Trading Mistakes: having a tested strategy
Learn about the importance of building up your knowledge of the financial markets before trading and to ensure your strategy has been tested first.
(Video summary)
Are you treating trading like a serious endeavor or just a gamble?
IGTV's Jeremy Naylor chats to IG market analyst, Axel Rudolph about the significance of viewing trading as a serious endeavour rather than mere gambling.
Axel recommends having a carefully considered plan in place, preferably one that has been tested in advance. If you're not skilled in programming, it's encouraged to seek help from someone who is. However, even without programming skills, he suggests using a demo account to try out the strategy and see if it yields positive results over time. This testing phase is crucial in determining the effectiveness of the strategy.
While executing the strategy in real-time can be challenging and demands practice, there are ways to improve trading skills. To enhance your trading abilities, Axel suggests building knowledge of financial markets. He recomms IG Academy as an excellent resource for learning about various financial concepts and strategies. This platform offers a plethora of free educational materials that can be studied thoroughly. Once you've absorbed this knowledge, it's encouraged to put it into practice and evaluate its effectiveness.
Maximizing your trading potential: a roadmap to success
In essence, Axel advises traders to approach trading with a serious attitude and a well-defined strategy in hand. He emphasises the importance of testing the strategy, whether through programming or utilising a demo account, to assess its potential for success.
Additionally, he underscores the necessity for practice and gaining knowledge about financial markets. The IG Academy is presented as a valuable tool for learning and improving trading skills.
So, by taking trading seriously, planning with a tested strategy, and constantly learning and practicing, traders can increase their chances of success in the market.
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