Knowing who I am as a trader is #1 for me. Being new to trading and not having a whole lot of money to trade with are just a few things stopping me from trading certain plays. Although that doesn't mean that I can't play the set ups. Recently with the blah market we are in I have been reading more and watching lots of DVD's and video lessons. I have noticed that my knowledge has gone up more than I have thought possible. Seeing changes like these are getting me excited and ready to trade every single day. At the same time of being new its hard to have the confidence to know that what you are doing is right and not having a whole lot money I kind of don't want to see myself part ways with much more then what I have lost already. What is a trader to do? Accept that losing is a part of trading. I still need to drill that into my head everyday! On top of everything I know myself so well that I know that I get cold feet when I wan't to go into a trade even though I know I am right on what the stock is more then likely going to happen next. Missing out on plays left and right it feels like are demoralizing you even more which makes me want to force trades and we all know that wouldn't help the cause either. What is a trader to do in times like this?! Just move on and learn!!! In the end that is all we can do. Like every trader will tell us that we won't be able to get every play in the market. Missing the right plays and set ups are the things we want to avoid the most. Keep your head up and be positive and let the trades come to you. Let me know how you all keep your cool when your under pressure and how you have overcome your trading fears?
I'm not experienced enough to say, but I'm sure of a few things. Tim's rules are designed to minimize loss and maximize gains. Plan your trades and trade your plan.
yes I agree. I find that whenever I trade with a plan, I am able to keep cool under pressure and do not panic but when I rush the entry so that I do not miss out, I forget to make a plan and start to panic more often. I have made a rule for myself though that is when i begin to panic or feel uncomfortable, I tell myself I must get out so it usually only results in small losses. I hope this helps!
@josephgregory Planning is key definitely.
@vbansal I always have a plan its just not knowing if the plan will work and lose money. My plans always end up being right its just losing. I've come to the realization that I have to risk in order to win. No way around it. Thanks for the impute.
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