Hi traders Nicola here. I would like to talk to you about few trading tips that your car can learn you easily. Its not the big secret, I have two passions in life trading and driving both passions I try to enjoy every single day for the last six years and I want to talk about few tips that I picked up from my car and apply into my daily routine while I trade Forex and Stocks.
First thing that the car can learn you is this, to start driving you need to go to driving school take classes and practice. Only if you pass your exam and you are sure that you understand everything you can go and you can start enjoying driving. Same thing you should apply in trading. First you should get to a good education, practice a lot and only when you are 100% sure you understand everything you can switch to real account and start enjoying making money.
Cars and Navigation
Second thing that your car can learn you is that you always need to have a good plan in your head where you going and what’s the best path, take to drive from a destination A to destination B. For example if you want to drive from the London to Barcelona, you are going to take a map and see what route you need to follow to get to Barcelona after that you will get to know when to turn right, what’s the fastest route and things like that now in trading you should do exactly the same thing. First of all you need to use the strategy that you have rules that you can follow to successfully trade market. I’m personally using Elliott Wave because that give me the best plan for any situation. I knew that let’s say if I make wrong mistake my plan will tell me that I am wrong and it’s going to point me in the right direction so always right to have a trading strategy that will give you your path during the trading days.
Fast Driving and Cornering
Third thing that your car can learn you is Fast Driving and Cornering. If you are driving fast and you approach sharp corner or any corner in general you need to be smooth with the car, any aggressive move will produce a bad weight distribution and it’s going to be hard to get out of the corner watch the video of any rally driver and check how they enter the corner you are going to see that each of them go really smooth and it’s the same way in trading if you want to try and make a larger risk in intention to make more money faster and you go from let’s say 1% risk per trade to 10% right away recovering from a losing trade will be much harder, since your mind is not going to be used to taking that sort of a risk but if you are going to move from 1% go to the 2% risk even if something goes wrong you will not need so much work to get to break even and get back to right path, also your mind is going to be much more relaxed.
Cars and Oil Changing
Fourth Thing you can learn you is regular oil changing, for all cars we need to change after we drive a, say 10,000 km. We want our car to continue going nicely and smoothly. In trading also you need to go and take regular breaks so after a few good trades go take a one day break, go to massage, party just do something that don’t have anything related to trading try to enjoy your day, this way you will be sure that you have your oil changed so you can go and continue working in the same tempo.
Driving and Phones
Final thing that you car can learn you is driving and using phones. We all from time to time need to take a call while we drive that’s normal for everyone these days but for sure that’s not a good thing plus we knew that’s forbidden in a lot of countries. Maybe you won’t lose focus while you talk 100% but only one second of distraction can produce a big disaster and you really need to be focused on roads while you drive, especially if you are driving the long distances. In trading its same you need to find a relaxing and distraction free environment so you don’t let’s say miss the chance to close the trade after the news or enter the right time in trading every single second matter. I prefer to work in the environment without a TV, phones, email buzzes and so on, I can strongly suggest to try to limit yourself to work without any distraction at least few hours per day and you will see drastic change immediately.
This all for today traders, this few tips will help you to improve your trading skills as much as they help me I’ll see you all in the few days with more useful information.