Today, science has stealthily moved in every aspect of our lives. Be it how we sleep, when we wake up, how we eat, and even how we spend our free time—science has every answer to pace us to our optimal capabilities so we live a happy and fulfilling life.
This picture is just as true in the trading scene. Thousands of traders these days look up to science to find essential answers and improve their profit. And unsurprisingly, they are all getting quite a good return.
If you’re new in this game, your safest bet is to rely on science-backed trading tips to transition yourself from a rookie to a complete master. Here are 3 such tips to help you get started with:
Don’t be overconfident
After making decent profits in first few trades, some people evidently get cockily confidence. And this attitude eventually leads them to the demise of prospective returns. Because when you’re overconfident, you shell yourself inside a bubble, you get too comfortable where you are and you stop learning.
So the first step to stride to the upper echelons where top traders reside is to get rid of overconfidence.
Well, science says you should take up more difficult tasks. Stop preferring ease over hard work. Calibrate your mindset and challenge yourself. Pop up the bubble by taking more theories on the technical end to understand, by getting more involved in trading, by becoming an expert yourself instead of relying on one.
Have patience (to hustle)
There are two general rules of successful trading- have patience and trade less. Sadly, many new traders take these the wrong way, assuming they shouldn’t do anything at all and take rest.
In reality, what it means is to be patience and watch the market thoroughly—understand the latest trends, analyze the market and find the right opportunities.
According to science, to be patient, you must first be mindful of things that are making you impatient. Is it the risk of losing your money? If yes, then invest more time in analysis to be surer of your decisions. Are market movements taking a toll on your anxiety level? If yes, then go old-school with holistic practices like deep breathing and meditation.
Other tips straight from science include embracing the uncomfortable feelings, practicing gratitude and socializing.
Groom your mental health
Your trading decisions would only be as good as your mental status. If you’re feeling fit and happy emotionally, it would mirror in the way you function—in the way you trade and make decisions. So in order to get higher returns, you must need to groom your brain for better health.
Of course this is easier said than done. But again, science has few solutions.
For the starters, get off your computer screen, switch off your phone and go out under the sun. A green space can significantly boost your self-esteem, even if you stay there for just 5 minutes. Next, get some exercise. Hit the gym, run early in the morning. Next, socialize with your friends. Talking to someone close who understands you can bring out the best in you, improving your emotions.
These are 3 tips, backed by Science, how you can improve yourself as a trader. Of course, the path ahead to top of the mountain won’t be easy, even with science by your side. But like how every success story maintains, hard work and consistency with be your biggest armament.
If you want to learn how to trade in stocks online, go to Google play store and download the app at https://play.google.com/store/apps/details?id=io.app.