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Accra, Oct 14, GNA – Anyone venturing into the world of trading grapples with the question: Is trading an exclusive club for a select few or a skill I, too, can develop? While the intuitive market prowess of giants like Michael Burry or Warren Buffett may seem unattainable, the truth is consistent trading is built on skills, discipline, and the right mindset.
Exness, one of the largest multi-asset brokers in the world, believes this potential can be unlocked with the drive to learn and the dedication to master the craft.
It’s all in the mindset
Trading is, first and foremost, about strategy – planning every move meticulously. It’s a skill that can be cultivated through practice and self-discipline. Even the titans of Wall Street started as novices. So, what propelled them up the ladder? They control their emotions, devise and stick to their trading plans, keep a curious mind, and are willing to learn from their mistakes.
With the right mindset, discipline and knowledge, you can also become an accomplished trader.
Making informed decisions
Trading demands a discerning approach. Just as you wouldn’t blindly follow the latest trend, consistent trading requires more than reacting to hype. These three real-world skills can pave the way to becoming an expert.
- The power of emotional control
Even seasoned traders can succumb to market traps or overlook a market opportunity. Trading cryptocurrencies, for example, can be a rollercoaster ride. In these situations, traders must maintain their composure and a clear mind to navigate the extreme highs and lows. One of the key takeaways? Always remain calm amidst the storm.
The 2021 bitcoin bull market is a clear example of how emotional decision making can lead to losses. Many traders were caught up in the hype, blinded by the fear of missing out (FOMO), ignoring the inevitable risk of a market correction. When the downturn occurred, these traders suffered substantial losses, highlighting the importance of emotional discipline.
FOMO (Fear of missing out), greed, and disregard for certain asset classes based on perceived value can be costly. A rational mindset and emotional detachment are your allies in navigating these pitfalls and seizing profitable opportunities.
Yet, being a true trader, in Exness terms, requires more than just resisting the urge to follow the crowd. This is where the analytical mindset comes into play.
- The analytical edge
Paired with emotional control, an analytical mindset is a trader’s greatest asset. It enables you to critically analyze market data, solve problems, and recognize patterns, leading to informed decisions.
To assist traders in developing this much-needed skill, Exness offers a bundle of fundamental and technical analysis tools accessible across devices. The economic calendar keeps you informed of market-moving events, while live news and expert analysis from FXStreet offers real-time insights.
Exness goes even further, providing up-to-the-minute trading signals, price alerts, and technical insights from Trading Central. These tools empower traders of all levels to make decisions in lockstep with the markets across multiple time zones, regardless of the market conditions.
- Embrace the challenge
Trading is a journey of self-discovery. Market trends change like the wind, and at times, it may seem like they are “moving against you.” Economic releases, corporate actions, supply, demand, and investor sentiment are among the key drivers of market movements.
However, some people can anticipate these movements. With a well-defined plan, commitment, thorough research, the right tools, and a willingness to learn from mistakes, you can navigate the market’s complexities and give yourself more power over your decisions.
Exness also goes beyond data visualizations and standard tools. The broker’s advanced algorithm aims to provide clients benefits from better-than-market conditions when trading, enhancing your trading power.
What does this all mean? It means that Exness safeguards your trading power by reducing your trading costs, where possible. Behind the scenes, Exness analyzes vast amounts of data to:
- Offer tight and stable spreads, even at times of high volatility.**
- Ensure fast execution to minimize the possibility of slippage.
- Offer you instant withdrawals* for extra peace of mind, knowing that you can access your funds at any given time.
- Benefit from negative balance protection and swap-free accounts.
So, do you think you were born to trade? The answer lies in your willingness to learn, adapt, and persevere. Embrace the challenge and unleash your potential. You can rely on Exness’ advanced and reliable platform to provide you with the tools and support you need to navigate the markets confidently.
Disclaimer: Trading is risky.
*At Exness, 95% of withdrawals are processed instantly (under 1 minute). Once your funds leave our custody, it’s up to your chosen payment provider to process the funds and credit your account.
**Spreads may fluctuate and widen due to factors including market volatility, news releases, economic events, when markets open or close, and the type of instruments being traded.
GNA