Archives of “January 2019” month

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3 Rules For Traders-Must Follow

  
  Education
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  1. Never allow a profit to become a loss. If a profitable trade turns into a losing position, then you have lost twice. Consider taking a portion of the trade as a profit, and if your long term opinion is favorable, then let the rest ride for the duration of the trade.
  2. Always start the day with your focus on good trade execution and not on big money. Money will take care of itself. A rational mindset trumps irrational behavior every minute of a day.
  3. Oversee each day carefully, but let a profitable week be your goal.  Individual trades may go against you, but a week of stellar opportunities will await your mouse click.   In other words, don’t gamble on a bad set up just to get even for the day.   TRADER-GIF

Optimism & Pessimism

  
  Education
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Optimism means expecting the best, but confidence means knowing how you will handle the worst. Never make a move if you are merely optimistic.

Optimism can be a speculator’s enemy. It feels good and is dangerous for that reason. It produces a clouding of judgment. It can lead you into a venture with no exits. Even when there is an exit, optimism can persuade you not to use it.
You should never make a move if you are merely optimistic. Before committing your money to a venture, ask how you will save yourself if things go wrong. Once you have that worked out, you’ve got something better than optimism. You’ve got confidence.

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