Five Ways Stock Traders Try To Make Money That Best Traders Say Will Lose Money
Having winning trades in the stock market can happen so fast that you never stop to ponder how you're doing it
. It just takes place and you are hell glad it did.Unfortunately, it turns out there are just as many things you're doing to lose money, again without even knowing it.
Patience
Having patience is one of the most overlooked attributes of successful traders.
You must have a trading system. Therefore, any given system is going to require patience on your part.
You must have the ability to wait for trades. Lack of patience causes traders to take profits and losses too soon. If that's you, then you really don't have a trading system because you are not sticking to it.
Perseverance
You need to be able to persist with a trading system. Trading systems do not function as expected from time to time. It is better to persist with that trading system until it is functioning correctly again than it is to abandon it. Even when your system causes you to lose money, you need to persevere and stick with it.
Losses
Losses must be kept to a minimum. One must take a loss as quickly as possible. You must realize a loss when your mental stop loss is hit according to your trading system. If your trading system has a 5% stop loss rule, then if a stock drops 5%, you must sell. Holding on to a losing stock too long and praying and hoping its going to come back will eventually wipe out your trading account.
Don't Be Greedy
Keep your expectations to a minimum. Aim for tiny gains every few days to a couple of weeks. Think about protecting yourself on the downside instead of how much money you can make on the upside. Also expect to lose money for the first few years of trading as you learn the system. Then expect to break even for a year or so before you finally begin making money. Think of it like it's your college tuition fee as you study and learn how to trade in the stock market.
Don't Keep Adding Indicators
The greater number of indicators you use and the more complicated your trading system is does not translate into a more profitable trading system.
You may be tempted to think that the more indicators and rules you add to your trading system, the better it will make it. This is not the case. Adding new technical indicators and variables to your trading system may even cause your trading system to get worse. The simpler a trading system is, the more likely it is to be profitable.
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