Note: Stock trading requires a personalized trading strategy
*A method that specifies the type and amount of patience
*Entry and exit points
*Your customized psychology plan
*Risk management program based on your personality
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Trading Rules:
Risk Only What You Can Afford to Lose:
Rule No.4 mentions that funding a trading account can be a long process. Before a trader begins using real cash, it is imperative that all of the money in the account be truly expendable. If it's not, the trader should keep saving until it is.
It should go without saying that the money in a trading account should not be allocated for the kids' college tuition or paying the mortgage. Traders must never allow themselves to think they are simply "borrowing" money from these other important obligations. One must be prepared to lose all the money allocated to a trading account.
Losing money is traumatic enough; it is even more so if it is capital that should have never been risked, to begin with.
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