Want to to turn your trading side hustle into serious money? We discuss how.
If you are tired of your trading side hustle not yielding the returns you want to see, it may be time to transform your passion for the markets into a more lucrative endeavor.
Whilst trading side hustles can make you a lot of money, often common mistakes can prevent traders from achieving significant results.
In this article, we discuss the basic principles you have been ignoring, why you need to focus on psychology in trading, and how you can begin trading risk-free through a proprietary trading recruitment firm.
Grow your trading side hustle with robust preparation
To begin with, it is critical to approach your trading with a professional mindset. Traders and investors do not take the markets seriously enough.
Trading is accessible with the expansion of the internet, so it gives enthusiasts the excuse to be complacent in their preparation.
Here are some ways you can better prepare yourself for the trading day:
Plan to grow your trading side hustle:
Your plan needs to clearly indicate the amount of time you intend to spend behind the screens. Daily loss limits and profit targets need to be established. You should switch off and walk away if either is hit for the day. This requires discipline but is essential if you want your trading side hustle to succeed. .
Be Objective:
Being objective in markets is a critical feature many traders overlook. You need to do your technical analysis with the goal in mind that you are looking for the best possible opportunities. Try to avoid building a bias toward the market at this point; you are simply looking for support and resistance levels and analyzing what the market is telling you. If your analysis gives you the information that one outcome is more likely than another, then proceed to place your orders and let the market come to you.
Don’t Chase The Market:
FOMO is a horrible trap you cannot afford to get stuck in when running your trading side hustle. If you see the market breaking out in a specific direction, but your trading plan does not account for trading breakouts, then ignore it. If you deviate from your plan now, it means you will do the same in the future, which is not a successful strategy.
Understand Cycles:
The market is cyclical, which means your trading results will be too. All the best traders understand this and use it to their advantage. They take advantage of it when things are going well because that specific market environment suits their strategy. When the sentiment shifts, the method might not be producing the same results as it was, and this is when it’s time to take it slow. Don’t force things, and remember that 90% of your performance in the financial market comes down to your psychological state.
Simplify your trading
Some traders only have a few hours in the day to trade. Understand your schedule and adapt accordingly. If you have a full-time job, doing technical analysis and setting orders in the market can alleviate the stress of watching the price all day. This also forces the trader to become objective about his trading. Since you are placing orders beforehand, emotions will be minimal because you know you have to set the best orders possible. After all, you will not be there to change them later on.
Use simple indicators that you can easily understand and remember to only use them to help you make informed, objective decisions.
If you rely on the indicators to make your decisions, you are doing something wrong. Focus on staying calm and thinking purely in probabilities.
Visualize the trader you want to become
Here is an exercise you can follow to assist you in becoming a successful trader or investor. It will only take 10 minutes, spread over 3 moments during the day. Right when you wake up, in the middle of your trading session, and then a few minutes later.
Begin with simply relaxing and taking some deep breaths, then slowly transition into concentrating on how great it would feel to be an incredibly successful trader. You need to feel it, imagine the great trades you are placing, and see the plan you have outlined being followed perfectly.
Observe yourself being calculated and disciplined, always following your rules and trading like an unstoppable force.
Trading is all in mind, whether a seasoned professional or a part-time trader, it’s vital to work on the psychology of trading to effectively grow your trading side hustle.
How you can propel your trading side hustle to the next level with OneUp Trader
OneUp Trader is a trader recruitment firm that affords traders the opportunity to receive funding instead of having to risk their capital. The process involves following a set number of rules, such as reaching a profit target and trading for a minimum of 15 days before submitting the futures trading account for review. A three-day reviewal process then takes place, and the trader receives a fully funded trading account from the funding partner. This account has the same capital and rules as the evaluation they completed.
If you want to alleviate the stress involved with markets, one way to do that is to trade someone else’s money. If you have what it takes, OneUp Trader could open the door to your dream of turning your trading side hustle into a reality. There is no better way to learn and test strategies in an environment like OneUp Trader because it gives you the feel of a real funded trading account without the negative externalities associated with managing your own account.
Summary
In order to be successful in financial markets, it is crucial to approach it with a professional mindset and be disciplined in your preparation. This includes having a clear plan for the amount of time you spend trading, setting daily loss limits, profit targets, being objective, avoiding bias in your analysis, and not chasing the market. Understand market cycles, simplify your trading strategy and use straightforward indicators to make informed decisions. Finally, visualize yourself as a successful trader and focus on the psychological aspects to achieve success.
If you’d like to learn more about how OneUp Trader can transform your trading side hustle into serious money, read more here or contact our team today.
