7 tips to keep your operation solvent | Trading Tips
Trading and stock market investments are 90% mental and 10% technical in nature, you cannot afford to know your limits but overstep them - you must have a method and follow it strictly.
1. Be Patient One of the main problems that Traders have is over-trading, there are not always good moments in the market and you have to have enough patience to wait for the right time to enter.
2. Create your graphics Don't listen to what you read in the press, don't listen to what your colleague or your cousin or the bank says. Operate according to your way of operating and what your data is telling you. Not what you are reading on twitter, in the press or anywhere else.
3. Don't let your losses run When you enter with an action you must be very clear when you have to leave if you have made a mistake - and where you have to leave if you are right. As soon as you become loose with those limits, a loss that was assumable can become totally out of control.
4. Trade with what you can afford Trading should be done only and exclusively with money that you do not need for your day-to-day. In short: money that you can afford to lose.
5. Be realistic A movement is not going to be go up for an infinite time or going down for an infinite time. When you have planned your operation and you are clear when you are going to leave, if you are right then you must leave at that point. Do not wait to see if you are lucky and if the price will continue to rise.
6. Collect benefits I usually operate with a very small account. As that account grows, I withdraw the benefits so that after a few weeks that account will return to how it was. In this way I'm creating a kind of regular salary feeling. The money I have earned in the financial markets becomes real money that I can spend in real life.
7. Train Today on the Internet you can find a lot of free material, but by training with professionals you are going to speed up your learning a lot. Becoming a Trader is a long process but with some expert guidance it's going to become a somewhat less long process.
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