Select the account you'd like to open


The number one lesson for traders

If I could go back into the mists of time and organize for my younger self to be told one thing before I embarked on a career in trading it would be this: “You need to learn to be a trader”

Many people start with the mindset that they need to learn about whatever markets or financial instruments they plan to deal in. This is important but it’s not enough.

Learning about markets won’t teach you how to trade. Trading is also different to investing.  A lot of the time people assume the problem is with shares or forex; CFD’s or options or whatever it is they are trading.  In fact the issue is often that they haven’t learned to trade.  Market experts commonly fail as traders even though they may have been successful as longer term investors.

A vital part of learning to be a successful trader is to get beyond the stage where all your strategies are about trying to avoid the pain of loss on each individual transaction.

Trading can be a great pursuit and very rewarding both intellectually and financially.

If you are thinking of getting involved, I reckon you could do a lot worse than to begin by reading “Trading in the Zone” by Mark Douglas. This is a great read on how traders need to think to succeed.  If I had my time again, I’d read this before I began investigating the markets themselves  

Sign up for market update emails