Go through the below Points and Decides Which side you are on ?
- Losers don’t set stop loss order expecting to be faster then the market in case of reversal; winners know that any time news can make the price reacts suddenly. Therefore use protective stop loss in case of news release. This one is major difference.
- Losers have no trading plan, they emotionally jump in and out of the market when the price moves; winners build solid entry and exit plans.
- Losers cut early their winning trades and let losses run and wipe out their account; but winner s cut quickly their losses. When the trade is positive, they set the stop loss to the break even to protecting their profit. Otherwise, they open to 2 lots to closing the first lot when the stop loss value is reached and let the second winning trade run with a trailing stop from the breakeven until it is touched.
- Losers do trade many strategies at the same time, but have mastered none of them; winners master one successful strategy and move to the other.
- Losers think the market or the broker is against them, winners don’t fight against the market they try to understand it; they know how to choose between brokers with objective criterion.
- Losers think trading is gambling; but winners develop skills, discipline, self control, and patience, they work hard for being successful traders. Winners learn from their mistakes and constantly improve their main trading strategy.
- Losers perform emotional trading after the release of alarming news, winners respect their trading plans.
- Losers do overtrading, they even trade at the daily pivot point; winners trade the best opportunities at support or resistance according to the price reaction.
- Losers can trade a bad risk reward opportunity; winners aim good risk reward with ratio such as 1/3 or 1/4. A won trade protects their portfolio from several small losses.
- Losers use any strategy or expert adviser without back testing it; but winners know that long term profitability is one of the key of trading success. Winners don’t focus on the percentage of winning trades.
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last 4-5 days i started read your article regarding ” trading rules, discipline, emotion, patience etc” all are great n also very useful for traders, and specially newcomers.
” DO NOT HOPE N PRAY AFTER TRADE, IF U DO, YOU WILL LOSE ”
thanks 4 all
constantly evaluating ourselves with the above points one can transform to be a successful trader
Perfect Sunil Sir..