Ten Things Traders Need to Start Doing to Make Money

                                                                                                                                                                                                                                                                                                 Ten Things Traders Need to Start Doing to Make Money

1. Take stop losses when they are hit, holding and hoping drains your money and your emotions.

2. Never enter a trade without and exit plan, you need a stop loss for losing trades or a trailing stop for winning trades, and possible target areas where it is time to prepare an exit.

3. Only take the best trade set ups, be patient, do not trade for the sake of trading.

4. Trade smaller position sizes, most traders need to be trading MUCH smaller so they don’t give back all their profits in one trade.

5. Go back and study historical price action for your markets. Study charts on different time frames with different indicators, back test, and read books that explain charts. You need to understand what is and what is not possible.

6. Only trade with a written trading plan, and follow it.

7. Only trade a comfortable position size that allows your mind to stay in control and not let your emotions take over due to stress, fear, or greed.

8. Do you want to make money trading? TRADE LESS. Make less trades, be picky, and watch the markets less, if you are a longer term trader every tick and price change is not something you need to know.

9. Choose a method and stick to it. Whatever you choose be the best you can be through focus. Day Trader, Swing Trader, Trend Trader, Trend Follower, CAN SLIM, Option Trader etc. Focus is one of the biggest keys to success. Being a Jack-of-all-Trades usually means you are not a  master of Trading.

10. Trade price action not your opinion about what it should be.