Beginners guide to becoming a successful trader

Trading can be a very scary and challenging industry to take on. It’s more than just buying low and selling high with mental and financial hurdles every step of the way. A trader has to firstly be so obsessed with learning the game, then be obsessed with playing the game but most importantly stay disciplined throughout. Only then, may the trader become a success.

I started trading at the age of 14, over the three years I was lucky enough to learn a lot of about the markets, trading and investing from very early on. If you’re just starting out or already an experienced trader, here are my tips for becoming a success:

1. Always Keep Learning

Trading is one of the only skills where there is mountains of data to learn from. Whether it be from the charts, the news or other traders, there is a monumental wealth of knowledge about trading available. Take a page out of all these books and write a story of your own. Unfortunately, there is no ‘perfect strategy’ that you may see on a YouTube or TikTok video. However, seeing what leading industry traders are doing can help you to devise your own methods of trading, creating a trading plan to suit your style. Everyone can bring a different perspective to the table and that’s often the biggest asset a trader can have- a 360 perspective. A successful trader is aware of the market conditions, different charting analysis and what leading traders are doing. If you want to learn how to trade, you have to learn from the best.

2. Work Hard

The monetary success that you see from young traders can manifest itself more often than not. It does however take a lot of hard work, time, effort and discipline to become a successful trader. The flashy watches, cars and parties can all come true, but it does take a leap of faith and commitment that needs to be watered with hard work and dedication. One thing that I found helpful when I started out was creating this mindset through the habits of my everyday life. Simple things like having a daily routine, being organised, taking up a martial art and looking after my health were all incredibly helpful to the success of my trading journey. All the great traders experience good and bad days in the markets. The most important factor of a successful trader is showing up day in day out and learning from your journey. You might make a horrible mistake, (trust me I’ve made a few in my time), but as long as you can learn from them, you can become a very successful trader.

3. Take a Step Back

A moment of reflection after each day can do wonders for your trading. Taking a step back to look at how the day has gone, but more importantly why it has gone that way, will help you learn and develop as a trader. Seeing things from another lens and taking that step back to see the bigger picture will nurture the mental toughness required for any great trader. Starting your day with a moment of mindfulness and reminding yourself of your personal rules and regulations can set you up for a successful day. Habits such as journaling will allow you to reflect not just now, but also to look back on the lessons you have learnt days, weeks and months into the future.

Most importantly, enjoy the process and keep at it. Learning how to trade now will be hugely beneficial in the long run and give you a skill that can be very very profitable. With these three tips, hopefully you can take a page out of my experiences and learn from the lessons I learnt on my way to becoming a successful young trader.