The more I trade, the more I think I am bad at it
“The more I trade, the more I feel I suck at trading," GrandCapital meet phrases like this around trader forums and even in their support chat. Many traders meet negative emotions and feelings but not everyone can handle them. Here are the tips from experts of GrandCapital on how they beat trading disappointment productively.
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Remember the end goal.
The financial goal is where your work in the market begins. It helps to build trading plans, choose a strategy, and return to trading after unsuccessful deals. If you haven't decided on a goal yet, it's time to do it now.
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Pick another trading strategy.
You trade, but there are no results? You may have chosen the wrong trading strategy. A strategy defines many things in trading, and if it doesn't match your skills, knowledge, goals, or character, then it's worth changing.
For example, if it is difficult for you to follow the charts and react quickly to price changes, the scalping trading strategy will disappoint you. In the blog, we have an overview of different trading strategies — find a new option among them.
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Find a reason for your loss in the trading journal.
The trading journal. It helps to monitor all transactions and identify patterns in your actions.
Same in trading — we look for a pattern and decide how to work with it. For example, you notice that evening deals bring more losses due to fatigue. In this case, it's better to shift your trading activity to a time when you are as focused as possible.
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Revise the list of trading instruments you’re using.
There is a rule: Don't trade what you don't understand. Traders often violate it by pursuing short-term benefits.
For a quick check-up: do you understand how a particular tool in your portfolio works? What factors affect the movement of the price of these assets? What is the current trend in the market? When you answer these questions confidently, your transactions will bring a stable and predictable profit.
Read more news, study the history of tools and work only with those you know.
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Open a different trading account.
A trading account is a thing that you can choose. GrandCapital has six types of trading accounts for various levels of training. If you need other trading instruments, trading conditions, or a trading terminal, try switching to another account and revising your trading plan concerning the changes.
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Implement the techniques of risk management in your work.
Stop Loss, Take Profit, and risk/reward ratio are the basic risk management tools. Still, many hesitate to use them because of unawareness or doubt that they use them correctly. Perhaps it is Stop Loss that would help you get your confidence back.
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Reach out to like-minded people.
When something goes wrong in trading, talking to colleagues helps the best. They work in the same field as you; they may open and close deals for the same instruments. Share your experience with other traders in chats, groups, or our Telegram channel.
And above all, be persistent and keep going.
