What we do
Businesslynch.com was a boutique business blog, that offered trading signals and insights of the capital markets including USDJPY, Gold, Silver, SP500 and "hot" stocks with strong fundamentals. In the past, we provided online training and PDFs aimed at anyone seeking to make a profit online, which also aligns well with the millenia movement: Become an online entrepreneur and work anywhere, anytime. Below article answers on the question: How to become a success financial trader. You may also read more about why we exist on www.businesslynch.com/about.
Become a success trader
The first step to become a success trader is to email us your interest to get the pdf "Trading Techniques By Millionaire Traders".
In order to become a successful trader you need to recognize patterns as well as to manage risk and practice stability and calmness of your psychology. You further need to quickly synthesize information from price action, order books, long term trends, fundamentals, the big picture, and market sentiment. Next step would be to execute earlier mentioned information into a favorable risk-reward ratio followed by managing your position.
Managing your position would imply to add more money to a trade, or, to more your stop loss along your profiting trend, to add size, alternatively, to take some of the trade off from the market (profit taking). You may also get out of the trade completely (close a position). In order to become a success trader it is equally important with self-management; to stay calm and focused with a strong mentality in order to process new information efficiently and effectively (do the right things right).
Another way to increase your trading success is obviously through mentoring. This could be done by following success traders on social media, as well as, to buy trading books, or, to subscribe om magazines, alternatively to join trading events. You may also want to work in the FX industry, and network with like minded traders and investors to catch up with latest knowledge. The most expensive alternative is likely to hire a private trading coach with success track records; a person who can go through your trades in order to find your trading weaknesses to ensure maximal future profits.
It is also important to set your own trading rules, and stick to these rules, as well as, to write down each of your trades as part of analysing trading patterns including profit and losses. Example: Are you making most losses 8-10 AM of CAC40? Is it perhaps time to focus your efforts on other assets in different time periods for maximal net profits?
Intense concentration will be crucial for trading success; that is to say, if you trade the SP500, and in addition of having control of the technical signals, you want to watch other markets affecting SP500, such as: interest rates, currencies, corporate announcements, sector moves, and other related markets. A success FX trader understands the support and resistance levels, but also how the shifts in interest rates, and yield curves impact currencies including central bank policy decisions and macro economic reports.
There are a few success traders focusing merely on day trading (buy and sell within 1 day), but most of the traders who make money in this risky but lucrative business usually trade from a few days up to a few weeks in what we call swing trading, and they often trade on long term patterns. You may also follow people showing worthwhile research & worthwhile trading tips, and learn from these individuals, and practice your own rules and skill sets as part of becoming a success trader.
All necessary information is out there in the cyberspace, and it is not the access to information that is challenging today, but rather what information you may need in a particular situation for optimised results.