The new year is fast approaching guys. I’ve seen quite a number of statements from traders saying, ”we go harder next year”, ”next year go bad gan”, ”next year’s gon be lit” and bla bla bla.
I know it is good to have positive outlook for the coming year already but more than that, I need you guys to be more intentional about your success in the coming year. Talk is cheap. Action is what separates the best from the rest. In this article, I am going to be sharing with you, tips on how to become a profitable trader in 2024.
1. Understand The Money Game.
Making money consistently is the number one goal of every trader out there. But the truth is, you cannot make money consistently if you do not understand how money works. Get good books on money and read.
”The Intelligent Investor” by Benjamin Graham, ”The Psychology of Money” by Morgan Housel are a couple of books you can lay your hands on to read. Get to know how compounding works, learn how active and passive income work and how you can use it to your advantage in 2024. If you have been following my IG story, you would have seen me share a couple of times how I still make passive income with the use of the Pips Pilot EA. I will resume manual trading in the new year. But this is to let you know that you do not have to sit in front of your screen all day looking for trade opportunities. A famous writer once said, ”if you do not learn how to make money while you sleep, you will work tire”. In this new year, choose to be an intelligent investor.
2. Be Passionate About Trading
Have you seen the movie titled ”The wolf of wall street”. The main character ”Belfort” in the movie was very passionate about winning in the markets. He kept on pressing on against all odds. If you want to become a profitable trader in 2024, you can not afford to be cold towards your trading. Have a strong desire to go all in. If you are already good, do not get complacent and relax. Get better. Let your hashtag be #nodaysoff. Intensify in learning and applying the knowledge you’re acquiring to improve your results.
3. Develop A Working Trading System
From your trading performance so far, can you confidently say that you have a working trading strategy yet? If yes, that’s great. If you are yet to get a good grasp of any trading pattern, whether it be retail or smart money concept of trading, then I would advise you study the Forexlyfe Hybrid course. Learn any of the trading patterns included in the course and backtest it properly. Read this to learn why you need to backtest if you want to be profitable in your trading this year 2024.
Just as a hunter goes to hunt for animals with tools he has tested and trusted, you as a trader must not go into the market carelessly with no strategy on how to attack the market. How do you want to make money that way?
4. Get An Accountability Partner
In 2024, do not trade alone. Join a trading community and get an accountability partner. Share your trading ideas or opportunities with him/her. This will help you watch how you trade. If no one is looking over your shoulders, you are likely to lose guard at some point. But if you got someone who will request to see your trading account history to be sure you are not mismanaging your funds, you will most likely not trade carelessly. In this year 2024, careless trading is not allowed. Sign up to join the Forexlyfe Discord channel, where you get access to interact with like minded traders like you who will hold you accountable.
5. Stop Playing With Risk Management
Enough with poor risk management guys. Get serious. To achieve consistency, you have got to learn how to do things consistently. Choose a certain percentage you want to risk and stick with it. You can decide to risk 1% of your account for the next 3 months to see the results first. Don’t be caught risking 2% today, then 3% the next day then 1% another day. It does not work that way guys. No trade has the guarantee of being a winner. Work with a probabilistic mindset and stick with your chosen risk. Don’t play with the numbers regardless of the quality of trades you pick. This is one key thing that will help you become profitable in 2024. So tell me, how much percentage are you going to stick with going forward? Let me know in the comment section.
6. Leverage Other People’s Money
Gone are those days when traders struggled with growing $50 and $100 accounts. With the advent of prop firms, you can now have access to more capital. Trading with a large sum will give you the chance of making more profits. It is also a lot easier to scale up larger sums than a small trading capital. If you are skillful in managing risks appropriately, you can also secure a loan from the bank to trade. I always say that when I started trading, my trading capital was $3000 capital. It was a loan I secured from the bank. I was able to trade that capital into the millions I now I have access to today. A lot of investors are looking for traders to throw their money at. Get skillful in your trading and investors will come knocking at your doorstep with their money.
Get a lot more organized in your trading. Focus on these few tips I have shared on how to become a profitable trader in 2024. If you adhere strictly to the instructions, you will most likely be among the top traders by the end of the year 2024. It is my desire to see you guys win consistently and change your life for good. Pay the price now so that you can enjoy later. I wish you great success now and always.