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Many traders continue to lose their money trading the markets. Below are 20 simple rules to stop losing money.
1. Do not trust the opinion of others
You risk your money, not strangers. Do your own analysis, regardless of the source from which you get information.
2. Do not believe in stock
Trading is not investing. Remember the numbers and forget the press releases. Leave the American Dream to Peter Lynch.
3. Keep your rules
You have created them for difficult situations, exactly the same as the one in which you probably are right now.
4. Do not try to capture all
Trading is never a game of "catch catch". Each item must have its advantages. Accept your loss with composure, and enclose the following deal with absolute discipline.
5. Do not trade above a
If your name is not Buffett or Cramer, do not trade like them. Concentrate on that play well and do not worry about how much money you make.
6. Do not look for the cup of the "Holy Grail"
There is no secret formula trading, non-rigid risk management. So stop looking for it.
7. Do not forget about discipline
Learning the basics is easy. Most traders fail because of lack of discipline, and not lack of knowledge.
8. Do not chase the crowd
Listen to your own inner voice. By the time the crowd starts to act, you're probably already too late or too early.
9. Do not trade on the obvious
The cutest models can bring the most painful losses. If it looks too good to be true, it probably will.
10. Do not ignore warning signs
Big losses rarely occur without warning. Do not wait for the lifeboat to leave the sinking ship.
11. Do not count chickens before time
Profit is not received until the closing. The market gives and the market takes back fast enough.
12. Do not forget the plan
Remember the reasons why you made a deal and do not let myself knock confusing market noise.
13. Do not expect a guaranteed payment
You do not deserve your hard work. The market will pay you only when you are right, and your timing will be really good.
14. Do not join the group
Trade - this is not a team sport. Avoid advice and discussions on the movements of the market and someone else's predictions. You want the truth or seek blind support their point of view of others.
15. Do not ignore your intuition
Respect your inner voice that tells you what to do and what to avoid. This is - the voice of the winner, trying, so you heard him.
16. Do not be afraid to lose
Expect to win and lose with sufficient regularity. Expect that the loss will teach you a lesson about winning more than just myself winning.
17. Do not fall into the trap of
Well-trained eye is sometimes more effective than a bunch of indicators. Common sense is more valuable than the tested system.
18. Do not confuse execution with opportunity
Overpriced software will help you to trade like the pros. Cute on-screen colors and flashing lights make you, perhaps, more rapid trader, but not the best.
19. Do not design your private life
Trade gives you an excellent opportunity to discover just how twisted your life into reality. Get your own house before the game on the market.
20. Do not worry about having fun
Trading should be boring most of the time, just like a real job that most people have.
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