Many new traders just get lost in the mountain of trading information out there so here are ten key things to study how to do. The answers to these questions are different for everyone because everyone has to trade their own plan and their own way that fits their goals, risk tolerance, and personality not to mention their ability to manage stress.
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Learn to cut losses as soon as you realize your were wrong.
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Be patient with winning trades and only exit when you have a reason to.
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Place your stop loss on a trade outside the normal noise in your time frame to the place that really tells.
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Learn how to identify the trend in your time frame and trade it.
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Structure your trades through stop losses and position sizes so that if you are wrong you only lose 1% of your trading capital.
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Exit when you plan to not because of fear.
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Enter a trade according to your signal don’t mess it due to your fear.
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Follow your trading plan not your emotions.
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Don’t let your ego cause you to trade too big or your fear to trade too small for your risk management parameters.
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Don’t ask for others trades, opinions, or predictions instead find out who you want to be as a trader. The exploration to being a good trader starts with in.
