on yourself. With time and persistence, you'll see improvement.
Best of luck!!!!!
Another key aspect is to develop a trading plan and stick to it. Your plan should include your trading goals, risk tolerance, and specific criteria for entering and exiting trades. Keeping a trading journal can also be incredibly beneficial. By recording your trades and the reasons behind them, you can review your performance and identify patterns in your successes and mistakes. This reflective practice helps you understand what works and what doesn't, enabling you to adjust your strategies accordingly.
Lastly, don't underestimate the importance of managing your emotions. Trading can be stressful, especially when you're experiencing losses. It's crucial to stay calm and not let emotions drive your decisions. Techniques such as mindfulness, meditation, or even just taking regular breaks can help you maintain a clear mind. Remember, every trader goes through rough patches, and losses are a part of the learning process. Stay patient, keep learning, and don't be too hard on yourself. With time and persistence, you'll see improvement.
Best of luck!!!!!
Updated
Emma’s Answer
Hi Samod!
Please dont give up and definitely dont get discouraged! Things take time and sometimes the best things require time and patience. Think of all of your 'losses' as knowledge and practice you wouldnt have received without the road bumps.
Depending on what your trade is - are there any classes your community offers in your field? Is there someone who is successful that you know in your trade who you can shadow or bounce ideas off of? Dont ever feel like you cant/ shouldnt talk out the opportunities with someone else. They may have some great ideas and make you realize you arent alone in your tough times.
Never give up because something isnt easy. The best things come to those who wat :)
Please dont give up and definitely dont get discouraged! Things take time and sometimes the best things require time and patience. Think of all of your 'losses' as knowledge and practice you wouldnt have received without the road bumps.
Depending on what your trade is - are there any classes your community offers in your field? Is there someone who is successful that you know in your trade who you can shadow or bounce ideas off of? Dont ever feel like you cant/ shouldnt talk out the opportunities with someone else. They may have some great ideas and make you realize you arent alone in your tough times.
Never give up because something isnt easy. The best things come to those who wat :)
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Hey! If you're talking about trading in the stock market, you'll want to keep a few rules in mind that can start to help you do a tiny bit better. The first rule is that you don't want to lose money. People often try to make money, but the main thing to remember is that you just want to not lose any money. So if you see a security you own losing value, you may sell it to keep from losing more. And the next rule is, especially, if a security you own is a loss of 7% or more, you want to sell it so it doesn't lose more value.