A beginner's guide to trading - Chapter 6
On this day let us take an oath to fight and conquer our bad trading habits. Let us take a look about the most important bad trading habits.
Un prepared for the market : Never start a trading day without having a plan or doing analysis on the stocks/index you are trading.
Stop loss : Always place stop order once you entered a trade.
Over thinking : When your strategy gives entry, take entry. Dont hesitate. Your stop order will save you if anything went wrong.
Uncertainty : Accept the fact that market don’t give any strategy 100 % success. Dont look for the wholly grail methods which will give you certainty. It don’t exist.
Patience : Market gives reward to the people who wait for their trade set up to form and who trade with patience.
Ego : Share market is an entirely different domain where you face the strongest opponent “You”. Make yourself to understand your inner demons, so that you wont have too much ego which can affect your trading unknowingly.
Addiction : Once in a while check whether you are passionate about trading or addicted to it.
Fear of missing out : Market always gives opportunities to all. The opportunities which you missed in life will be trying to come out during market hours to take trade when there is no trade set up.
Journaling : Keep track of your trades and improvement . The things which can not be measured can not be analysed.
Less capital : Dont try to get big profits from small capital as it will make you to take huge risks.
Note : Fear & greed is not in the top ten list as they are out dated :)
Our brain makes us to repeat same mistakes. You should be conscious about your actions to avoid it.
Good luck !
Un prepared for the market : Never start a trading day without having a plan or doing analysis on the stocks/index you are trading.
Stop loss : Always place stop order once you entered a trade.
Over thinking : When your strategy gives entry, take entry. Dont hesitate. Your stop order will save you if anything went wrong.
Uncertainty : Accept the fact that market don’t give any strategy 100 % success. Dont look for the wholly grail methods which will give you certainty. It don’t exist.
Patience : Market gives reward to the people who wait for their trade set up to form and who trade with patience.
Ego : Share market is an entirely different domain where you face the strongest opponent “You”. Make yourself to understand your inner demons, so that you wont have too much ego which can affect your trading unknowingly.
Addiction : Once in a while check whether you are passionate about trading or addicted to it.
Fear of missing out : Market always gives opportunities to all. The opportunities which you missed in life will be trying to come out during market hours to take trade when there is no trade set up.
Journaling : Keep track of your trades and improvement . The things which can not be measured can not be analysed.
Less capital : Dont try to get big profits from small capital as it will make you to take huge risks.
Note : Fear & greed is not in the top ten list as they are out dated :)
Our brain makes us to repeat same mistakes. You should be conscious about your actions to avoid it.
Good luck !
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