After years of hard work, thousands of traders in Singapore have quit trading. To them, the market is manipulated and some even consider that they don’t have the skills to become a successful trader. Sadly, the majority of traders quit trading when they are on the verge of becoming successful. Their mental pressure becomes so high that they can’t take any more. However, for some people, it is better to quit trading and pursue a career in other professions. Though it will be a bit of a challenging task if you take a look at the professional trader’s approach, you will be able to learn lots of new things that will help to overcome such a dilemma. In this article, we will tell you the key things you should do when you feel like quitting the trading business.
Find your weakness
The first thing that you should do before quitting trading is to find the weakness. Without knowing your weakness you can’t fix the errors in your system. People are often taking trades by following the blind approach. They want to take trades with aggression and so they focus only on the winners. This is not a problem faced by only novice traders. Thousands of advanced traders are facing the same problem. Journalize the trade entry and revise the system. Knowing about the weakness is more like finding a solution. Once you know the reason why you are taking a hit from the market, you can start working hard and solve the problem.
Are you trading with high leverage?
People quit trading since they trade with high leverage. Maintain discipline and taking the trades in the high leverage account is a very risky task. It requires a professional approach to deal with leverage. Most importantly, you can’t become a good trader unless you are using a premium account. For more info about premium brokers, you can visit the Saxo broker website. Once you get the details, you will realize why you want to quit trading. In a traditional platform, traders don’t have access to advanced tools. They lose money most of the time because they don’t know how to manage a trade. But if you take a look at the top traders in the world, you won’t struggle to make one again. Learn to trade in a smart and safe way.
Do you have a financial burden?
If you have a financial burden, you should not trade the market. Taking trades with borrowed money is another reason why rookies are quitting. You will always be under great stress therefore you’ll make stupid mistakes. But if you take a look at the top traders, you will be surprised to see that they are taking the trades with the money they can afford to win. So, it is obvious you need idle money with which to take trades. If you ignore the fact that idle money is the most important part of trading, you should not try to take trades in the financial market.
Do you go importance to psychological stability?
Before you quit trading, you need to ask yourself whether you give importance to psychological stability. If not, you can’t take the trades and make money. The elite traders have strong skills to analyze price dynamics. They are taking the trades with managed risk and they never break the rules. In order to become a top trader, you must have the courage to accept the loss. However, there is a small twist to the development of mental stability. Trading with high risk and trying to accept losses is not the way to earn a big profit. You must focus on the core factor of the major and be prepared to embrace the losses. Each loss should never exceed 2% risk exposure. If it does, you will lose money regardless of your skill level.
