Trading Wisdom Can Lead to a Fortune
Nobody becomes a great trader or investor overnight
. It takes many years of dedication to learning the proper strategies, techniques, methods, and principles. Even after learning all of these important aspects of trading, one must also understand and implement proper trading psychology. At this point, with patience, you can make a fabulous fortune trading the various markets. This includes the futures market, and the stock market.A major key to successful trading is not letting your emotions guide you. Emotional trading will not let you be objective. It will cloud your thinking and disrupt your trading process. You must eliminate psychological barriers such as greed, fear and hope. Following a successful trading plan will help in this regard. This is great trading wisdom.
Sometimes it is a great strategy to just sit on the sidelines with no position in the market. You do not have to be trading all the time. My philosophy is to only take a position in the market, when as many factors as possible are in my favor. Patience to wait for just the right opportunity is key to trading success.
Money management is crucial to long term success. Your first priority when trading or investing is preservation of your trading capital. Trading is all about probabilities, and it can take many trades, before you catch a major trend, and make a substantial amount of money. Do not be obsessed with winning on every single trade. When a trade goes against you, keep your losses small. When a trade goes your way, let your profits run, until solid evidence tells you otherwise. You must follow this trading wisdom all the time to be really successful.
You must have respect for the market. Some traders have such an ego, they do not respect the market. The market is much bigger than any one individual trader. The market will eat you alive if you try to fight it. This includes experienced traders and investors. A brand new trader is like a lamb walking through a jungle of large, hungry animals. It is usually not a pretty sight. Do not give up though. All great traders and investors started out as a little lamb strolling through a jungle.
Trading Wisdom Can Lead to a Fortune
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