This article was last updated on April 16, 2022
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The trader who has better tools and indicators is not called a professional trader. The management skill can help the traders to become a professional trader. There are some differences between non-professional and professional traders. The principles which create this difference are discussing in the below.
Obstruction and Centre of Attention
The non-professional traders in Singapore busy with chatting in the time of trading. They watch YouTube videos, Netflix, TV, and so on. So, they miss information. They are not focusing on their trading. So, they cannot able to keep record and execute their plan according to the record. On the other hand, professionals are serious about their trading. They see news to gain information about the trading. They focus on the uptrend and downwards of the market. They keep their record and apply their plan. They do not get obstruction from their goal.
Misspending the Time
The non-professional look the chart for a long time but they do not know what they are searching for actually. They look in the screen-time, but this is the waste of time. On the other hand, professional traders know about their needs. They see the time frame carefully. They waste their time by watching the charts. They do not trade all the time. They wait for the right time. IN the leisure time, they read about the trading features, and observe their previous trading.
Risk Management
When the non-professional make some profits, they become overconfident. In this time, they take more risk and face a difficult situation. On the other hand, the professional traders stick to the plan. They know that the market can be changed without any notice. So, they fixed the stop-loss and take profit. They do not take more risk, because they prefer long-term profits rather than huge profits.
Lack of Confidence
When the non-professional traders face loss, they become frustrated. They cannot take the losing streak. At this time, they cannot able to stick to their plan. They make extreme changes in their plan. Doing this, they make the path of big losses. On the other hand, the professional traders cannot change their plane because of losing and winning streak. They know that this is casual in the market. They make changes in their plan if necessary. They do not make extreme changes. They follow their rules and control their emotions. Those who have been involved in bond trading knows the importance of confidence. Start trading bonds if you want to gain confidence fast like the elite traders at Saxo. But this should be done in a conservative manner.
Lack of Acceptance Power
The non-professional traders cannot accept that their plan is going wrong. Fresher cannot take these situations. They make changes in their plan when they see that the value is hitting their stop loss. In this time, they change their stop-loss position, which makes them unprofessional. On the other hand, the professional traders do not do this. They follow two principles. They do not bother about the result of one trade. They do not change their stop-loss. They know that one result cannot influence their trading career. They accept the loss. They accept when the market is going against them. These types of attitudes make them professional.
Trading Objective
Most of the fresher think that they will make money in the market in a short time. They will be rich quickly. Actually, the trading objective of traders makes them a professional, and an unprofessional. The professional trader does not think that they will become rich in overnight. They think that this is a long time process. If you work hard, you will in the race.
You need to adjust to the changes that are taken place in the market, to become a professional trader. Try to follow the principles, and make strategy which will helpful for you to become professional.
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