Traders can usually be put into two groups. One makes money trading, and the other doesn’t. The second one can’t stop thinking about why.
Why don’t I have any money coming in? Why do I have less money? Why doesn’t this plan work? Is there something wrong with the system? What can I do to make things better? … and so on.
There are a lot of answers because there are a lot of reasons why trading might not bring in the money that was expected. One of the reasons we want to talk about in this article is how you trade.
Now, let’s talk about four different kinds of traders you might meet at Pocket Option.
4 traders’ types you will encounter at Pocket Option
Traders who don’t know anything about financial trading
Some people think the best way to make money quickly is to trade. Then they sign up for trading platforms like Pocket Option, even though they don’t know much about trading. They just want to prove that it is easy to turn $10 into $100 quickly.
They might want to start with the free Pocket Option demo account. After a few transactions went well, they would feel ready to switch to the real account.
And now the trouble starts. Trading is more complicated than just putting money in, clicking a green or red button, and making a lot of money.
If you want to be a good trader, you need to know how the Pocket Option platform works. You need a plan for managing your capital. You should learn how to use different trading strategies, how to read price charts, and how to use indicators. You also need to get a handle on your feelings so they don’t get in the way of making decisions.
And once you’ve mastered all of that, you’re ready to make your first trade on your real Pocket Option account.
Traders who know everything about trading
Unlike the last one, these traders know way too much. Or they think they do. They are also on the lookout for new ways to do things.
They spend hours in front of the computer reading what people write on trading groups and forums. They want everything, and they don’t think that one strategy will be enough to make them successful. So, they might even put money into other traders just to get trading signals. Their charts always show a lot of different things. But all this chaos on their platforms makes it harder to trade.
Yes, traders who know too much may have some success on the Pocket Option platform, but most of their trades will fail. The problem is that they care too much about techniques and new ideas and not enough about trading in general.
Emotional traders
They want to make money quickly. They learned how to trade stocks from traders who were already good at it. They heard that there is a lot of money out there. They want them to belong to them. And quickly.
These traders will put in average effort to learn the basics of trading art. They will open the account, put their trading plan into action, and make some money. It won’t last long, though.
They only want to make money quickly. At some point, they will stop following the trading plan and play with high risk. Some of them might win, but most of them will run out of money.
There is more than one kind of emotionally-driven trader. The one who doesn’t like taking risks and is afraid to lose money. After he has lost a few times in a row, he will be too scared to trade at all.
Most of the time, emotional traders use a strategy, but it’s usually the wrong one. The plan is fine, but they are using it at the wrong time or in the wrong place.
These traders also have a well-thought-out plan for how they will trade. But when something goes wrong, they tend to let their feelings out.
Emotions don’t make good guides. To be successful in trading, you need to think logically, stick to the plan, and use the right strategies. So, if you feel like your feelings are getting out of hand, take a break. Don’t trade. Don’t come back until you’ve calmed down and are sure you can think straight again.
Traders who make money
They might have to start over. They’ve learned to trade by doing it over and over, and they’ve opened a Pocket Option account and lost money. But they are sure, deep down, that they can become good traders.
This kind of trader is ready for anything. They made a trading plan, looked at the history of trading, used good strategies for managing their money, and learned how to keep their emotions in check.
They wait their turn. They know that getting ahead won’t happen overnight. They study the markets for hours and wait for a good time to get in. Consistency is very important. Small steps and small profits will get you to the much-wanted wealth in the end.
Which traders’ type are you?
There are no traders whose only record is wins. Most people will lose something along the way. It could be because they don’t know enough or because they know too much. It could also be because of how they feel.
If you want to be a good trader, you need to be patient and practice a lot. Learn the craft and use what you’ve learned. You can try out Pocket Option for free with a demo account. Find out which methods and strategies work for you and leave the ones that don’t behind. Don’t forget to learn how to keep your feelings in check. Then you will enjoy learning how to trade.
Tell us what you think. Did you find yourself in one of the types of traders described? Use the space below for comments.
