It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.
Stay away from those people who try to disparage your ambitions. Small minds will always do that, but great minds will give you a feeling that you can become great too.
Stay away from those people who try to disparage your ambitions. Small minds will always do that, but great minds will give you a feeling that you can become great too
What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.
while I can’t guarantee your success as a trader, I can guarantee that if you study and apply the mini-lessons below you will be in a much better position to succeed.
Investors are in the market to make money, not to prove or disprove academic discussions. Follow what works for you, and let others follow what works for them
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short. :)
It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized. Dont b a fool follow ur own idea;)
The actual process of trading, however, should be effortless. My attitude is that I always want to be better prepared than someone I'm competing against. The way I prepare myself is by doing my work each night. Do more of what work and less of what doesn't!!
In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.
A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.
A good way to deal with part of this psychological obstacle is to grade your setups. Please take a look at each of them and assign them a letter grade according to how good or how bad they are. At least this way, you’ll know how prepared or unprepared for a trade you were. It will also help to accept that even an A+ rated setup is no guarantee for success.