Do Not Worry, There Is Another Train Coming. Plan It All Before Opening Your Home Broker

Do Not Worry, There Is Another Train Coming

Do Not Worry, There Is Another Train Coming. Plan It All Before Opening Your Home Broker

Most people when just starting out as traders in the stock market, read some articles on the web and then believe that, in order for them to be successful, they must make quick decisions and act fast. They believe that this would be the only way to profit and not let that big-time trade slip through their fingers. This is completely false and in fact, will hinder your trader's progress.

This might look small and unimportant but it is, in fact, a big and major aspect if you want to be successful when trading in the markets. Many people do the common mistake of trying to decide everything and adjust their setup while looking at a blinking screen when the markets are open. This is not the right way to do it. The best way do it is to decide beforehand, when all markets are closed and you are relaxed. If you try to make all your decisions when the market is open, you will experience an awkward feeling that if you don't act now, you might lose the trade of your life!

This could not be more far from the truth and that is why you need to make and proper analyze your setups during the night, when there is nothing else to worry. This way, you will making sure that you have taken the right decision in a calm and relaxed way; not when you are nervous of what might happen five minutes from now. If you have been trading in the stock market for a while now, you have probably experienced the feeling of acting on impulse and later on, when reviewing your trades (which you should on a daily basis by the way), you were left wondering how could you have disrespected all your guidelines and setups.

This is a common feeling and many fall prey to this trap. If you want to become a successful trader and make a living out of the market, make sure you take all your decisions beforehand and write them down. Joe Ross has a book that goes along the same line in treating trading as a business. And that is what you should be doing as well if you want to see money coming in, not coming out.

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