Many new traders deceive themselves.
They celebrate small wins. They look for the magic solution to making money through
a full proof system. They believe a seminar or newsletter will change their
life completely. . Well, there is none, there is simply trading robust
methodologies that have an edge, while managing risk, and keeping the right
mindset. Trading can be a very fruitful endeavour, but new traders need to quit
looking to be given fish and learn to fish for their self. Don’t confuse these
10 things with trading success. New traders need to understand the difference
between having a tug on their fishing line and having a boat full of fish.
1. It is not the winning trading system
that determines your trading success but your ability to follow it.
2. It is not the big wins that make you
rich but your ability to keep them and not give them back in losses.
3. Reading great trading books will not
help you unless you read the right ones and really practice their lessons.
4. Mentors will not help you unless you
follow their advice.
5. All the training to trade will do you
know good unless you put it into action in your account.
6. A great methodology will do you no good
if you do not have great risk management.
7. Small winning trades will not make you
profitable if you have big losses.
8. Capturing bull market trends make no
difference if you give back your profits in the next bear market.
9. A 95% win rate does you no good if your
5% of trades that are losses are bigger than the 95% that are winners.
10. Participating in social media does
traders no good if they follow the wrong people and are in the wrong trading
groups.
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