Good Advices

 

  • The key to winning is inside your head not inside a computer or other place.
  • The short-term pleasure of making impulsive trades by loser traders is stronger than delayed pleasure of being patient for good trades.
  • Lying to others is bad enough but lying to yourself is hopeless.
  • To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishes.
  • There are two important reasons why traders lose money in this market. First emotional and second thoughtless trading. But there is another important one: markets are actually set up that most traders must lose money.
  • The goal of a good trader paradoxically is not to make money, but to trade well.
  • A successful trader is a realist, he knows his abilities and limitations. He sees what is happening in the markets and knows how to react to them.
  • The only people who make money from trading systems are their system sellers. If their system worked, why would they sell them?
  • The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth.
  • It hurts to look within yourself for the cause of you failure. When traders get in trouble, they tend to blame others, bad luck… but you have to find your weakness in order to change. Keep a trading diary, write down you reasons for entering and exiting every trade.
  • Trend is your friend. Don’t trade against it. When the prices are in a special trend, don’t take positions against it and never add to them.
  • Don’t get caught in a situation in which you can lose a great deal of money for reasons you don’t understand.
  • The less observed items, the better the trade.
  • Don’t be a hero, don’t ever feel that you are so good. The next you do, you are dead. Always question your abilities.
  • Don’t ever think of beating the market.
  • Trade in new high and lows.
  • Novice traders want too much too fast without doing necessary study and preparation or acquiring essential methods or skills.
  • Don’t hold stubbornly onto you losses. Cut them when they are still small.
Category: Psychological