There is a right way to motivate your trading and there is a wrong way. And as a new trader you’re likely fielding advice from all sorts of sources – youtube, tiktok! the financial media, as well as professionals and other novices. What’s sometimes difficult is to weed out the good advice from the bad and hopefully these four pointers will help you do that…

Here are four examples of really bad trading advice.

#1 Go big or go home

You may here this statement from your friends or even from the voice inside your head.

Whether you’re on a losing streak or you just took one whopper of a loss, it’s very easy to want to try and clawback your losses.

So what do you do?

You take the reverse position, increase your potion size and hope for the best.

Don’t let your ego take over. Don’t forget good money management rules.

With trading you need to play the long game to achieve consistent profits.

#2 Don’t worry – the next trade will be better

No.

We never know whether a trade will be a winner or a loser. We can’t predict how a trade will play out because of numerous factors that drive the market. But, you know when a trade is the best?

At the entry.

If you follow your strategy and your money management rules, you’ve done the BEST you can do.

A trade never gets better than that.

#3 Follow your heart

• Do you have a good feeling about this trade?
• Do you believe the universe will reward you with this trade you take?

Forget it. Cut out emotions and instincts!

No market knows you, cares about you and there is no financial angel who is looking down on you telling you the future of a market.

If that was the case, we’d have millions of successful traders without strategies.

#4 Work harder and you’ll win more

Financial markets have no correlation to working hard and profiting more.

Sometimes, the more you trade and are in the market – the higher the chances you’ll blow your account sooner.

Rather think and work smart, choose trades carefully and grow your account on a slow and consistent basis… 15 minutes a day is all you need for the kind of analysis and trading I’m talking about. If you’d like to learn more about my approach or just need help with trade ideas, then make sure you check out my service, Mati Trader