Developing an Online Trading Mindset



Developing an Online Trading Mindset

A trader’s plan must take into account additional factors that have the potential to influence their success such as their time, available funds, and their risk tolerance

LONDON, United Kingdom, September 7, 2021/APO Group/ —

Internet usage has reached an all-time high, with many of the global workforce spending significantly more time online. Some of those who have been impacted by wage reductions or job losses have looked to make additional income in the form of online trading. The number of online traders has reached unprecedented highs, so much so, that INFINOX ( recorded a 28% surge in online trading volumes in 2020.

While some have reaped the rewards of online trading, successful trading requires a certain aptitude and skill to achieve long-term gains, including an understanding of the psychological elements involved and having the right mindset in every trade.

Financial markets do not have a sense of ethics, morals or emotion. They’re not out to take your money, they’re simply a market based on supply and demand. Traders looking for market longevity need to establish an unemotional connection to their trades.

According to author, Norman Welz, developing an effective trading mindset involves personality modification. From an early age, people are subjected to a certain mindset, influenced by their upbringing, those around them, society and their current circumstances. Once they begin the online trading journey, these influences have a profound effect on their trading decisions.

Emotions such as greed, anger, overconfidence, and fear may surface during times of market volatility, however, it’s important to be aware of these and manage them appropriately. Traders should begin by identifying their personality traits. Once they have acknowledged them, they need to determine how they can negatively influence their trades and tailor a trading plan that takes these into account.

As a blueprint to success, a trader’s plan must take into account additional factors that have the potential to influence their success such as their time, available funds, and their risk tolerance. Becoming aware of these factors will help traders mitigate any possible risk and ensure they are less inclined to act on irrational emotions, which could result in detrimental investment decisions.

Apart from this, there are several tips that can help traders to cultivate a positive trading mindset, including:

Get an early start

Traders should make an effort to wake up earlier than usual and either take part in a form of exercise or meditation as this will assist them in approaching the daily trading tasks ahead in a clearer and more relaxed manner.

Discipline and patience

Patience is not the ability to wait, but the ability to keep a good attitude while waiting. This is true for online trading, with traders needing to learn from their wins and losses, and knowing when to cash out on a profit or cut a loss, both of which can be the deciding factor between a good or bad day at the markets.

Learning never gets old

No one person knows everything, and in financial markets particularly, education is important to unpack the potential of untapped markets and new strategies.

Keep abreast of local and global news events

News events create market volatility, evidenced by the tail-spinning of the market during the recent COVID-19 pandemic.

Count your losses

Traders should have a handle on their losses and develop effective risk management tools to mitigate any future risk.

Record your activity

Traders should keep a journal recording their trades. In this way, they can spot common mistakes and refine their strategies.

Do what successful traders do

Follow the strategies of successful traders and learn from their mistakes and wins. This can easily be achieved by downloading INFINOX’s IX Social trading app, where users can interact with other traders and share trading experiences.

By following these guidelines and being aware of the damaging effect that misguided emotions can have on trades, online traders will be better equipped for success and longevity in the field.

Short Link:


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @

Recent Posts

Pharmaceutical company reasserts commitment to achieving zero malaria tolerance 77 teachers smile home with laptops in Surulere, Lagos Defection: President Buhari welcomes Femi Fani-Kayode to APC Lack of fice hinders women participation in politics – Emir 85, 265MT of LPG supplied nationwide in August – PPPRA African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet DPR seals 11 illegal gas plants, 2 petrol stations in Abuja Africa faces 470m COVID-19 vaccine shortfall in 2021 – WHO Wada Maida’s daughter lauds FG for naming HQ after father Somali president withdraws PM’s powers in escalating row China fully vaccinates more than 1 billion people Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) Highly Satisfied with Final Results from 2020 Bid Round Alert raised over quake surge around Canaries volcano Our chairman is hale, hearty – EFCC Putin to attend 2022 Beijing Olympics: minister In Dialogue with Eswatini, Committee on the Rights of the Child welcomes legislative progress and asks about child Health West Africa bloc ECOWAS meets over Guinea coup Meet Africa’s New Generation of Health Innovators Kenyans voice fury over fuel price hike Coronavirus: Africa faces 470 million COVID-19 vaccine shortfall in 2021 The International Organization for Migration is calling on Journalists to enter the inaugural West and Central Africa Migration Journalism Award 2021 Majority of fans favour more frequent men’s FIFA World Cups – global survey Short Stories on Sustainable Development Goals (SDGs) by African Young People AMISOM conducts field inspection of ongoing Quick Impact Projects in Baidoa UNESCO steps up efforts for biodiversity conservation with the designation of 20 new biosphere reserves International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US$1.2bn The Gambia Launches Ambitious Renewable Energy Projects (By Miguel Artacho) Biden backs top general on calls to China over Trump mental state Philippines’ Duterte will not cooperate with ICC drug war probe Pandemics: UK expert advises Nigerian leaders, others on collaborations At least 50 killed in Yemen clashes: military sources Ghana launches National Breastfeeding Week White House offers Nicki Minaj phone call after viral vaccine claims: reports New South Sudan Parliament can ‘infuse urgency’ into peace process Putin says dozens in Kremlin inner circle have Covid ‘Kill them’: Philippines’ Duterte wages war on drugs Indian peacekeepers in Malakal teach youth carpentry, welding, masonry and more Hapag-Lloyd inaugurates its own representation in Morocco Ugo Obasi joins Ingenico to drive new business in Nigeria and West Africa President of Egypt Receives Credentials of Qatari Ambassador United Nations Police (UNPOL) builds community policing capacities to bolster safety and security of residents on Tonj south Liquid Intelligent Technologies connects the Democratic Republic of Congo and Congo Brazzaville with high-speed connectivity using wireless optical communication technology Secretary-General of Ministry of Foreign Affairs Meets the Ethiopian Ambassador Envoy fears heightened abductions as Nigeria schools resume ECOWAS meets today to decide next step on Guinea DPR targets N3.2 trillion revenue by December 2021 I have no apologies saying Buhari has good heart – Umahi Nigeria to assist DR Congo to establish national fire service Chimamanda tasks German Chancellor Merkel on power deal FG says 25 % of diseases in Nigeria caused by mycotoxins – Minister