1 Decide that you are in markets for long haul. that is you want to be a trader\investor even 20 years from now
2 learn as much as you can. read and listen to experts but keep a degree of healthy skepticism about everything ask questions and do not accept expects at their words
3 Do not get greedy and rush to trade take your time to learn, markets will be there with more good opportunities in the months and years ahead
4 develop a method for analyzing the markets
5 develop a money management plan
goal must be long term survival
a steady growth of capital and in due course making high profits
most traders put the last one first
6 be aware that a trader is the weakest link in trading system
7 winners feel think and act differently than losers you must look within yourself strip away your
illusions and change your old ways of being, thinking, and acting.
change is hard if we want to be a professional trader\investor we have to work on changing
2 learn as much as you can. read and listen to experts but keep a degree of healthy skepticism about everything ask questions and do not accept expects at their words
3 Do not get greedy and rush to trade take your time to learn, markets will be there with more good opportunities in the months and years ahead
4 develop a method for analyzing the markets
5 develop a money management plan
goal must be long term survival
a steady growth of capital and in due course making high profits
most traders put the last one first
6 be aware that a trader is the weakest link in trading system
7 winners feel think and act differently than losers you must look within yourself strip away your
illusions and change your old ways of being, thinking, and acting.
change is hard if we want to be a professional trader\investor we have to work on changing
Comment:
good traders tend to be hardworking and shrewd. they are open to new ideas.
the goal of a good trader is not to make money his goal will be to trade well if he does that money follows as an afterthought.
successful traders keep honing their skills trying to reach their personal best
the goal of a good trader is not to make money his goal will be to trade well if he does that money follows as an afterthought.
successful traders keep honing their skills trying to reach their personal best
Comment:
trades must be based on clearly defined rules.
have to analyze feelings as we trade to make sure that decisions are intellectually sound
have to structure money management so that string of losses can kick us out of the game
have to analyze feelings as we trade to make sure that decisions are intellectually sound
have to structure money management so that string of losses can kick us out of the game
Comment:
public want gurus and new gurus will come
as a trader we must realize that in the long run no guru is going to make us rich
we have to work for ourselves
as a trader we must realize that in the long run no guru is going to make us rich
we have to work for ourselves
Comment:
the key sign of gambling is the inability to resist the urge to bet.
if you feel that your are trading too much and the results are poor stop trading and give a break
this will give a chance to re-evaluate trades
if you feel that your are trading too much and the results are poor stop trading and give a break
this will give a chance to re-evaluate trades
then he takes wild risks and losses everything