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[Oluti]

#1: Traders are not born with the ability to read charts or keep their emotions at bay. These are skills that you can learn yourself, through study, discipline and practice.

#2: Demo accounts allow you to test out strategies and different trading methods in real market conditions, but without risking real money. You will only really learn how to control your emotions though when your own money is at risk.

#3: Don't expect to master a trading strategy in one go – work on different elements in bite-sized chunks until you understand them and can fit them together like pieces of a jigsaw.

#4: Remembering why you are trading will help keep any losses in perspective. It will also give you the focus to get back into markets after you have suffered a disappointment.

#5: Get your mind into a logical state by writing down your trades beforehand. Writing down your entry, stop loss and profit targets helps to get your mind into a logical state.

#6: Write a trading plan that defines your trading strategy, the principles it rests on and your targets. Being business-like will help you approach your trading in a detached manner and identify any potential pitfalls.

 

[kerryjoy]

Trading isn't something you're born knowing, in my experience. It requires time and effort, just like any other skill. I was able to learn strategies without worrying about losing money thanks to demo accounts, but true emotions only surface when your own money is at stake. I also discovered that it's much less daunting to master everything at once if you do it gradually. I stay focused and avoid making foolish, rash decisions when I have a good plan and write down my trades. Even after losses, I maintain my motivation by being clear about why I trade.