The more trades you take the more you expose your account for losses. No trader in this world can profit from every single market move. Patience plays a big part in trading. Take the trades only if you are at least 90% sure of profiting from it. If you are not sure stay away from the trade it will be the better bet. Staying on the sideline is as good as winning.
Always have a trading strategy . . . make a habit to stick to it doesn’t matter how desperate you are. Always trust your strategy but not Bloomberg or some statement from Brokers, Friends, Relatives, Analysts, etc.
Your charts are your path to guide your through the market waves. Everything what you need to know about the market is on your charts. You will learn something new everyday from your charts. Specialize in one or two markets. Every single market has its own characteristic. No market are the same, very soon you will be able to read the market like a road map.
Stay away from the ranging markets.
Don’t try to chase every single market movement.
The more you trade there is more risk of losing your money.
Note: Remember there is no easy way to become a good consistently profitable trader. No one can become a profitable trader overnight. As everything else in life it takes time, patience lots of sacrifices and learning. Don’t be afraid of mistakes.
