#TradingStrategyMistakes Trading is inspiration not perspiration…

Wrong, trading is 95% hard work. Hope that has not left you feeling deflated. You may well follow social media accounts keen for you to subscribe to their unique analysis of candlestick patterns, stochastics and star signs that will unlock millions. Why are they telling you and why do they need your £50 a month?

Trading requires evidence, substantiation, and research before committing to opening or closing a position. You would not embark on a legal career part time and trading is no different.

Before you even consider taking a position, do you understand what it is you are trading? Basics such as the market structure, its hours of operation, the value of each price move (tick increment) is just the start. Are volatility levels high or low? What factors influence the price of this asset? Should I trade now or wait? Just some of the questions you should ask yourself daily before entering a position. Markets are always evolving, and the answers may change on a daily basis.