This is a Guest Post by Michael Battat. He is on twitter @mbat31 10 Qualities That Successful Traders Have And You Need In tough times like 2016, traders often feel as though things can never go their way. This feeling typifies how stock trading can be incredibly emotional. We all want to make money, and […]
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Picture Courtesy of Seabamirum One of the biggest mistakes new traders make is to focus on the rare ‘Black Swan’ event happening instead of simply trading a methodical system. Too many traders continually bet on a big crash happening by buying put options or selling futures short in the middle of a bull market than simply going
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Single trades mean nothing outside a trading system that is executed consistently with discipline and risk management. One trade can be as much luck as skill. Any single trade entry has a 50/50 chance of moving in your favor on entry and being a short term winner. 10 Reasons Why Short Term Results Mean Nothing:
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So many new traders come in with only the thoughts of profits dancing in their heads. This is equivalent to a football team only focusing on scoring points, and not planning their defense. In trading, you must play both sides of the ball. A boxer has to punch so they can win and also block
Offensive and Defensive Trading Read More »
First you stop trading until you do some homework and learn what leads to profitability in the financial markets. Once you start to understand what makes traders money then you begin to build a trading system that fits your personality and is profitable over the long term. You have to test your system across historical price action
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I asked my Facebook trading group this question: What is your best trading habit that makes you profitable? Here are the great answers from the group as they shared their best trading habits: Cutting losses short. Letting winners run. Following my trading rules. Following my trading plan. Planning. Preparation. Being patient. Being disciplined. An exit
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One trade is meaningless outside a trading system. A trading system can not be implemented without a trading plan. Entries are just the beginning; the exit is what determines if a trade is profitable or not. Here is the structure all traders need for long term success: We have to create a trading system that
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Let me guess. You’re into trading because you want financial freedom, to make lots of money, and to fire your boss. You learn everything you can get your hands on. Trading books, courses, forums etc. 1 year has passed… 2 years have passed… 3 years have passed… And you’re still not profitable. The bad news
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Good trading is very basic; it’s trading with an edge to capture a trend in your own time frame, while managing your risk exposure carefully with the right position sizing and stop loss. There are endless ways to trade badly. You can change these if you make an effort and become self-aware. Be on the lookout
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