More than likely, you will have to workagainst your natural instincts which could let you down.You must fight the urge to proveyourself and accept the fact that you are going to make mistakes….
More than likely, you will have to workagainst your natural instincts which could let you down.
You must fight the urge to proveyourself and accept the fact that you are going to make mistakes. Asa trader you must develop separate strategies for when you want tomake a trade to enter a position and for when you want to make atrade and exit that position, all the while not allowing emotionalconsiderations to affect the decisions you make on the basis of thesuccessful trading strategy you have designed.
You want to manage your money, but indoing so, you do not have to prove whether your particular buying orselling decision was right or wrong. Setting up stop-loss points forevery position you establish and adhering to them is the right courseof action, even though you may later have to admit that you werewrong. Your portfolio will survive. And you can always re-enter aposition whenever trends indicate the time is right again.
You need to make stock trends yourmaster, ignoring any emotional ties that you may have to anyparticular stocks. Although you may, indeed, miss the lowest entryprice or the highest exit price, you nevertheless will be able tosleep at night, knowing your trading business will be alive and wellwhen you wake up in the morning.
Successful stock traders find out howto ride a trend and when to get off the train before it jumps thetracks and heads towards monetary disaster.
Make sure you gather all the righttools so you can open and operate your business successfully. Yourcomputer will need to be up to the task and you will definitely needa high-speed internet connection.