Week of 4/18/16: 3 Requirements for Successful Trading
This is what we discussed in class this week with our advanced members:
3 Requirements for Successful Trading
- Money Management
- You (the Trader)
How Successful Traders Think Differently
- They accept responsibility for their results.
- They see the market as neutral; just a non-stop flow of inert information offering them potential opportunities.
- They accept the risks and uncertainty of the random results on each individual trade.
- They think in probabilities just like a casino. They understand odds and how they function over the long term.
Gaps and Psychology
- You can’t make trading decisions based on emotions or what you “think” may happen.
- Trade based on “facts” by using tools available that show you what’s happening in the market.
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