A day of celebrations of good over evil.
We celebrate “Ram’s victory over Ravan”. And it happened thousands of years ago. And we continue to do celebrations and stopped at that. Only a handful have gone on to fight the good fight to overcome the evil within us. Others simply complain of the evil around us.
We often see traders repeating the same mistakes over and over again,Emotions can get in the way of sound decision-making. Below are Few Sins traders can get Rid off.
Understand firstly that market is dynamic a continually changing place.
Stock market is “the most” wonderful place to make money “for the prepared“.
And stock market is “the most hellish place” to loose money “for the unprepared”.
What are you?
Are you prepared with a trading plan and Risk and Money Managment ?
Some traders get addicted to trading, just like people get addicted to gambling or smoking. They need that rush from every trade and without trading, they feel immense boredom and emptiness. If you are one of those traders who starts acting like a gambler the moment the stock market opens, then be ready. It’s just a matter of time that you will lose all your money and will be out of the market. Addiction to trading is a serious problem, and I strongly advise you to take professional help, Try to Limit Maximum numbe of trades. Every once in a while, take a day off from trading and see how your mind reacts. If you feel the urge of trading, it means that you are slowly developing a gamblers tendency.
Not putting a stop loss to every trade
Not putting a stop loss to every trade. Not putting a stop to loss is like walking on a tightrope without a safety net. Maybe a few times you can get away with it, but when you lose your balance, the consequences of that can be disastrous.Stop-loss forces you to cut the losses when the losses are small and makes you admit that you were wrong. Without them, the losses will just keep on piling and sometimes irreversible damages can happen to your trading account. It is not hard to put a stop to losing guys and so don’t make any excuses.
While it is always great to evaluate your trading strategies before deploying them, too much analysis can cost traders good opportunities. Using too many technical indicators can lead to contradictory signals. Many traders go through what is called “analysis paralysis.” They don’t know how to use the massive amount of available information in the right way. The solution is to create a trading plan and stick to it.
Don’t ignore high-impact events
High-impact events are one of the major movers in the market. Whether it’s geopolitical tension, political events, central bank decisions or economic announcements, it is best that traders be aware of high-impact events because they can cause massive price movements.
As a trader, if you’re not aware of these high-impact events or if you choose to ignore them, there’s a good chance that your trading account will be affected. Many important turn in market happen around these events.