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.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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