Exiting your trades based on emotions will usually be at the worst possible price (when you can't take the pain any longer).
Instead, pre-determined your exit when your head is clear — and stick to it.
You'll do much better in the long run.
Advice to new traders:
You’re not going to get rich quick
Don't hop from system to system
Have a planned exit for every trade
Limit your loss to a fraction of your capital
Your entry is only a small part of the equation
The early years are for learning, profits come later
Don't take losses personally because the market has nothing against you.
It doesn’t know who you are, what you do, or why you traded.
Instead, it's an opportunity to learn what works and what don't, so you can become a better trader—and that’s how winning is done!
Good trading isn't about how much you make.
You can make money on poor decisions and lose money on good decisions.
Instead, focus on the process.
Identify your edge, execute it relentlessly, and don't look for shortcuts.
Trend Followers:
1. Buy high sell higher
2. Short low cover lower
3. Trade many markets
4. Cut losers
5. Ride winners
6. Risk a fraction of your capital on each trade
7. Don't predict, react
No one can consistently predict the markets, call tops and bottoms.
So just follow price. Ride winners. Cut losers.
You'll be much further ahead than trying to outsmart the market.
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