There are common factors shared between professional traders and fishermen. A professional fisherman masters skills that improve his ability to capture fish. This requirement to master certain skills also applies when trading markets professionally. Good traders are continually learning how to become better at trading and increasingly efficient in his or her work.
If you’re new to trading you must be willing to work at your craft if you’re going to improve. Yes. There is help available from professional traders in Singapore and elsewhere. However, like the fisherman, you must be willing to learn from experts if you wish to see increased gains over time.
Listed below are some similarities between trading and fishing.
Observe carefully
To locate a school of fish successful fishermen observe water conditions very carefully. Like the fisherman new traders must learn how to observe and monitor market conditions carefully. If you don’t learn how to track market conditions, you won’t be able to recognize a successful trade or know when to pull the trigger on a trade.
Fishermen who make a living fishing learn to monitor a number of environmental factors to improve the quality and quantity of their catch. They learn to track tidal currents so as to predict the direction of tides, to track the amount of sunlight an area of water has recently received, to calculate the depth at which fish are likely to be found. They observe warming or cooling trends, wind flows, and overall weather conditions.
Like savvy fishermen who put in the time to maximize their catch good traders put in time monitoring price charts to determine whether a potential trade is trending up or down. The ability to spot trends is the secret to obtaining profitable outcomes.
Forex trading can be exceedingly profitable when done the right way. However, it is not for the faint of heart. There are no shortcuts available if you wish to master the skills required to trade profitably.
Seasoned traders learn how to manage risk. Managing risk is especially important if you plan to support your family through trading.
The most successful traders never follow the herd. Doing so causes you to miss the best trade opportunities. You must be able to think outside the box and develop a balanced strategy when trading a live market.
Trading success requires patience
Good fishermen are very patient and calm in their approach. They learn how to wait for a fish to come and bite the hook. Good fishermen wait until a fish traps itself. Sometimes it might take an entire day to capture one fish. Similarly, when trading you may find that the trends are against you for long periods of time. There is nothing to do in these situations but wait for market conditions to improve to the point where it is once more good for you to trade.
Create a persistent mindset
Most fishermen will tell you they have bad days when, despite all the work done monitoring water conditions, they simply don’t catch any fish. They return home after a long day empty-handed. Trading shares this harsh reality with the fisherman. You have to accept the fact there will be days when there are no good trades available. When this happens it’s best to take a break and clear your mind.
Don’t lose faith in the market when you experience a down trend. Keep a positive mindset and know that the trend will reverse itself in time.
Preparation, skill, practice, patience, planning are really important in both fishing and trading. You must be willing to make gradual gains. Doing so consistently over time is how you become a successful trader.
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