{"id":1203,"date":"2017-01-23T14:11:16","date_gmt":"2017-01-23T14:11:16","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=1203"},"modified":"2019-04-11T17:53:32","modified_gmt":"2019-04-11T16:53:32","slug":"how-to-treat-trading-as-a-business","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/how-to-treat-trading-as-a-business\/","title":{"rendered":"How to treat trading as a business"},"content":{"rendered":"

\"treat<\/strong>If making money from trading is your goal, you need to treat it like a business: you need to be business-like in your philosophy and work habits.<\/p>\n

Professional traders who work for banks and hedge funds have all the business processes in place for them. Their trades are monitored and they have managers watching their every move.<\/p>\n

So what are your chances of being successful as a trader working from home?<\/strong><\/p>\n

With no-one to watch over you, no professional support system, a lot of temptation and no boss to answer to, it\u2019s easy to destroy your trading account. The odds are stacked hopelessly against home-based traders. How can they succeed? Follow\u00a0the tips below and start treating\u00a0trading as a business.<\/p>\n

My top tips on how to treat\u00a0trading as a business:<\/h2>\n

 <\/p>\n

1. Create a business-like environment<\/h3>\n

In order to maintain a business frame of mind, you need to set up a work space. You need to ensure you have the space to treat your trading as a business without being interrupted by your family or other distractions such as the TV and\u00a0phones. If you were working from home, you would try to work in an office-type space. Do the same with your trading.<\/p>\n

 <\/p>\n

2. Create a trading routine<\/h3>\n

Most of us aren\u2019t lucky enough to be able to go to work whenever we feel like it. The same applies to a successful trader. Choose the times of day you intend to trade and let your family and friends know. Not only will this ensure you are trading regularly and consistently, but also that your family and friends understand when you are busy.<\/p>\n

 <\/p>\n

3. Be realistic in your expectations<\/h3>\n

You can make a lot of money from trading, but it\u2019s not going to happen overnight. You need to be patient to be successful. Set realistic, achievable goals and targets.<\/p>\n

 <\/p>\n

4. Create a business plan<\/h3>\n

What exactly do you want to achieve? When do you want to achieve it? What are you going to invest to get there?<\/p>\n

 <\/p>\n

5. Create a simple accounts system<\/h3>\n

Include weekly and monthly profit targets and results. Keep track of everything.<\/p>\n

 <\/p>\n

6. Find and learn a strategy that suits your psychology, your pocket and your time<\/h3>\n

For example, if you are of a nervous disposition, then news trading may not be the best fit for you. Research strategies and choose one that you find interesting and achievable.<\/p>\n

 <\/p>\n

7. Work on your potential weaknesses<\/h3>\n

It\u2019s all about strengthening your weaknesses and ensuring you have back-up plans to overcome any obstacles you may encounter.<\/p>\n

 <\/p>\n

8. Learn to control emotions<\/h3>\n

As hard as it may be, in order to be a successful trader you need to stay focussed on the facts and persevere even when you feel like you\u2019ve hit a dead end.<\/p>\n

 <\/p>\n

9. Make a check list of all the system rules that need to be in place before you place a trade<\/h3>\n

There\u2019s no point placing a trade if you\u2019re not fully aware of all the system rules. Make sure you are continually building up your knowledge of trading.<\/p>\n

 <\/p>\n

10. Practise on a demo account, ensuring that you follow all your new found rules<\/h3>\n

Get to grips with the rules and systems. It\u2019s best to test the waters and check that you\u2019re doing it right before using a live account.<\/p>\n

 <\/p>\n

11. Use a trading journal to record all<\/em>\u00a0trades that you place, including a screen shot of the trades<\/h3>\n

This one thing alone was a major contributor to\u00a0my joining the 5% club.\u00a0Make notes on why you take a trade and any doubts you have. Record the result. If it works, think about what made it successful. If it fails, think about why it failed and what you could do differently next time.<\/p>\n

 <\/p>\n

12. Be accountable<\/h3>\n

\u201cBuddy up\u201d with another trader in a\u00a0forum or a reliable friend and show them your results. myfxbook.com or mt4istats.com are ideal for this.<\/p>\n

 <\/p>\n

13. Invest time in your career and never stop learning<\/h3>\n

The trading journey is a long one and it can take a long time before you become successful. Invest the time to keep learning and improving the way you trade.<\/p>\n

 <\/p>\n

Most people are surprised when I say that the strategy is not<\/em> the most important part of trading. Even with the best winning system out there, many fail<\/a> because they don\u2019t treat trading as a business in the way I have outlined above.<\/p>\n

Treat trading as a business and you will quickly be on the path to success<\/a>.<\/p>\n

If you would like to learn how to trade like a professional check out our 5* rated forex mentor program, RISK FREE; by clicking on the \u201cGet Started Today\u201d Button below<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If making money from trading is your goal, you need to treat it like a business: you need to be business-like in your philosophy and work habits. Professional traders who work for banks and hedge funds have all the business processes in place for them. Their trades are monitored and they have managers watching their […]<\/p>\n","protected":false},"author":35,"featured_media":647,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","rank_math_focus_keyword":"","rank_math_description":"","rank_math_title":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-1203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-education"],"_links":{"self":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/1203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/comments?post=1203"}],"version-history":[{"count":0,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/posts\/1203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media\/647"}],"wp:attachment":[{"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/media?parent=1203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/categories?post=1203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexmentorpro.com\/blog\/wp-json\/wp\/v2\/tags?post=1203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}