8 Steps and Tips To Become A Successful Trader
Step 1: Get yourself a Oil Trading e tutorial or training guide
begin with a training course first so that you can understand the basics of trading as well as how the crude oil market works.
Step 2: Open a FREE PRACTICE DEMO account with a broker.
This is a practice account with which you can place paper trades & test your strategies before implementing them on a real account.
Step 3: Get a Oil Trading plan
After you've gone through the training tutorial you will probably know how a oil system works and how to come up with a plan. This plan you should continue trading with it on your demo oil account. practice it on the demo, Practice practice makes better.
Step 4: Demo practice for about a month until you get used to your system.
If you have not mastered your plan on demo practicing then you can open a live account & start trading the real market. Keep practicing until you have mastered your plan.
Step 5: Implement oil money management an Oil Trading psychology
This is an important step and make sure you read Oil Trading psychology tips and oil money management rules and implement these proper oil money management rules.
Step 6: Open a LIVE account
You should already be quite consistent in your demo when you reach this step. Move on to a standard oil account and open a well capitalized capital to increase your chances of profitability.
Step 7: Increase your Profits
Increase your lot size slowly as your skills improve. You might want to increase it when you have 30% returns on investment in your account. Refer to the oil money management rules and learn how you can keep increasing your lot size.
Step 8: At this point in time you are a successful trader if you are making consistent profits every month.
You do not have to be an institutional trader to be successful. And then you can begin planning & considering to be a full time Oil trader from here onwards.
The above steps may sound easy but they are not easy at all. So you really have to focus on the learning, discipline, psychology, & oil money management sectors before you can be successful.
5 Steps to Starting
Previously online oil used to only be available to big corporations and the very rich individuals. It is in the online oil market that investors & other participants buy & sell oil trading instruments over an interbank network. The goal being to make money from the crude oil trading price movements.
The oil rate floated in the online oil keeps shifting every now and then. Oil Prices keep rising & falling. It is a complicated way of placing trades for oil beginners, but for those who have learned & have experience in Oil, it is a great way to earn money.
You may want to start oil because you also want to earn profits from these movements while you do other regular things you do. You may be envious of your rich friends who are making money even though they do not seem to work for it. Understand that you can also start to take advantage of this opportunity, but you have to follow these simple and very important steps to pave your way to success.
1. Research about Oil.
Find guides and web sites to learn how the oil market works. Do some research & exploration – get tips from those who have had their success. Learn from their experiences & adopt their oil trading strategies.
2. Start with a Demo Account.
Starting with a practice oil account will help you to learn the working of the oil market without risking any money. With a demo you will be able to plan & test your strategies for free.
3. Plan your crude oil trading strategy.
Just like a soldier, you can't fight a war without a weapon. Your weapon in trading is your plan that you are going to make. Creating a plan that will ensure you begin to make a profit using your crude oil trading strategy.
4. Follow your plan.
Do not go against your oil strategy. You have already picked the tools in your plan. Stick to your plan and do not deviate from this plan as it will not work to your favor if you don't follow it. Be patient and follow your plan.
5. Keep doing what works.
If you are satisfied with how your trading develops & start making a profit, then you should keep things the way they are without changing anything. You might be tempted to try another strategy but if the one you have is giving you profit keep it and follow it. do not forget to keep a journal to track your progress.
Top 5 Strategies for Success
The 5 strategies that are key to your successful & can turn your trading around within no time, and if you really want to be successful you need to start implementing them.
If you have spent a long time learning, then you might know some of these tips, these 3 tips if you stick to them can improve your results but most beginners will lack the discipline to follow them.
These are the rules that you must master – the rules below when combined with a good oil trading system will yield good results.
Crude Oil Trading Money Management - oil money management is about controlling your risk, so that after several transactions you are making profits because you have applied the correct oil money management rules.
Good Risk to Reward Ratio - a good risk reward is about 3:1 or 2:1, if it isn't, then the rules of statistics will put you at low odds of ever making money, stack the odds in your favor for every dollar you risk make sure you have the potential of making 3 times so that you your net is a profit & not a loss.
Capital - Begin with enough capital, if you are going to be standard lots make sure you have at least 50,000 dollars to start with, but don't begin with 5K dollars & open 1 contract the math will not add to your favor.
Discipline - Have the discipline to wait for your system to generate the signals, don't open a position because you see that the crude crude oil price is going up or down wait for a signal from your system. Even if it is tough to wait around for a good set up, but not having the discipline to wait for a signal will eventually make you not profitable, so learn to sit & wait for signals from your system
Strategy Planning - You must plan your oil strategy in advance, this the time when the most objective analysis is done. What most investors get wrong is the fact that even though they planned their strategy when in the oil market they don't follow this. This one tip alone can improve your Profits.
