Do’s and Don’ts for Rookie Traders

DONTs

  1. You don’t get rich over night.
  2. Don’t trade without a stop loss.
  3. Don’t give up trading when you encounter a losing streak of trades
  4. Don’t over trade.
  5. Don’t trade on money you can’t afford to loose.
  6. Don’t loose money

DOs

1. Ignore your inherent bias

Initiating a trade requires technical evidence with conditions that occur concurrently. It is important to hit all the items in the check list before initiating the trade.

2. Always use multiple time frame analysis approach

3. Trend trading for high probability trade set-ups

Trading setups that occur within the context of the trend provide higher success rate than those against it.

4. You Must Have Your Own Trading Plan !!

Plan your trade and trade your plan. This enables you to trade without emotion and with minimal stress. Trader without a plan is not able to do this and their trading tends to rely upon gut feeling.

5. Mindset

Your mindset is the key obstacle that lies between you and success in the markets.

6. Don’t give up

The cycle : Study, fail, study, fail, study, fail, study, fail, study -> some improves -> repeat until succeed.

Comments

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