There at many routes to becoming a professional trader, as well as various skills which need to be developed in order to become successful. The more you research a subject, the easier it becomes to improve not only your confidence, but also the necessary skill-set.
Traders should have a healthy thirst for information, searching out as much as they can find, which might have an impact on the decisions they make about the markets. When first starting out, we would recommend that you watch as many training videos/websites/blogs/forums as possible from a variety of sources before entering into the markets with real cash. There are tonnes of them out there, and you will see as you step into the world of sports trading, the big players are easily identifiable. By studying each and every one of them continually, no matter what level you are currently at, you will pick-up little things from all of them to help you on your journey. Every day is a school day. You can also conduct your own research, such as keeping databases of previous results, weather, your own profit and loss so that you can analyse it, etc. You might find that you perform particularly well at one sport, or in a particular type of market, and not so well in another.
Analysing the information you have researched will also help you improve, both personally and whilst trading. As an example, I like to pause a new video released on Youtube by one of the pro’s before they have done anything. Use a screen-marker if you wish, try to predict what they are about to do based on the information on the screen. Once you press the resume button, they talk you through the trade. You can also screen record your own trading, then analyse it later to see what you did well, and what you maybe should have done differently. Analysis doesn’t just stop there! The trader has to be able to read and analyse information “on-the-fly”. Market conditions change, that’s where charts become invaluable, they are there to help you with recognising trends.
In order to react quickly to changing market conditions, the trader has to be able to focus. This is a skill, and it develops with experience. With the abundance of information displayed within the markets, traders need to be able to hone in on the important, actionable data, that will affect their trades. Some traders also focus on a particular type of market, so that they deepen their understanding of that particular type of market, to the extent that it becomes a competitive advantage, or “edge” they have over less specialized traders.
Controlling your emotions is another key ingredient to becoming a successful trader. A good trading strategy, when executed correctly, is designed to minimise the risk in a bad trade, and systematically gain more from the good trades. If you start letting your emotions take control of your trades, strategy goes out the window.
The bottom line is that skills can be learned. With a bit of hard work, the trader will improve his/her skills, provided that he/she has put the foundations into their plan, and that all begins with researching the subject.