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Trade base on Facts, Not on Hope -Anirudh Sethi

Knowledge is the key to winning and gain in the Stock, Commodity and Futures, and Forex markets.

Trading on trust is a fools game.

Do not attempt to place a trade. If the market triggers the exit signal you had predefined, without emotion follow it immediately. Many traders enter the market with more ‘hope’ than understanding. You have to take complete charge of your trading. The best way to do this is to get knowledge and all of the information you can about the market you wish to trade and then form a plan.

You plan should include not only the entry parameters but also the exit parameters. The departure is the most important. Your trade should be protected. Failure to admit that you’re wrong when the trade is moving south is one of the reasons.

Learn to trade on knowledge. There isn’t any need for fear and hope that get in your way. When you’re able to trade on knowledge, you’ll have the ability to react to trading opportunities when it’s time to do 31 and to exit out.

Your best friend needs to be the Stop Loss order. (more…)