Roger Scott Shares: Take Control Of Your Wealth With These Trading Tips
Roger Scott is the head trader at WealthPress and one of the most successful traders in the world right now. Roger Scott is a veteran trader who has accumulated countless useful tips over the years.
Roger Scott, WealthPress and his mission to increase wealth and financial literacy of all people are the same. That is why I asked him to share with me a short list of his top trading and investing tips. These are tips he uses every single day at WealthPress, and tips that he has used to build his wealth and his career, so let’s take a look!
You Need A Trading Strategy
Roger Scott suggests that you have a plan or strategy before making any trades. This doesn’t mean just thinking about it in your head; it means writing it down on a piece of paper. If your trades turn red, write down the positions that you intend to take and how much profit you will make selling them.
It will be easier to follow your strategy and not let your emotions get in the way. Whether the trade works out or not isn’t as important as sticking to your strategy.
Stop Loss
New traders often make the error of setting up mental stoploss. “If the stock falls below this price, I’ll sell.” The stock will reach that price, and next thing you know, the trader will lower the price in their head so that they don’t have to take the loss. You know what happens? You will see a drop in price! Roger Scott recommends trading with high stop losses. If the price reaches that line, it will automatically be sold, so your emotions and brain can’t convince you otherwise.
Take it slow
You don’t have to jump in all at once. Focus on one trade at a time, especially when you’re just starting out. You don’t need to juggle 10 different contracts, and doing so may make trading much harder.
It may cause you to make silly mistakes and lose money that you shouldn’t have. Once you have a bit of experience, you can slowly increase how much money you’re trading and how many trades you’re executing at once.
Don’t be afraid of money
If you’re scared to lose your money, you’re not going to make smart decisions. You’re going to make very irrational and emotional decisions. If you’re not afraid to lose money, you can stick to your trading plan and trade with an analytical mindset.
Are the trades turning red? You know that it will turn green because your research was thorough. What if it doesn’t? Well, you’re not scared to lose the money anyways. If you have to hold the money for a long time, it becomes even more challenging.
Take your losses down and learn
Bad trades happen, and that’s okay. Learn from your mistakes. If a trade doesn’t go your way, take the time to analyze and look at your position. Was there something you did wrong? Don’t just jump right back into trading, and don’t just give up completely. Learn from your errors and you’ll be unstoppable.
