In recent years, trading has attracted a lot of attention, with more and more people showing interest. However, there is a scarcity of information on how to succeed in this venture, which has seen many counting huge losses and zero profit. Because of this, Miguel Lopes, a trader, shares insights to help others thrive in the financial market.
Born in Portugal, Lopes is an entrepreneur and investor who quit his nine-to-five job to pursue trading and has managed to turn his life around. Miguel believes he utilizes his skills to develop winning strategies in the market. Additionally, his company offers courses on financial marketing among others. He also mentors people looking to join the market. There is also an opportunity arising to make some extra money by reselling the services.
Here are tips to help others scale up and succeed, as discussed by Miguel Lopes:
Learn about time frames.
“This is basically an indicator of the time a trend will last in the market,” explains Miguel. While there are different time frames—long term, medium term, or short term—Miguel notes the importance of choosing a time frame that works best for oneself. “Different viewpoints may be formed when switching between the frames,” says Miguel. “As such, it is advantageous to have a deeper understanding of the market for easier navigation.”
Learn to be patient and calculated.
Miguel stresses the importance of being patient and waiting for the right time for either entry or exit. Sometimes a system may indicate entry at a certain level, but fail to reach the desired point due to changes in market trends. In such cases, Miguel advises walking away and moving on to the next opportunity.
Make investments based on knowledge, not emotion.
As an investor who has made this mistake, Miguel understands the value of trading based on knowledge and facts rather than emotions. After a huge win, it is essential to relax a bit before trading again. Additionally, the same applies when incurring a loss. Miguel notes this is because, during that time, a trader’s emotions are probably all over the place, making it hard to make informed decisions.
Have realistic expectations.
Like most businesses, even in trading, there are times where there will be losses, and other times, there will be wins. In addition, Miguel notes a reason most traders give up so quickly is that they expect. While it is not entirely impossible, Miguel's advice is to set realistic expectations with an open mindset. This way, a trader will maximize profits and minimize losses. “Risk only what you can afford to lose,” says Miguel.
Keep up to date with market trends.
“Trends in trading are ever-changing. For you to have the upper hand in the market, it is crucial to be up to speed with these trends,” says Miguel. He also stresses the importance of having a trading plan as this will help to know when to make an entry or exit.
Trading is a competitive business, and succeeding requires effort, sacrifice, dedication, and correct information. With these above tips by Miguel Lopes, you now have a better understanding of what to do to succeed.
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