Before you read this article, ask yourself "To what extent do I want to be a trader and the level of desire is high or just simple?"
Many see change as a very difficult thing to do. It involves ego, laziness, reason and so on. But the first and most important thing to stop burning an account is to change.
The discussion in this article requires your commitment, not just a commitment to read but to practice and continue to practice consistently.
The intended changes are:
Change the way you think about trading. One of the things that makes a trader's account burn (MC) and continue to exist is because he always thinks of profit over risk and also the mindset of wanting to get rich quick still thickens in his mind.
Change that thinking by digesting that each trading system has its probabilities.
To be a consistent trader the profit is to have a 60% profit rate, and by using account management calculations correctly especially the use of the correct Risk Reward Ratio such as 1: 1 and above then your account can be a profitable account.
Many people are fed up with 1 trade that uses full margin or is known as the ‘elephant lot’ and some even like the ‘dinosaur lot’ so that the money to eat and drink baby milk runs out!
You are not a gambler, but a trader. So let the system trade and correct the thinking system first before you get the trading system.
Apart from that, avoid 'expecting' the price to go anywhere but do a good analysis and always trade what you see, not what you think.
Change the way emotions act. As many successful traders say, emotions play a role of up to 90% as a trader.
Emotional training is essential. And it starts with financial management. Many can not control their emotions because the money deposited is money to eat and drink daily, when loss, start raving, swearing here and there.
How to train emotions? Before trading, get and trade surplus money. No extra money? Increase income through other work first. Control your finances, save for trade.
When we know that the money is for trade only then our emotions will be more stable. And when it comes to trade, loss or profit, teach emotions to act professionally.
Greed and fear will always be friends but only you can control these 2 emotions. So, always practice controlling your emotions well.
Change the system if the loss percentage is higher. If you have started a trade, and almost 90% of the trade, you lose then you have to check the system again.
Always strengthen the basics of trade, the more knowledge we have the more we feel is not enough. Get it from the right source. Learning techniques is no problem but reinforce the basics first.
Conclusion
Be a professional trader. Train yourself to love reading books related to this industry. You want to be a consistent trader for profit, not just a trade for the jackpot.
