Common Mistakes
Most of the Traders start looking the chart after market opens and do analysis.....
Most of the Traders start looking external factors and react..
Most of the Traders ignore himself and start listening to others opinion...
Wasting time all the day watching ODIN and Setups..
Some Rules set by one of the successful trader and his rules are as follows...(source from Internet)
< < < His Definition of a Perfect Trader > > >
Your job as a trader is to put in a perfect trade........money will come by itself when perfect trade after perfect trade is put up.
What is a Perfect Trade?
A trade where you adhered to your Entry Strategies,raised your Trail stops,Added as per your Strategy,And exitted from the Trade once your trail stops were triggerred,adhering to the Position Sizing in your Plan all the while..........That's a Perfect Trade!
A trade where you entered as per Plan,and was stopped out and you adhered to your Stops.....That's a Perfect Trade!
Making profits and a perfect Trade are 2 different things.........focus the mind on to putting in that Perfect Trade,again and again. (This is interesting and secret point to make money in the long run)
The money will follow.......but you have to reach a point where the mind ceases to stop counting the money in your head.Focus on the Trade when you are a newcomer......Focus on the Trade when you are a Pro Trader.
Rule No.1:
Learn to pin all the blame on to yourself.......not half the blame,not most of the blame,but all the blame.Accept responsibility for your stupidities.Following a set plan of attack,you can conquer the markets.......If you are not able to,something's amiss.Accept blame.Look for your mistakes.Rectify them.Be a success.But first step:Accept responsibility......
Rule No. 2:
First learn........then set up a Trading Plan.It's vital to have your Plan before you get into the Battle..........There must be set points of entry,exits,adds,position sizing,etc before mkts open........All written down.....When the mkt opens,you no more use your intelligence,your analysis........you just keep the fingers on the Trigger Button,and follow your Strategy.Once in a trade,you are doing nothing but managing Risks.
Rule No.3:
There is no thinking,no emoting,no fear,no greed,no hope,no anticipation,no regrets during market hours..............and keeping that tranquil,serene mind,you seek to put in a perfect trade,one after another.
Good Rules.....defined by a Successful Trader....Brilliant thoughts..hats off to him...
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