There are many ways to learn to trade, but not all are effective for traders. Some prefer to learn alone, others want to learn from a coach. There is no way to learn how to trade to be superior to others as it all depends on individual preferences. But if you decide to study independently, isn't it better to do it with certain rules? One of the trading tips that can guide you is the «3S» principle. These rules will help you find the main principles for learning to trade so that you are not confused about where to start and where to go.
The «3S» learning guide discussed in this article was written by Steve Ward, Business Coach and Owner of High-Performance Global Ltd. In short, 3S encompasses skills, knowledge, strategy, and status. How these three aspects can be used as a guide to business learning is discussed in detail below. Skills and knowledge
Competence and knowledge are the first two components that are developed in the learning process. It is impossible to become a successful trader if you do not have the necessary knowledge of Forex trading. If you don't already know the basics, where logically can you develop the skills?
So start the learning process by doing as much research as you can on Forex trading, from beginner fundamentals, fundamental and technical analysis, a variety of strategies, market psychology, trading platforms, and more. The higher the business knowledge and skills, the greater the influence on your trust. strategy
At this point, you begin to use the skills and knowledge to develop a trading strategy that involves real risk management. When developing a strategy, it is best to adapt it to your concept, convenience, and trading style. If you're a part-time trader, don't create a trading strategy that involves following the chart all day.
First of all, your strategy may not have the advantage of meeting existing criteria. However, as you gain experience and develop trading skills, you will learn to tailor your strategy to a personalized approach so that you no longer have to go back and forth and follow the advice of other traders who may not necessarily match your circumstances. Stands
This trading tutorial covers the basic physical and mental conditions as it can determine how to apply your knowledge, skills, and strategies. Focusing on these three things alone is not enough to put you on the right path to success. After all, trading is an ongoing activity that requires stability. If your physical and mental condition cannot take this, it means that your journey is still far from the ultimate goal of winning.
5 important tips from the «3S» Business Learning Guide.
To be successful, none of the three trading rules can be refused. Skills, knowledge, and strategy are the focus beginners need because, without these three aspects, Forex trading will be no different from gambling.
However, these things are not complete without proper mental function. Emotional control is key when the stress of short-term business, increased volatility, or the uncertainty of moving is problematic.
To help you maximize your skills, knowledge, strategy, and status, here are 5 tips from Steve Ward to aid your trading learning guide:
- Focus on learning, not profit
Yes, the ultimate goal of the trader is to make a profit. However, as a beginner who is still learning, too much focus on how to make a profit is misleading.
How did it happen? The new company is unlikely to get the expected profit immediately. Seasoned traders say that it is good that you can get a good return on investment in the first few months. When a beginner makes a lot of money, he should be careful because beginners can be lucky. «Overemphasis on big wins can bring success, but only in the short term. If you sacrifice your time and focus on learning the business, it won't be profitable in the long run, «said Steve Ward.»
- Discover, try, and play
There is nothing wrong with beginners learning and trying out different trading strategies or methods. However, this process can expand knowledge and enrich the trading experience to help the trader find the strategy that is most suitable for them. A professional scalper does not say that swing trading is not for them if they have not tried it before as a swing trader who does not see the benefits of speculation.
- Accept mistakes
Competitive instincts can be useful in other areas of life, but not in forex trading. If you don't have a specific destination, just move the car. This mindset makes it easier for you to admit and learn from mistakes rather than feeling defeated and ultimately criticized by the other person.
- Deepen trading knowledge
Economics should not be taught passively and its sustainability should not be guaranteed. This is the most important factor that can help you improve your skills and knowledge. Additionally, this process will be much more effective when carried out with interest or enthusiasm in the business community.
If you are not very interested in your area of expertise, boredom will arise quickly and it will certainly be difficult to ensure the continuity of your professional career in the future. The growing interest in the economy can be achieved at a young age; H. by learning about economics using playful methods. What methods and guides are there to learn business in this way? You Can Follow Article 5 Great Tips To Learn How To Trade.
- Excessive exercise
Without further ado, these tips have become an integral part of expert advice. Studying theory alone will not be possible if it is not done. Forex trading is easy with a trial account that can be used for free to practice your skills. So make the most of these features and don't underestimate their efficiency just because they can't provide any real benefit.
Skills should not be boosted arbitrarily. To ensure the effectiveness of the exercise, establish the goal that you want to achieve with the exercise. Also, create a training plan and record the results of the training. This way, no time is wasted in your training process.