Some Basic Advice For The Relatively New


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Any type of trading brings with it losses and gains,our job as traders is to take our losses if the trade does not go our way.Our job also is to let profits run as long as possible.The word "discipline" makes it all look tougher than it actually is…….So first piece of advice:Stops are placed at strategic points,when they are hit,that's that,we take our stops.We do not allow the mind to conjure up various scenarios about how it can move back up from there.Take that first stop area and accept that minimal loss,instead of having to deal with a much bigger loss later.Once again,one doesn't have to be disciplined to take a stop…….one just takes it when hit.

Second piece of advice:Don't take profits off the table just because it is there.Squeeze out every last drop from the trade before pulling out profits.The How will be discussed later.

Third Piece of Advice:Position size carefully as per your Money Management Strategies,and again,ruthlessly follow your plan.

Fourth Piece of Advice:Go in with an attitude that something CAN be done,every peak can be scaled,every ocean crossed……don't get into a trading day with the thoughts put in by naysayers that tell of how many ways something CANNOT be done……..Remember,even the Sky is not your Limit.The Limit to your achievements is that point that your own Mind puts for itself.

Basic advice to keep in mind at the start of every trading day……Stops hit and I am out.No question……Profits and will trail stop it and squeeze as much as possible……..Risk properly……Follow the Guidelines…..

These are just 3-4 things to keep in mind before trading……..Other than that,it is just the Method and an Empty Mind.Focus the Mind during the Trading Day on the Process of Trading.Chuck out all other psycho-babble during the Day.