How Do You Build Confidence in Your Trading?

By Admiral Markets

Dear traders,

Looking at the charts, do you often wonder how other traders analyse the same price action?

This article will point out how traders can benefit from live trading webinars and analysis. I will also explain why I encourage traders to join trading webinars regularly as it offers the quickest path to improvement.

Danger of Copying Trade Signals and Setups

Many traders are looking to copy signals and setups. Some of them want to reach instant success with little training, while others use our
analysis and webinars as a tool to grow, which is the best approach.

There is a potential short-term benefit for signal and setup hunters, but here is a list with a couple of (hidden) risks to such an approach:

• Trade management is a must anyway.
• Guidance is often unavailable for the entire trading day, meaning some independent decisions are always needed.
• Your own trading psychology could interpret and implement a trading plan different from the original.

Signal traders might advocate that only results really matter. They will explain that they only need one perfect entry, system, or indicator.

In my view, such shortcuts never work. There is no Holy Grail. If anything, it is luring traders away from learning how to analyse the charts properly with technical analysis. Stay on track!

What are the Benefits of Webinars?

I can sum up the value of our webinars and analysis in one key word – experience.

Live webinars offer a direct transfer of knowledge and experience from the mentor to the trainees. It’s a live application and translation of theory into practice.

There are two types of learning – theory and practical implementation.
Nenad Kerkez and I offer both types of live webinars at Admiral Markets, with an emphasis on live trading charts (4 practice sessions vs 1 theory per week).

Webinar attendees benefit from our live sessions in many ways. We explain:

1. How we analyse the charts;
2. Which pairs we choose and why;
3. How we tackle the markets;
4. How we confirm entries;
5. When our analysis or entry is invalidated;
6. How we take entries;
7. Our trading plan;
8. Our trade management plan;
9. Our own solutions to deal with trading psychology.

Basically, our live webinars show how we translate analysis into action and decisions when analysing charts. It is also important to remember that all of that is done in a live market environment.

What we have heard from other traders, our analysis and webinars help traders build up their analytical skills which, in turn, makes them feel less fearful and more confident.

I believe that most traders can learn and benefit from these aspects if they are willing to focus on the process rather than finding a shortcut to success.

How Do You Build Confidence in Your Trading?

Hunting for signals and setups is, in a certain way, lack of confidence in one’s own analysis. This is most likely based on either inexperience and/or lack of trading knowledge, a problem that can be solved in different ways:

1. Lack of trading knowledge can be solved by checking out educational articles and content.
2. Lack of experience can be partially solved by:
   1. Working with a mentor and willingness to focus on the improvement of your trading process rather than results.
   2. Building up experience yourself like performing analysis, sharing charts with peers, learning from trades.

What helps grow your trading skills in general?

In my view, it is ultimately based on the following triangle:

1. Making consistent improvements;
2. Gaining more experience;
3. Learning with focus and routine.

This might sound boring… but yes, focus, education, time investment, dedication, and patience are needed to cultivate any new skill, including
technical analysis and trading.

Traders can close the lack-of-experience gap quicker when getting the help of a mentor via live trading room webinars. Traders that join our live webinars indicate how much they value this type of support. You can see a couple of those praises in the images below.

Source: Reviews for Nenad Kerkez and Chris Svorcik – two of the many that traders send during webinars, per email, or on Twitter.

When starting this path of learning, keep in mind that there are typically about
four development stages of a trader. Nenad wrote an excellent article explaining every stage. Keep this in mind when learning and moving forward, so that you know where you are on the road map and do not get discouraged.

Last but not least, remember that
live webinars and analysis are a source for education. Focus on the process rather than on signals and setups. It will provide much more value in the long run.

The webinars and analysis are courtesy of Admiral Markets, who also offer:

1. access to the markets with very low fees;
2. the best technology on the market – MetaTrader 4 Supreme Edition.

Cheers and safe trading,

Chris Svorcik

Follow
@ChrisSvorcik on Twitter for the latest market updates!
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Chris Svorcik on Facebook for more Forex and CFD information!

Article by Admiral Markets

Source: How Do You Build Confidence in Your Trading?

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Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.