18/09/2023
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A trading plan is a set of rules that specifies a trader's entry, exit, and money management criteria for every purchase.
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To be successful, you must approach trading as a full or part-time business, not as a hobby or a job.
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Trading is a competitive business. It's safe to assume that the person on the other side of a trade is taking full advantage of all the available technology.
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Saving enough money to fund a trading account takes time and effort. It can be even more difficult if you have to do it twice.
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Think of it as continuing education. Traders need to remain focused on learning more each day. It is important to remember that understanding the markets and their intricacies is an ongoing, lifelong process.
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Before using real cash, make sure that money in that trading account is expendable. If it's not, the trader should keep saving until it is.
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Taking the time to develop a sound trading methodology is worth the effort. It may be tempting to believe in the "so easy it's like printing money" trading scams that are prevalent on the internet.
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A stop loss is a predetermined amount of risk that a trader is willing to accept with each trade. The stop loss can be a dollar amount or percentage, but it limits the trader's exposure during a trade.
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There are two reasons to stop trading: an ineffective trading plan and an ineffective trader.
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Stay focused on the big picture when trading. A losing trade should not surprise us; It's a part of trading. A winning trade is just one step to a profitable business. It is the cumulative profits that make a difference.