Archives of “ego gratification” tag

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Good Traders & Bad Traders

  
  Education
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Good Traders

  1. The good traders that I have met are generous with their time and knowledge.
  2. Good traders are flexible in their trades and opinions they follow where the market takes them.
  3. The majority of good traders have simple charts that focus on price action. They focus on the simplicity of what works.
  4. A good trader will admit a loss and share what happened.
  5. Good traders are first and foremost traders, any service or product they offer is secondary.
  6. Good traders are humble and respect the market and the reality of trading.
  7. Good traders at times will call real trades and post entries and exits.
  8. Good traders are on social media not for show but for teaching and friendships and having fun.
  9. Good traders go with the current market trend.
  10. Those who make a comfortable living trading are playful, joking and happy .

 Bad Traders

  1. Many bad traders try to tear down others to make themselves feel superior. Good traders have no need to do this they have highly self esteems already. (more…)

7 Bad Habits of Traders

  
  Education
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  1. Trading with no stop losses. You can’t control your profits but you can control and limit your losses with a planned exit. Not having an exit plan can be very expensive when a trend takes off against you and you start hoping instead of just cutting your losses and moving on.BAD-HABITS

  2. Your opinion can be very expensive. Trading your opinion against all other market participants can be very expensive. The market goes where it wants and when you disagree with where it is going it will cost you.
  3. “Egos are expensive things.” – Ray C. Freeman. Inflated egos cause a trader’s #1 priority to be proving they are right and refusing to admit when they are wrong. It is very expensive for ego gratification to be above making money.
  4. Trading off predictions can cost a lot of money when they are wrong. There is more to be made by reacting to what the market is doing instead of predicting what you think it will do later.
  5. Stubbornness causes small losses to become big losses. It causes a trader to make the same mistake over and over becasue they do not assimilate feedback they keep doing the same thing over and over and getting the same results.
  6. Not having an exit strategy for a winning trade can be very expensive, it is possible to ride a big winning trade into being a big loser if you do not have a set way to take profits. Trailing stops and targets can put the profits in the bank.

  7. Trading too big of position sizes for your account size can be very costly because no manner how good your winning trades are you are set up to give back the profits with a few big losing trades.

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