Trading is very different from other businesses but you have to keep in mind that it is still a business. One of the very first steps to succeed in trading is to acknowledge that you need to bring in more revenue than your outgoing costs. You must keep in mind your costs of doing business include losing trades, setting up office and always make sure to set up a business plan.
- A person needs to run their trade like a business and not wing it.
- Be prepared Office Space Do not need the biggest and most expensive computer on the market
- Do not take your trade losses personally Make sure to make good trades with as much profit as possible
“The main costs of running a trading business are losing trades. Yes, that’s right, losing trades are and should be thought of as a cost of running a trading business. It is critical you view them this way, because it helps you to become less emotionally influenced by losing trades. Think of it this way; a restaurant owner doesn’t get sad or angry when he has to re-order food or pay his employees, because he knows those things are just the costs of doing business.”