What does it take to become a pro trader?
It takes more than passion and dedication-it also require you to develop the right skills. Many new traders lack or even completely neglect these elements and fail. Before we talk about developing your skills like a pro trader in Singapore, let’s define what we mean by the term “skilled”. A skill is an ability that improves with practice and comes from learning and long periods of training. Once mastered, they enable us to complete tasks quickly and efficiently.
First step: Knowing your boundaries
One thing that can hold back anyone’s trading knowledge is not knowing where you stand. You need good trading tools to ensure success, but first, assess yourself. Gather information on your strengths and weaknesses, and be honest. If you’re willing to accept your mistakes and learn from them, the chance of success is high.
Second step: Doing research
The majority of pro traders agree that extensive research is essential for making decisions. This process often takes time but, if done correctly, can save time in the long run (avoiding bad trades). It also provides objectivity-which significantly reduces emotions while trading. The information you gather should include the amount of profit the market has made over its lifetime and how other markets are performing at present.
Third step: Practice makes perfect
We all know this saying, but do we use it? Many people think that because they’ve spent countless hours learning about trading (reading books, watching videos), they’re ready to set off for battle. That’s wrong. It takes time to become a pro trader; thus, continuous training is necessary to build skills like a pro trader in Singapore. So go ahead and trade your ideas: look at price charts and try your hand at research. Once you have a strategy or idea, be sure to test it on demo accounts first to avoid losing money in reality.
Fourth step: Developing your style
Does this sound familiar? You’re hesitant to take trades because you feel that you lack experience. That’s understandable-the markets are full of risks and pitfalls that are easy to fall into if you don’t know what you’re doing. The best thing about trading is its ability to make money and develop our brains.
It forces us to think critically about almost everything around us-so if anything, take this opportunity (you could try here)! Developing your skills like a pro trader in Singapore takes time and effort, but practice makes perfect, suitable? Use these tips to help you on your way to becoming a pro.
Forex courses offered in Singapore that will help you manage your finances when trading include:
- The Financial Market Authority’s Certified Trader Program is an intensive, four-day course that requires you to complete over 120 hours of self-study before attending. This course covers financial markets, technical analysis, pricing strategies and risk management.
- SIM University offers students a chance to trade with real money by participating in their annual Trading Challenge. Students will be allocated a virtual account containing $100,000 of Singapore Dollars and make as much profit as possible within a week while losing up to 10% of the initial balance. SIM University offers successful participants a trader’s licence under MAS’ CMS regulations.
- Global Trader 365 is a fully online course provided by IG Markets which goes through Technical Analysis basics, risk management practices, trading platforms and market reports. This course also comes with an opportunity for traders who complete it successfully to become an authorised representative (AR) of IG Markets under Bursa Malaysia’s sponsorship guidelines.
- The Capital Market Academy offers short online courses, with the CFTe (Chartered Financial Technician) qualification being one of them. This qualification will give you a comprehensive understanding of financial trading and allow you to act as an AR in the United Kingdom under the Chartered Institute for Securities & Investment (CISI)’s sponsorship guidelines.
With so many different courses available, there is sure to be something that matches your needs, regardless of whether you are looking to join Singapore’s workforce or expand your career opportunities overseas.