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3 Valuable Lessons To Refine Your Trading

Online trading is easy, but only if you know what you’re doing. That’s true of most things, of course, but trading transforms once you figure out how to avoid rookie mistakes and refine your talents. Here are three lessons which can help you transform your trading.

1) Don’t Get Too Excited

I call this one the “Tesla Syndrome.” As you may remember from last year, many made a killing off of Tesla’s absurd boom. I read online that one person made $47,000 from his investing in Tesla. He then complained that, if only he’d stayed in for a day longer, he could have made closer to $250,000.

Then there are those who bought in on Tesla at its highs and are still waiting for it to reach such great heights again.

Because of the news cycles surrounding stocks, it’s easy to get caught up in the fervor of everything. You see people getting rich from a stock and you want in. Or, you don’t want to be one of those people who talks about how they could have bought in on Apple in 1989.

But a level head is the best thing to have. Chasing trends will never get you anywhere. Maintaining your excitement is key.

2) Don’t Use Your Money (When You Don’t Have To)

Too many people associate stock trading with putting their life’s work on the line. And, while this might be fine for some, it’s also a great way to potentially lose everything in your bank account. Trading is about accumulating wealth, yes, but it’s also about protecting yourself and your family.

The truth is, there are ways to trade without ever touching your nest egg. Namely, through prop trading. Prop trading allows you to use a company’s capital to trade with. Then you split the profits.

I chose Try2BFunded because it gives the best profit split. Whenever I trade with their bank—up to $100,000—I take home 60% of the profits. Other companies were offering as little as 20%. Be smart with who you get into business with.

3) Find Your Lane

Here’s an internet age adage: there’s more information than ever, but most people are reading the exact same headlines and analyses. That’s why it’s important you find a sector in which you have expertise that you can trade in.

Put your education, your career, your passion for research, your hobbies to work. Find that unique angle. It’ll pay off.

These 3 lessons took me from a run of the mill trader to someone getting ahead of the game. Put in the work, do the same.

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