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A small but important Thread to help you from losing money while Day trading.
Many people have the habit of entering into multiple trades in a single day.
Some even enter into multiple trades at the same time.
Here are the things to avoid
Many people have the habit of entering into multiple trades in a single day.
Some even enter into multiple trades at the same time.
Here are the things to avoid
The habit of entering multiple trades (5-6) sometimes comes from seeing a few successful traders doing the same.
Even after 7 years of trading, I hardly enter into more than 2 trades a day.
Higher number of trades for a Beginner means the following
Even after 7 years of trading, I hardly enter into more than 2 trades a day.
Higher number of trades for a Beginner means the following
1. The trades were not well thought upon.
2. Multi level confirmations not taken.
3.There exists a fear of missing an opportunity.
4.Not following a self independent analysis.
5. Following calls from others blindly.
2. Multi level confirmations not taken.
3.There exists a fear of missing an opportunity.
4.Not following a self independent analysis.
5. Following calls from others blindly.
Greater number of trades increase your risk of entering into a capital depleting trade.
Remember, the first function of trade is to preserve your capital.
Stop comparing yourself to the seasoned pros who have the experience of trading for a few decades.
Remember, the first function of trade is to preserve your capital.
Stop comparing yourself to the seasoned pros who have the experience of trading for a few decades.
Following tips will help you in the long run to preserve capital
1. Think twice before entering a trade. Slow down.
2. There is no rush. Market gives you enough opportunities.
3. Design your system in a way that entries are signalled by multiple confirmations.
1. Think twice before entering a trade. Slow down.
2. There is no rush. Market gives you enough opportunities.
3. Design your system in a way that entries are signalled by multiple confirmations.
Even legendary traders with multiple decades of trading experience like @PeterLBrandt wait for prices to come back to a certain level before entering a trade.
Slow down. Reduce the number of trades and work on high probable entries.
Slow down. Reduce the number of trades and work on high probable entries.
Remember, survival in the long run will ascertain profits.
This is a simple advice, which most will understand only after facing losses in future.
Humans have a habit of not learning from other's mistakes.
This is a simple advice, which most will understand only after facing losses in future.
Humans have a habit of not learning from other's mistakes.
