Trading Is More Of A Patience And Discipline It Is About 80% Psychological. We Can Take The Same Trade At The Same Time But Only The Person Who Is Psychologically Strong Or Disciplined Will Get The Most Out Of The Trade. With The Right Discipline, We Don’t Necessarily Have To Get All The Trades Right To Be Successful, But We Surely Need To Apply The Right Discipline And Patience.
This Is The Greatest Killer Of All, So You Better Take My Advice On This. Psychology Works In Synergy With Money Management. This Is Where Greed, Fear, Anxiety, Impatience, And Overconfidence Come In. If You’re Not In The Right State Of Mind, You Should Skip Trading.
You Should Understand That Trading Is Not A Get-Rich-Quick Scheme, Don’t Rush Your Trading Trying To Make All The Profit In One Day. Never Chase A Trade, If You Miss A Good Trade, Let It Be, There Will Always Be Better Trades As Long As The Market Exists. Take It Slow And Steady.
IMPORTANT
Many Traders See Trading As A Gamble. But I’ll Be Honest With You. The Moment You Start Seeing Trading As A Gamble, Then You’ll Automatically Start Failing And Losing. That’s It.
Discipline Involves Taking Proper Risks And Being Well-Behaved In Your Trading.
It Is Very Important To Take Your Time And Learn To Trade Before Investing Your Hard-Earned Capital. This Will Reduce Or Eliminate All Chances Of Losing It All Because Of Not Pursuing The Knowledge.
Trading NASDAQ100 Without Proper Knowledge Can Be Very Dangerous Due To Its High Volatility.
It Can Wipe Your Hard-Earned Money In A Matter Of Seconds If You Don’t Know How Things Work When Trading It.
So Please Guys, Especially The Ones Who Are Texting Me, Have Patience As We Are About To Start Very Soon.
Never Trade To Show Off Your Results/Profits On Social Media
As 90 Percent Of Traders Who Post Results On Instagram Use Demo Accounts, Make Sure No One Gets You Out Of Your Lane. Avoid Following The Crowd But Stick To What Has Been Working For You.
Choose A Field And Master It If Currencies Are Working Better For You Just Stick With Them, The Same Thing Applies To Indices And Metals. Try To Specialize And Not Mix Things.
If Possible, Don’t Use INDICATORS.
Indicators Do Not Know Real-Life Events And Will Always Fall Short. They Are Not Human Beings And Can’t Make Human Decisions. So Do Your Best To Avoid Using Indicators.
Don’t Trade Every Day
Set Your Target As This Will Limit You From Staring At The Charts All The Time. You Will See What You Are Looking For But Not Everything You See Will Be What You Are Really Looking For, False Setups Will Likely Occur.
Patience And Discipline Are All That A Trader Needs
Never Aim To Double An Account In A Day Or A Week. Sometimes It Can Happen As You Are Doing Things Right But That Should Never Be Your Aim Because The Opposite Will Happen.
Focus On Higher Time Frames For A Clear Picture Of The Market
Use The Correct Lot/Contract Sizes At All Times.
Do Not Over-Trade.
70% Of The 90% Of People Who Don’t Make It In Trading Are Simply Doing It Wrong By Overtrading Because They Made A Good Profit Today. Instead Of Stopping For The Week Or The Day, They Then Decide To Go And Look For Other Opportunities. From There, All The Profits They Had Made Were Wiped Away Plus A Certain % Of The Account Balance.
Don’t Have A Lot Of Trades Running All At Once.
Take 2 Or 3 Trades A Week And Just Apply Patience And See Your Profits Increase. Also Just Focus On A Few Pairs And This Will Enable You To Trade Less.
Always Use A Stop Loss.
Even When You Are 100% Sure Of Your Trade, Anything Can Happen At Any Time, And You Will Read About The Cause Later After Your Account Is Gone. You Can Use A Take Profit Or Trailing Stop For Taking Profits.
