Everyone wants to become a successful trader in the retail trading industry. Day by day the number of active participants in the retail trading industry is rising at an exponential rate. But do you think that everyone is making money? You will be surprised to hear that majority of the traders are losing. So how do you become a successful trader when most traders are losing money? Here comes the tricky part. You have to know some advanced technique, to enhance your profit factors. But above all, you have to use strict risk management to save your investment. If you don’t use strict risk management it won’t take much time to lose your trading capital. Now we will give you some amazing tips which will help you to become a better trader in the retail trading industry.

Trade with the market trend

You have to follow the market trend to limit your risk. Those who trade against the long-term market trend loses most of the trades. Trading the market retracement is very hard and you can’t make any real progress using such system. You need to do your technical analysis in the higher time frame. Use the simple trend line tools to find the long-term market trend. When you draw the trend line make sure you are not connecting any points forcibly. This is very crucial to your success. A faulty trend line can cause a huge loss in your trading.

Use the pending features

The retail traders don’t know the premium features available in their trading platform. They are always looking to make money in the live market. But in order to trade all possible trade setups, you will have to stare at your trading charts all day long. But do you think this is the perfect way of trading? Simply NO. You can easily use the pending features available in your trading platform. But when you use the pending features make sure you use precise stop loss and take profit level.

Keep your trading chart clean

You need to keep your chart clear. Many retail traders often mess up their online trading platform by using tons of EAs and indicators. But EAs and indicators will never help you to become a successful trader. You have to learn the manual trading system. If the bots were so much profitable no one in the trading industry would have lost money. Just your logic and you will understand why the manual trading system is the best way of to execute quality trades.

Maintain a trading journal

Discipline is very important to save your investment. If you execute random orders without assessing the risk factors it won’t take much time to lose your investment. You have to follow strict discipline throughout your trading career. The best way is to follow a trading journal. When you start noting down the details of your trade, everything will become easy for you. During the weekend assess your trading history and you will understand your trading mistake.

Enjoy time with your family members

The successful traders always enjoy with their family members. You can’t become a robot to make money. You need to give yourself some space and time or else you will start making mistakes in real life trading. At times you will have to take an extended break from your trading career. If you always run after the money, it won’t take long to become a frustrated trader. Read lots of books and articles so that you can get a clear vibe of this profession. Trading is nothing but an art. You have found a perfect balance to make money without compromising your life standard. Always appreciate yourself for the achievements and you feel better. Join the professional trading community and try to socialize with new people. By doing so you can also learn many things which will help you in the long run.

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].