How to Practice for Forex, Stocks and Binary Options Trading

How to Practice for Forex, Stocks and Binary Options Trading
We all have heard phrases “Practice makes perfect” and “Practice, Practice, Practice”. So how do we practice to better our selves in the skill of trading financial markets. How can we master Forex, Stock and Binary Options trading? What is the best way to practice?

For best results, trading like any other skill requires our subconscious brain to understand rules of engagement. We do not master a skill unless rules of engagement have been learnt, understood and burned in our mind. It is like driving a car, playing golf or learning how to play a guitar. It is no different. However as per multiple researches conducted over years and from my own personal experience, I find these 3 ways of practising work best.

1. Visual Practice: You learn rules of a system and open up charts. You do not take any action but just monitor charts visually to see when and how those conditions arise and what happened and what you could have done to trade or avoid a trade. This helps preparing your mind for actual execution.

2. Actual Practice: You start taking trades as per rules and try to stick to the plan. Without the first kind of practice this is a waste of time. Most traders start from here and hence fail or give up.

3. Mental Practice: Here you close your eyes and mentally rehearse your trading rules, entry, management and exit strategy. You see your self in market taking and managing trades. It is like meditation. This is the most important practice type. This runs along with other two practice types. Without this, it will take longer for brain to learn and burn the new skill of trading.

I do all these 3 myself every day and they have helped me become a profitable trader.

Happy Trading

-TradeYodha

---------------------------------------------------------------------------------
Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------
774 Total Views 27 Views Today
Short URL for this post: https://goo.gl/PtMNum

Related Posts