Here are the last of the Achilles heels that can negatively impact a trader’s performance:
- Greed: Did you let a trade run for too long because you thought you could wring another dollar from it? If so, you aren’t alone. Greed clouds the senses. You shouldn’t be trading, at least initially, to make a fortune. Have realistic expectations, and treat your early trades as an experiment. Try not to think of all the things you’ll be able to buy with your earnings. Trading can make you a lot of money, if you’re good at it, but it takes time. The best traders are passionate about trading — they’re not in it for the money.
- Expectations: You can easily let your expectations snowball. But if you reach for the moon too soon, you’ll be disappointed, and that can lead to more mistakes. You won’t become Warren Buffet overnight, or in six months, or with a $6,000 account. If you use the correct money-management skills, you should risk only 2 percent to 5 percent of your account balance on each trade. Anything else could lead you to risk too much of your account, which could wipe you out if the trade doesn’t go your way. Don’t expect to win all the time. Most successful traders with solid money-management systems in place may only win a little over 50 percent of the time.
THE TIP AS PROMISED!!!
Nurturing your psychological health is extremely important to your success as a trader.
If you followed my Blogs the last 2 weeks, you should understand the basic fundamentals of trading! There are a lot of Companies and Organisations that will help you to get acquainted with Trading the Global Markets.
Just make sure you do your due diligence!!! And be sure to lookout for non-legit programs.
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