Siby Varghese is a pioneering trader who has begun his trading career from 2010. Having 10+ years of experience, he has established a formidable reputation in the trading industry. His knowledge and expertise in this business segment have allowed him to successfully help numerous traders achieve their targets. He has taught over 800 students on How to Trade Currency and have Managed Funds over 6 million USD. Siby Varghese is a well-known name in the trading industry. Now he is coming forward with his team of 20 young and enthusiastic traders. His years of experience and professionalism are the strength of his team. He is today also known as the best fund manager and the grandmaster of this business segment. His success has led him to write books on Currency trading to help newcomers coming into this line.
PATTAYA, THAILAND / ACCESSWIRE / October 1, 2020 / Having trading mistakes is part of the journey of every trader. If you're new to trading or even if you've been trading for decades in the markets, you're bound to make some mistakes.
Some failures in trading are more expensive than others. And the reality is that certain mistakes are hard to acknowledge. And for some traders, it can define the difference between being a good trader or losing one by ignoring a mistake and doing it over and over again.
Siby Varghese, CEO of SV Traders and co-founder of SynergyTech (India's leading auto-trading fintech enterprise), shares 6 of the key trading mistakes frequently committed by traders in this article. Being aware of them and eliminating them at all costs can be in your best interest.
Trading without having any market research
Some traders can open or close a position on gut instinct, or because they have heard a tip. Although this may often deliver results, before deciding to open or close a position, it is substantial to back up these instincts or tips with facts and market analysis.
You must understand the business you are approaching intimately before you open up a position. Is there a demand for over-the-counter, or is it on the exchange? Does the particular sector have a high degree of uncertainty, or is it more stable? Before committing to a position, these are some of the aspects you should research.
Not having a specified trading plan
A trading strategy is a written report detailing your approach. It determines how you are going to trade what, and when. Your strategy should include what markets you are going to sell in, what time and timespan you are going to use to research and make trades. Your strategy should detail your guidelines for risk management and detail precisely how you are going to join and leave markets on both winning and losing markets.
If you don't have a trading plan, you're gambling pointlessly. Develop a trading plan and test it in a demo account or simulator for feasibility before using real capital to implement it.
Absurd Expectations
Let's be truthful: if you're just starting up on trading, any time soon, you're not going to make a fortune. There are cases, of course. But there are cases everywhere; it's just very doubtful that you're going to be the next "wonder kid." Instead, you're going to head down the same path that most traders do.
And, that's a bumpy lane.
Now, this does not mean that you can't perform. And if you have a limited capital, over time, profits may be multiplied. Many traders, though, do not comprehend what it requires to get there.
A combination of intelligence, character traits, and attitude contributes to efficient trading. Neither of these is something you can't grow, but you're expected to fail without hard work and determination.
Not using a stop-loss level
Trading without employing a level of stop-loss is like riding without breaks in a bike. It's too risky. But despite that, without using this valuable method, many traders still trade. And it ends up with devastating setbacks in most situations. Unnecessary casualties, and avoidable ones. You will prevent going too far into a losing position if you correctly use a stop-loss stage.
You would be in a better spot if you use this as part of your risk control, whether you want to add a 'hard' stop-loss as soon as you start a deal, or you have a 'soft' stop-loss amount in front of you as you trade.
Taking too big positions
The lure of a great winning trade is undeniably on the mind of any trader. And there is still the desire to take a major position (thinking that it would be a winning trade). But it can be dangerous to take that big a position on trade as proven time and time again. No promise is made that the trade will go the way you want it to go. Thus, if you lose 50 per cent of your equity in a single transaction and the transaction turns against you, your trading capital will be badly dented.
"Siby Varghese, a prosperous trader, said in one of his interviews: "Your positions are far too high if you can't sleep at night thinking about your open trades. And this is not healthy for both of you and your trade capital".
Not Comprehending Leverage
Leveraged trading may sound like an enticing option, but before opening an account, it is important to thoroughly understand the ramifications of leveraged trading. It is not unknown for traders with little understanding of leverage to suddenly find that their gains have wiped out the entire worth of their trading account.
The use of a high degree of leverage is one of the cardinal sins of traders, particularly those who do not completely understand how leverage operates. Some people just see possible gains and disregard future loses. This could result in a complete wipeout of your trading resources if you use a high leverage level and the transaction turns against you.
So, starting low is the perfect way to utilize leverage. Consider using the lowest amount of leverage provided by your trading company. Until you are more familiar with how to use jobs, if you prefer, you can increase the amount of leverage.
Attempting to predict the news
Amid scheduled economic news updates, often pairs rise or fall dramatically. Predicting the path that pair would head, and taking a spot before the news comes out, seems like a simple way to make a windfall profit. It's not.
Sometimes, bef
Learn from Failure & Become a profitable trader with Siby Varghese
Siby Varghese is a pioneering trader who has begun his trading career from 2010. Having 10+ years of experience, he has established a formidable reputation in the trading industry. His knowledge and expertise in this business segment have allowed him to successfully help numerous traders achieve their targets. He has taught over 800 students on How to Trade Currency and have Managed Funds over 6 million USD. Siby Varghese is a well-known name in the trading industry. Now he is coming forward with his team of 20 young and enthusiastic traders. His years of experience and professionalism are the strength of his team. He is today also known as the best fund manager and the grandmaster of this business segment. His success has led him to write books on Currency trading to help newcomers coming into this line.
Having trading mistakes is part of the journey of every trader. If you're new to trading or even if you've been trading for decades in the markets, you're bound to make some mistakes.
Some failures in trading are more expensive than others. And the reality is that certain mistakes are hard to acknowledge. And for some traders, it can define the difference between being a good trader or losing one by ignoring a mistake and doing it over and over again.
Siby Varghese, CEO of SV Traders and co-founder of SynergyTech (India's leading auto-trading fintech enterprise), shares 6 of the key trading mistakes frequently committed by traders in this article. Being aware of them and eliminating them at all costs can be in your best interest.
Trading without having any market research
Some traders can open or close a position on gut instinct, or because they have heard a tip. Although this may often deliver results, before deciding to open or close a position, it is substantial to back up these instincts or tips with facts and market analysis.
You must understand the business you are approaching intimately before you open up a position. Is there a demand for over-the-counter, or is it on the exchange? Does the particular sector have a high degree of uncertainty, or is it more stable? Before committing to a position, these are some of the aspects you should research.
Not having a specified trading plan
A trading strategy is a written report detailing your approach. It determines how you are going to trade what, and when. Your strategy should include what markets you are going to sell in, what time and timespan you are going to use to research and make trades. Your strategy should detail your guidelines for risk management and detail precisely how you are going to join and leave markets on both winning and losing markets.
If you don't have a trading plan, you're gambling pointlessly. Develop a trading plan and test it in a demo account or simulator for feasibility before using real capital to implement it.
Absurd Expectations
Let's be truthful: if you're just starting up on trading, any time soon, you're not going to make a fortune. There are cases, of course. But there are cases everywhere; it's just very doubtful that you're going to be the next "wonder kid." Instead, you're going to head down the same path that most traders do.
And, that's a bumpy lane.
Now, this does not mean that you can't perform. And if you have a limited capital, over time, profits may be multiplied. Many traders, though, do not comprehend what it requires to get there.
A combination of intelligence, character traits, and attitude contributes to efficient trading. Neither of these is something you can't grow, but you're expected to fail without hard work and determination.
Not using a stop-loss level
Trading without employing a level of stop-loss is like riding without breaks in a bike. It's too risky. But despite that, without using this valuable method, many traders still trade. And it ends up with devastating setbacks in most situations. Unnecessary casualties, and avoidable ones. You will prevent going too far into a losing position if you correctly use a stop-loss stage.
You would be in a better spot if you use this as part of your risk control, whether you want to add a 'hard' stop-loss as soon as you start a deal, or you have a 'soft' stop-loss amount in front of you as you trade.
Taking too big positions
The lure of a great winning trade is undeniably on the mind of any trader. And there is still the desire to take a major position (thinking that it would be a winning trade). But it can be dangerous to take that big a position on trade as proven time and time again. No promise is made that the trade will go the way you want it to go. Thus, if you lose 50 per cent of your equity in a single transaction and the transaction turns against you, your trading capital will be badly dented.
"Siby Varghese, a prosperous trader, said in one of his interviews: "Your positions are far too high if you can't sleep at night thinking about your open trades. And this is not healthy for both of you and your trade capital".
Not Comprehending Leverage
Leveraged trading may sound like an enticing option, but before opening an account, it is important to thoroughly understand the ramifications of leveraged trading. It is not unknown for traders with little understanding of leverage to suddenly find that their gains have wiped out the entire worth of their trading account.
The use of a high degree of leverage is one of the cardinal sins of traders, particularly those who do not completely understand how leverage operates. Some people just see possible gains and disregard future loses. This could result in a complete wipeout of your trading resources if you use a high leverage level and the transaction turns against you.
So, starting low is the perfect way to utilize leverage. Consider using the lowest amount of leverage provided by your trading company. Until you are more familiar with how to use jobs, if you prefer, you can increase the amount of leverage.
Attempting to predict the news
Amid scheduled economic news updates, often pairs rise or fall dramatically. Predicting the path that pair would head, and taking a spot before the news comes out, seems like a simple way to make a windfall profit. It's not.
Sometimes, before choosing a sustained direction, the price will move in both directions, dramatically and rapidly. Which means, within seconds of the press release, you are just as likely to be in a major losing trade as you are to be in a winning trade.
Instead of forecasting the way the news will carry the economy, having a tactic after the press release that lets you into a trade. Excluding all the unpredictable threats, you will benefit from uncertainty. An example of this method is the currency exchange policy of non-farm payrolls.
Conclusion
It's not easy to trade, and that's fine. If it were simple, it wouldn't be exciting – or potentially lucrative.
Do the research, practice, and learn. Have your impulses under control. Some speculation is fine, otherwise, you won't want stocks to trade. Some fear is good or you'd lose all your capital. Just do not let your fears overturn your experience of trading.
Sure, it's simple to say, but while the markets are open and busy, it's hard to do that. But once you practice and get the best of it, you'll be super happy that you did it.
ore choosing a sustained direction, the price will move in both directions, dramatically and rapidly. Which means, within seconds of the press release, you are just as likely to be in a major losing trade as you are to be in a winning trade.
Instead of forecasting the way the news will carry the economy, having a tactic after the press release that lets you into a trade. Excluding all the unpredictable threats, you will benefit from uncertainty. An example of this method is the currency exchange policy of non-farm payrolls.
Conclusion
It's not easy to trade, and that's fine. If it were simple, it wouldn't be exciting – or potentially lucrative.
Do the research, practice, and learn. Have your impulses under control. Some speculation is fine, otherwise, you won't want stocks to trade. Some fear is good or you'd lose all your capital. Just do not let your fears overturn your experience of trading.
Sure, it's simple to say, but while the markets are open and busy, it's hard to do that. But once you practice and get the best of it, you'll be super happy that you did it.
Contact:
Name – Siby varghese
Contact +447452056624
Contact mail – info@sibyvarghese.com
Company – SV Traders LTD
SOURCE: SibyVarghese.com
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https://www.accesswire.com/608682/Learn-from-Failure-Become-a-profitable-trader-with-Siby-Varghese
