What Traders Do Wrong
I prefer to concentrate on good habits and a winner’s mind-set, but time and time again I come across prospects who have not been getting the help they need and are making major mistakes. Though I understand that this is not thier fault because they had the best of intentions when they set out to learn how to trade, as any judge in Chicago will tell them, ignorance is no excuse for breaking the rules. And in trading there are very definitely rules that need to be followed.
1) Be honest with yourself about the risks. There is a difference between doing something wrong and losing money and doing nothing wrong and losing money. Know the difference. Be honest when you are doing something wrong, regardless of where you picked the habit up from or how much you paid for it. Too many traders don’t know whether they are making mistakes or not. In a game where there is nothing wrong with losing 35% of the time, you need to get used to doing everything right and not being rewarded. Likewise you can do something really wrong and get lucky and be rewarded for it. Know the difference and always be truthful.
2) Be humble. I BIG problem with people learning to trade is they can’t put their ego away. If you are constantly seeking ways to prove you are smarter then someone, you are not going to be listening when something worthwhile is being taught. Do not think you know what you are looking for because you will find it, and it won’t be any help.
3) Simple is better. The best things in life are free. A professional can and usually will show the student something very simple and worthwhile in a very short amount of time and too often the student doesn’t grasp it because they are thinking how they can contribute instead of listening.
4) Have a Trading Plan spelled out and with easy reach. This one is self-explanetory, yet the most over-looked rule in trading. The vision is worthless and the will and work wasted if you do not have a plan to connect them.
Jay Norris
www.trading-u.com
jnorris@brewerinvestmentgroup.com
Jay,
Thanks for sharing this article. A good saying I have heard and followed is are you teachable? If not how will you learn?
Also, I love point 4 I like planning and I have a plan for everything.( Some people call me a geek, I call it being prepared and successful )
Thanks Casey!
Youth is often wasted on the young.
It is best to be very humble in the Trading game. The more humble one is, the more likely they will elevate themselves to better trading as time goes by. This can only result in substantial rates of returns. Humility Pays. Stay Humble as your outlook in life and that will transend when you trade.
I just wish actions are as easy as the written word! Humility is never easy!!
those who started trading for long are still loosing and mistaking,how much more would i loose as a forex novice.pls,contact me to any free webminer.And i need a relaible broker to get started.