70Trades changes the way the world invests in currencies and shares online. They make it very easy for beginner traders, even those without experience. After several testing and extensive research, they discovered that it takes 70 trades for a trader to start making a positive return on their investments.
That’s how they arrived at their name – 70trades. They discovered the right online trading recipe.
So, in this article, I’ll take you through how to earn money after 70 trades.
How do you earn money after 70 trades?
It may take you 3-5 years to become a good trader. But, it could take longer to become an expert, and there is no magic formula.
Here’s what it takes:
· A sound working knowledge of the basics;
· Understanding the traps and pitfalls of online trading;
· Understanding your goals.
What does it take to become an expert?
Scientists, through their extensive research, have concluded that to become an expert at anything, you need discipline.
For example, Karl Anders Ericsson and his team studied top performers in a variety of fields. They discovered that deliberate practice was required to achieve excellence.
Deliberate practice involves:
· Practice with a full concentration towards improvement;
· Taking special exercises to improve performance;
· Master easier tasks before attempting the more difficult ones;
· Close guidance and timely feedback on performance.
He discovered that it takes about ten years of 4 hours of practice every day to achieve excellence. The discipline cuts across all fields: research, Olympics or trading. There’s no substitute for hard work.
Knowing the basics
Taking a few hours to read will acquaint you with the basics. However, trading would be simple if that’s all you needed to know.
If you read a French dictionary from A to Z, you will still not be able to speak fluent French. Like learning a new language, you require fluency in the language of chats.
· Time frames
· Candlesticks or OHLC bars
· Support and resistance
· Trading ranges
· Chart patterns
That’s not all. You also need to understand the following:
· Interaction between various equity markets;
· Influence of market and sector indices;
· Interaction between equities, bonds, currencies, and commodities, and
· The impact of interest rates.
It will take you hours and hours of practice, analyzing charts, and applying the theory before you attain any fluency. And that’s why many traders head off after indicators – in search of a short cut.
The traps and pitfalls
To earn money, you must acquaint yourself with the tricks of market professionals.
I emphasis, there’s no substitute for experience — the best way to learn online trading is to trade.
Here’s the thing, if you know you’ll likely get burnt, you’ll not want to burn all your capital in the process. So, you’ll start trading with a small amount of money to practice.
Knowing yourself is one of the hardest lessons in life.
Confronting your human failures is not a pleasant task, and one most of us would rather avoid at all costs.
We all start out thinking we are bullet-proof. We know better, and that we’ll never fall in the so-called obvious traps. Before we know it, we are drawn like moths into a flame – making the same mistakes the “suckers” make.
We can only learn to control this through experience.
Your Attitude vs. Ability
Online trading is 90% attitude and 10% ability. Most of us, if not everyone, can become a successful online trader. But very few people have the right attitude.
A successful trader should be both shrewd and self-disciplined.
Self-discipline requires a systematic approach and self-control through research and preparation — attention to detail and accurate performance measurement.
Both attitudes, acumen, and self-discipline can be learned. But, it takes time to learn a new thinking habit. And the only way is deliberate practice.
The simple secrete behind 70 trades is that 70 is the number of trades you need to make to know yourself, the basics, traps and pitfalls, and to develop the right attitude.
70Trades clams to have that recipe to help you with your online trading, from beginner to the expert level.