More Edjucation Information
Newsletter request
Understanding and acting in accordance with market psychology is vitally important. It is no good being a good technician if you are a bad tactician. Market psychology is very different from the psychology necessary for normal business and/or academic success. Many highly successful businessmen and academics have been abysmal failures as market operators. Develop your own system, test it, then stick with it. Other people's systems may work well for them, but probably will not be compatible with your psychological makeup. Accept total responsibility for the results of your trading results. Even if you authorized someone else to trade on your behalf, it was you who made this decision - nobody forced you. Remember losers always look for somebody else to blame. Winners look to themselves, particularly if they have to take a loss on some trades - as is inevitable for all traders and all systems. Do not take the advice of others. They could well be thinking in a totally different time frame from you. Always place a pre-calculated stop whenever you open a trade and decide how you are going to move this stop for all possible movements of price during the trade. Stick to your plan during the trade. Always trade with a view to protecting capital and limiting the value (not the number) of losses and never with a view to making large profits. Net profits will follow automatically if you execute a good system well. Cut your losses quickly and let your profits run (with a predetermined stop). You should have read this advice so many times that it almost sounds trite - it is not - it is the best summary of all these rules that you could have.
B.I.E. On-line
