Years of working as an expert trader and a commodity broker at wealth trader have given Roger Scott the experience to develop top-notch trading skills.
If you are continually trading at a loss or making costly trading mistakes, this article is just for you because Roger Scott will share with us incredible trading insights in the interview below.
What are the common challenges traders face, and how can they overcome them?
Trading comes with many challenges, the top of which is the lack of information on the market, which can lead to a terrible cycle of bad trades. It is expected for new traders to be nervous.
However, trading successfully requires you to be calm, confident, and careful in your dealings. Anyone can overcome these challenges by being focused and continuously updating themselves on the happenings in the market.
What are the common mistakes most traders make that have adverse effects on the outcomes of their trades?
In trading, many mistakes yield terrible results for traders. Thus, it is important that you avoid them.
Foremost is trading with emotions and being greedy. This is a big mistake to make because you will be setting yourself up for enormous losses. The lack of a trading plan is another mistake that traders make. Also, if you trade without discipline and get into every proposed high-profit return trade, you may end up losing more.
Likewise, remember to avoid panic buying and selling and be confident in your trades after doing ample research to increase the chances of getting the best results. Don’t let a small loss put you off and ruin your chance at a bigger profit.
You may want to check out my blog, where I constantly provide insights on the latest market trends.
What are the essential business techniques and skills which you encourage in trading?
There are skills that have a form of accountability and will help you trade better. For instance, record keeping is an important skill that every trader must possess.
I recommend a trading journal that records every trading move you have done, every loss, and profit to help you make better decisions in the future. Constant practicing and smart risk-taking are also top skills you cannot do without if you aim to become a better trader. Additionally, imperative to trading is the need to keep learning the market trends from experts.
Will these skills automatically guarantee success for traders?
As much as these skills are very well recommended, the guarantee that they will make you a great trader is determined by a host of internal and external factors like how you employ the skills. My students who put these skills into good use are testimony to the efficacy of the skills.
What is your advice to new and budding traders?
As a beginner, you have to be sure that you really want to go into trading and spend ample time learning its basics. Beginners should ask themselves why they want to become traders and make sure they have a solid reason to keep them going when things get tough.
They should be ready to face many of the challenges and be smart enough to employ the tips I have given.