Stock Market Wisdom-Learning to Trade Like the Legends, Part 2

A main reason why the very best traders achieve superior results

, is because they have a trading plan. A trading plan requires a method, along with a money management system, entry and exit rules. A trading plan also needs to give you an edge, or in other words, put the odds in your favor for each trade you make. Your trading plan should also match your personality. This will help make it easier to stay disciplined, and follow your plan. A good trading plan can be your ticket to market success.

Great traders always do their own research and market analysis. They think and act independently from the crowd. One of the biggest mistakes a trader can make, is listening to, and then acting upon, what a so-called expert says about a certain market or stock. This is almost always a recipe for disaster, when it comes to your trading account. Most of these so-called experts do not have a clue what is going on in the stock market, or any other trading venue. A lot of money has been lost listening to the opinions of others. The best traders always make their own trading decisions, based on proper market analysis.

Patience is one of the most important virtues, when it comes to trading the stock market, or any other trading venue. It is very important to wait for just the right trading opportunity to present itself. You want to have as many factors as possible in your favor, before taking a position in the market. This puts the odds in your favor on each and every trade you make. With the probabilities in their favor, this is how great stock market operators amass their fortunes. Another area of patience is the ability to stay with a trade that is working. You need to make a substantial profit when a trade strongly goes your way. The emotion of fear can cause traders to exit a winning position, even when there is no reason to do so. Always stay with a winning position until, through proper analysis, you get a valid signal to close out your trade.

Stock Market Wisdom-Learning to Trade Like the Legends, Part 2

By: Gary E Kerkow

POST COMMENT

Marketing Tips - 3 Phases Your Prospects Go Through List building strategies and techniques for affiliate marketing 4 Tips For Marketing Your Products And Services Marketing Tips - 3 Ways To Get Referrals That Doesn't Fail Why Hire Telemarketing Services Textile and Clothing Market of India Simple Brochure Marketing Tricks Newcomers Can Try The Competition In The Cell Phone Market Between Iphone And Android Mobile Monopoly Review - Scam or Revolution? Easy Paycheck Formula BONUS And Review - SCAM Free Product! No Fancy Techniques Of Affiliate Marketing Online Telemarketing Success: What You Need Innovated Bpo Processes For Profits