40 Tips for Successful Trading with Pocket Option
By Pocket Option
Tip 1: If you want to stay in this business, leave “hope at the door and put a stop loss”.
Tip 2: When you start trading (open a position), start looking for signs that you are wrong. If you see them, then get out before you hit the stop loss.
Tip 3:Trading should be tiring, like working in a factory. If there is a guarantee in trading, it is: “excited traders drain their accounts”.
Tip 4:Don’t jump into the “next hot thing.” Develop your plan and follow it.
Tip 5: You trade other merchants of non-existent goods. You have to take into account (feel) the psychology and emotions behind trading.
Tip 6:Be aware of your own emotions. Irrational behavior is the downfall of every trader. If you shout in front of your computer begging for the price to move in your direction, you should ask yourself, “Is this rational?” Easy entry. Calm out. Put stops. Don’t shout.
Tip 7: Don’t worry too much – excitement increases the risk as it obscures the mind.
Tip 8:Don’t trade too much – be patient and wait for 3-5 good trades.
Tip 9: If you come to trade with the idea of making “big money”, you are doomed. This mental attitude is the reason for blowing up most accounts.
Tip 10: Don’t focus on money. Focus on the proper execution of commercial operations. If entering and exiting the trade is rational, the money will take care of itself.
Tip 11: If you focus on money, you will begin to impose your will on the market to meet financial needs. There is only one result from this scenario: you will give all your money to traders who have focused on limiting risk and letting their profits grow.
Tip 12: The best way to minimize risk is not to trade. This is a great truth, especially during low-volatility. If the price is not moving properly, then do not trade. Just sit back, watch and try to learn something. By doing this, you are more active in reducing risk and protecting your capital.
Tip 13: You do not need to trade 5 days a week. Trade 4 days a week, so you will be smarter during trading.
Tip 14: Prevent the loss of your capital. This means that you must have stop loss and sometimes staying out of the market.
Tip 15: Be relaxed. Take a position and put a stop loss. And if you decide to stay out of the market, who cares? You just do your job and actively defend your capital. Professional traders constantly suffer small losses. Amateurs resort to hope and sometimes prayers to save their trade. In life, hope is a very positive thing. In the world of trade, hope is a virus that infects and destroys.
Tip 16: Do not leave “red” position for the night.
Tip 17: Hold the winning positions as long as they move in their path. Let the market take you outside at its last stop.
Tip 18: Money Management is the secret to success. Don’t overload your trade. The more you overload it, the more hope comes into play when everything goes against you. The hope of trade is like acid for the skin, the more it stagnates, the more painful the results become.
Tip 19: There is no logical reason to hesitate when you put stop loss.
Tip 20: Professional traders accept losses. To make a mistake and not accept the loss is detrimental to your account and mind.
Tip 21: Once you have suffered a loss, forget about continuing to trade at any cost, especially when the loss is small. Do yourself a favor and take advantage of every opportunity to clear your head by taking a small loss.
Tip 22: Never let a position go against you more than 2% of your capital. Wider position – a tighter stop.
Tip 23: Use the daily chart to get an idea of the 30 day trend, the hourly chart to get an idea of the daily trend and the 5 minute chart to identify entry points.
Tip 24: If you are hesitant to take a position, it shows a lack of confidence, which is not necessary. Just take a position and set stop loss. Traders lose money in positions every day. Keep them small. The confidence you need is not whether you are right or not, but that you will always stop no matter what. So, in fact, you can alleviate this hesitation to “pull the trigger” by continuing to set your stops and reinforce this behavior.
Tip 25: Adding to a losing position is like a sinking ship that takes in extra water.
Tip 26: Add to a position that goes your way.
Tip 27: Adrenaline is a sign that your ego and emotions have reached a point where they cloud your mind. Realize this and immediately narrow your stop loss significantly to keep your winnings or close the position.
Tip 28: Look for suitable opportunities not to trade.
Tip 29: Most of the time you want to buy the product before the price jumps, then sell to current players after it jumps. If you buy after a jump, realize that professional traders are selling their positions in order to test the strength of the trend. They will buy them back below the level to which the price has jumped – where you usually put your stop when buying after a jump. Greed comes into play when the price jumps again and current players embark on a chase and buy the product. Understand how the trends are arranged and use this as an advantage when opening and closing a position.
Tip 30: Excessive self-confidence leads to financial ruin. When you justify losses with things like “They’re just putting weak hands in here”, that’s how you feel. Don’t hold a losing position. Cut losses. You can always get them back.
Tip 31: Unfortunately, discipline is not learned until you fail an account. And until you do that, you think it can’t happen to you. Indicative is this attitude that makes you hold losing positions and do it wisely all the way to the bottom.
Tip 32: Withdrawing winnings each month and depositing them in your current bank account is a good practice. This action will help you understand that this is a business and your business should generate profits every month.
Tip 33: Professional traders always invest a small part of their capital in one position. Or if they open a large position then they limit the risk to 1-2% of their capital. Amateurs usually put a large part of their account in one position and give it “room to move” in case they are right. This situation creates emotions that destroy their accounts, while professionals have the opportunity to make decisions and limit their losses because they strictly determine their risk.
Tip 34: More differences between professionals and amateurs: Professionals focus on risk management and capital protection. Amateurs focus on how much money they can make with each trade. Professionals always take the money of amateurs.
Tip 35: Don’t be a hero! In this market, the heroes are defeated. Adding money to a losing position is a “heroic move”. The forex market does not require blind courage, but elegance, finesse. Don’t pretend to be a hero.
Tip 36: Sadly, traders never realize the importance of “rules” until they “blow up” their accounts. Until you lose everything, it is not clear to you that it is very important and you must follow the basic rules of professional trading (limit the loss, let the profit grow, etc.).
Tip 37: The market intensifies bad habits… If in the beginning you find yourself in a losing position, which goes to 20% of your capital and there is an opportunity to get out after a big rise / fall, you are doomed. The market intensifies bad habits. The next time you allow a position to go to a 20% loss, you will hold it thinking that you will be able to get out again with some big movement (rise / fall) if you are patient and wait long enough. Then it no longer matters whether the product has been renewed or if good news has come out. You still need to protect your capital. Whether it’s sensible or not, you control the risk by always stopping.
Tip 38: Who is responsible for your trade?
A hallmark of an amateur trader who will achieve nothing in this business is that he constantly blames everything but himself as the cause of bad trade. While the pro sounds like this:
“I’m guilty because this position is too big for me.”
“I’m guilty because I didn’t fit my risk standards”
“I’m guilty because I really don’t know how to trade”
“I’m guilty because I know market players can take my money and I knew I was going there.”
“I’m guilty because I know there are risks in trading and I didn’t identify them fully enough when I took that position.”
Tip 39: The trader who does not use risk control, but is controlled by emotions, gives his money to the one who is controlled and uses proper risk control. Amateurs always think, “How much money can I make from this position?” And the professionals like this: “How much money can I lose from this position?”
Tip 40: At times, traders find that no one can tell them exactly what will happen the next business day, and you may never know how much money you will make. Then the only thing left for you to do is determine how much to risk in order to find out if you are right or not. The key to successful trading is to focus on how much money you risk, not how much you can earn.
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