Advice for New Traders

That gambler who put all his chips on the table, then lost everything, now he's homeless and divorced by his wife - he doesn't look all that healthy to me.
 
Quote from Petsamo:

That gambler who put all his chips on the table, then lost everything, now he's homeless and divorced by his wife - he doesn't look all that healthy to me.
More...

If his mortgage is upside down and in his wife's name and his girlfriend is rich and gorgeous I would say that he is doing very nicely.

sosueme
 
1. keep track record with comments why decided to trade that specific time. Learn from your mistakes and favours.
2. Have a strategy based on business logic (plan-do-review).
3. USE STOP LOSS ON EVERY TRADE.
4. limit your loss not more than 2-3% of your equity.
5. see the market in 2 or 3 timeframe to catch the proper direction, margin and the timeing.
6. remember the market math is the following: 2+2=5-1 :-)
7. let the market exit your position: trailing stop out for profit to improve your risk/reward ratio.
8. pyramid your wining trade to improve your risk/reward ratio.
 
Quote from ARealGannTrader:

Zurich Axiom#1

- Worry is not a sickness but a sign of health - if you are not worried, you are not risking enough.

discuss
More...


"worrying" will shorten your life span. raises your stress levels and cortisol levels which raise your risks for cardiovascular disease and overall mortality.

"lack of worry" - lengthens it(lifespan).

your trading, your vocation, your livelihood should be a plan to reduce your worries and live a long healthy life.

Trading is a demanding grueling hazardous job, risk management and "Worry" mitigation are super important.

Good luck.
 
If you're worried, you should probably exit your position so you can reassess it with a clear head. If you still like it, get back in. If you're still worried after that, you probably don't trust yourself very much to stick to your stop-loss rules.
 
Zurich Axiom#1

Corrolary:
- Always play for meaningful stakes - if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either.

Discuss
 
You must log in or register to reply here.
Back
Top